Who can be a member of LG&W Federal Credit Union and what are the eligibility requirements for membership?
Membership requirements are available by CLICKING HERE. Memphis Light, Gas and Water employees, retirees, and their immediate family members are eligible to join LGWFCU. Immediate family members include spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchild, stepsibling, and adoptive relationships. Share the gift of membership with your family today!
What are the directions for setting up Online Banking?
Under ONLINE BANKING, click on DEMO for instructions for online banking and mobile banking.
CLICK HERE
Is there a cost associated with Online Banking?
Online Banking is a free service offered to our members.
How do I access or enroll in Online Banking?
To enroll, follow the prompts on this link: CLICK HERE
Can I reset my Online Banking password, or do I need to contact the Credit Union?
Yes, if you know your Access ID and the answers to your security questions you can reset your Online Banking password. If you don’t have this information call or text a Member Service Representative for assistance at 901-680-7995.
How can I locate a Shared Branch?
Visit www.co-opsharedbranch.org for a location near you, or after signing into your mobile app, click on “more” under Additional Links, then click “ATM Locations” and follow the prompts.
What kinds of transactions can I perform at a Shared Branch?
At Shared Branch locations, members can:
You will need the following to make a Shared Branch transaction:
1. The name of your LG&W Federal Credit Union.
2. Your account number
3. A valid non-expired U.S., state, county, federal, or city government-issued picture identification with a signature.
There are no fees for conducting a transaction at a Shared Branch. The funds you deposit at a Shared Branch location may not be available for immediate withdrawal from your credit union account. Holds are based on Shared Branching standard hold policies.
Are there deposit limits with Mobile Check Deposit?
Yes, $5,000.00 per day.
Will I receive an immediate credit for a Mobile Check Deposit?
No, you will not receive immediate credit. If a deposit is made before 1:30 pm, you will receive the credit within one business day. After 1:30 pm, you will receive credit the next business day.
What are the differences between a Share Certificate and a IRA Certificate?
A Share Certificate is a certificate of a timed deposit. An IRA certificate is a retirement account with tax deferrable benefits.
Will I be taxed on a rollover?
No, a rollover transaction isn’t taxable unless the rollover will be contributed to a Roth IRA.
What is the penalty if I need to make a withdrawal from my Share Certificate?
The penalty for early withdrawal from the share certificate will be 90 days of dividend. The penalty could be more than the dividends and therefore come from the principal of the Share Certificate. This info is also found on our Rates tab.
How can I take advantage of Share Certificate rate increases if I currently have an open certificate?
You can have multiple certificates with a minimum opening deposit of $1,000.00 each. However, our 36-month Share Certificate allows you to request a one-time rate bump if the rates increase during the term of the open Share Certificate.
Is the credit union federally insured with the same protections as does the FDIC?
Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA) and insured by the National Credit Union Share Insurance Fund (NCUSIF), WHICH IS BACKED BY THE FULL FAITH AND CREDIT OF THE United States government. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, NCUSIF is similar to deposit insurance coverage provided by the Federal Deposit Insurance Corporation.
What is the difference between my member number and my account number?
Each account you open with LG&W Federal Credit Union (checking, savings, loan, etc.) will include your member number and a suffix which indicates the type of account, 06 and 07 for your checking account and 01 for your share
savings account. Below is an example of a member number combined with the proper ending suffix for the account you have opened:
Checking: 123406
Savings: 123401
What account number do I use for direct deposits or ACH deposits or withdrawals?
When you set up an automated payment or deposit (ACH) to or from your account(s) with a vendor or institution, you may need to provide a ten-digit version of your account number. This is the ten-digit account number that you will need to set up an ACH transaction. (Note that some vendors may not require the leading zeroes in your account number to set up an ACH transaction).
Checking: 0000123406
Savings: 0000123401
If you don’t receive your full account number at the time of your account opening, you may call or text
a Member Service Representative at 901-680-7995 for this information.
How do I locate my checking account balance?
Login to your Online Banking account by CLICKING HERE and your checking account balance will be listed on the overview screen, or login into your Mobile Banking app and your checking account balance will be listed under “Money, I Can Spend”.
How do I find out which transactions are on hold on my account?
Call or Text a Member Service Representative at 901-680-7995 for this information.
How can I find out which transactions are pending?
Call or Text a Member Service Representative at 901-680-7995 for this information.
What is the difference between my Balance and Available balance?
Your balance includes authorized transactions that have not posted to your account. Your available balance gives you the best idea of what money is available to spend.
What are LG&W Federal Credit Union current rates?
You can locate information about Rates by CLICKING HERE, or texting the word RATES to 901-680-7995.
What are LG&W Federal Credit Union current fees?
You can locate information about our current fees by CLICKING HERE, or texting the word FEES to 901-680-7995.
What is the best way to communicate with an LG&W Federal Credit Union Member Service Representative?
You can call or text 901-680-7995, or e-mail [email protected] for any assistance you may need.
Membership requirements are available by CLICKING HERE. Memphis Light, Gas and Water employees, retirees, and their immediate family members are eligible to join LGWFCU. Immediate family members include spouse, child, sibling, parent, grandparent, grandchild, stepparent, stepchild, stepsibling, and adoptive relationships. Share the gift of membership with your family today!
What are the directions for setting up Online Banking?
Under ONLINE BANKING, click on DEMO for instructions for online banking and mobile banking.
CLICK HERE
Is there a cost associated with Online Banking?
Online Banking is a free service offered to our members.
How do I access or enroll in Online Banking?
To enroll, follow the prompts on this link: CLICK HERE
Can I reset my Online Banking password, or do I need to contact the Credit Union?
Yes, if you know your Access ID and the answers to your security questions you can reset your Online Banking password. If you don’t have this information call or text a Member Service Representative for assistance at 901-680-7995.
How can I locate a Shared Branch?
Visit www.co-opsharedbranch.org for a location near you, or after signing into your mobile app, click on “more” under Additional Links, then click “ATM Locations” and follow the prompts.
What kinds of transactions can I perform at a Shared Branch?
At Shared Branch locations, members can:
- Deposit, withdraw or transfer funds
- Make loan payments
- Make loan advances
- Obtain a balance inquiry
You will need the following to make a Shared Branch transaction:
1. The name of your LG&W Federal Credit Union.
2. Your account number
3. A valid non-expired U.S., state, county, federal, or city government-issued picture identification with a signature.
There are no fees for conducting a transaction at a Shared Branch. The funds you deposit at a Shared Branch location may not be available for immediate withdrawal from your credit union account. Holds are based on Shared Branching standard hold policies.
Are there deposit limits with Mobile Check Deposit?
Yes, $5,000.00 per day.
Will I receive an immediate credit for a Mobile Check Deposit?
No, you will not receive immediate credit. If a deposit is made before 1:30 pm, you will receive the credit within one business day. After 1:30 pm, you will receive credit the next business day.
What are the differences between a Share Certificate and a IRA Certificate?
A Share Certificate is a certificate of a timed deposit. An IRA certificate is a retirement account with tax deferrable benefits.
Will I be taxed on a rollover?
No, a rollover transaction isn’t taxable unless the rollover will be contributed to a Roth IRA.
What is the penalty if I need to make a withdrawal from my Share Certificate?
The penalty for early withdrawal from the share certificate will be 90 days of dividend. The penalty could be more than the dividends and therefore come from the principal of the Share Certificate. This info is also found on our Rates tab.
How can I take advantage of Share Certificate rate increases if I currently have an open certificate?
You can have multiple certificates with a minimum opening deposit of $1,000.00 each. However, our 36-month Share Certificate allows you to request a one-time rate bump if the rates increase during the term of the open Share Certificate.
Is the credit union federally insured with the same protections as does the FDIC?
Federally chartered credit unions are regulated by the National Credit Union Administration (NCUA) and insured by the National Credit Union Share Insurance Fund (NCUSIF), WHICH IS BACKED BY THE FULL FAITH AND CREDIT OF THE United States government. Established by Congress in 1970 to insure member share accounts at federally insured credit unions, NCUSIF is similar to deposit insurance coverage provided by the Federal Deposit Insurance Corporation.
What is the difference between my member number and my account number?
Each account you open with LG&W Federal Credit Union (checking, savings, loan, etc.) will include your member number and a suffix which indicates the type of account, 06 and 07 for your checking account and 01 for your share
savings account. Below is an example of a member number combined with the proper ending suffix for the account you have opened:
Checking: 123406
Savings: 123401
What account number do I use for direct deposits or ACH deposits or withdrawals?
When you set up an automated payment or deposit (ACH) to or from your account(s) with a vendor or institution, you may need to provide a ten-digit version of your account number. This is the ten-digit account number that you will need to set up an ACH transaction. (Note that some vendors may not require the leading zeroes in your account number to set up an ACH transaction).
Checking: 0000123406
Savings: 0000123401
If you don’t receive your full account number at the time of your account opening, you may call or text
a Member Service Representative at 901-680-7995 for this information.
How do I locate my checking account balance?
Login to your Online Banking account by CLICKING HERE and your checking account balance will be listed on the overview screen, or login into your Mobile Banking app and your checking account balance will be listed under “Money, I Can Spend”.
How do I find out which transactions are on hold on my account?
Call or Text a Member Service Representative at 901-680-7995 for this information.
How can I find out which transactions are pending?
Call or Text a Member Service Representative at 901-680-7995 for this information.
What is the difference between my Balance and Available balance?
Your balance includes authorized transactions that have not posted to your account. Your available balance gives you the best idea of what money is available to spend.
What are LG&W Federal Credit Union current rates?
You can locate information about Rates by CLICKING HERE, or texting the word RATES to 901-680-7995.
What are LG&W Federal Credit Union current fees?
You can locate information about our current fees by CLICKING HERE, or texting the word FEES to 901-680-7995.
What is the best way to communicate with an LG&W Federal Credit Union Member Service Representative?
You can call or text 901-680-7995, or e-mail [email protected] for any assistance you may need.
