Frequently Asked Questions
Absolutely. As all state-chartered credit unions in Michigan are required to participate in the National Credit Union Share Insured Fund, your accounts will remain federally insured.
From a member perspective, no. LOC Credit Union’s primary regulator will become the Michigan Department of Insurance and Financial Services (DIFS) but will continue to also be regulated by the National Credit Union Administration (NCUA). LOC Credit Union will also become subject to Michigan Sales Tax, which does not have any implication to member accounts.
LOC could pursue a conversion from a federal to state charter. This, too, would require a vote of the membership. Instead, your Board of Directors decided to explore a strategic partnership with a state-chartered credit union as we looked to our next chapter of growth and expansion. A merger also provides for economies of scale and diversification of markets served.
Because LOC Credit Union would assume the MemberFocus Community Credit Union state charter, their members are not required to approve the merger.
The new combined credit union would serve 33,000 plus members with nearly $445 million in assets. Locations would remain in Dearborn (2), Farmington, Hartland and Howell.
Members of LOC Federal Credit Union are being asked to approve a unanimous recommendation by your Board of Directors to merge into MemberFocus Community Credit Union of Dearborn, pending regulatory approval. The combined entity would be named LOC Credit Union and remain headquartered in Farmington. LOC’s current President/CEO would also continue to serve in that role of the combined credit union
Both credit unions are financially strong and considered well-capitalized by the National Credit Union Administration, our federal regulator.
The combined credit union will be known as LOC Credit Union. Branches in Dearborn will operate as MemberFocus Community Credit Union, a division of LOC Credit Union for the foreseeable future.
The ability to offer membership to more people thorough the state of Michigan is the biggest advantage to a state charter. Additionally, there is more flexibility in governance and in handling membership issues.
For our members, not much is different. Most importantly, a state charter will allow more people to become members and participate in the credit union. Consider your friends, co-workers and family members who are currently not eligible to join and take advantage of all LOC has to offer. With an expanded state-wide field of membership, they may be more likely to be eligible for membership.
We anticipate the effective date to be no later than July 1, 2022, pending member and regulatory approval.
We are still working on that timeline, but we will be sure to communicate to members when they have access to those branch locations.
If granted an expansion by the Michigan Department of Insurance and Financial Services, anyone who lives, works, worships or goes to school in the state of Michigan and their immediate family would be eligible for membership.
LOC’s current President/CEO Stephen Grech will serve in that capacity of the combined organization.
Existing Board members of both credit unions would continue to serve. LOC’s current chairperson would serve in that capacity with the combined credit union.
LOC's current federal charter restricts membership eligibility to individuals who live, work, worship, attend school or volunteer in Livingston or Southwest Oakland County, and their immediate family members. MemberFocus Community Credit Union’s state charter provides greater flexibility for expansion which would allow more people to become members of the credit union. It is for this reason it’s being proposed that LOC merge into MemberFocus Community Credit Union. The merger would also provide members with additional branch locations and the increase in size of the combined credit union will allow the credit union to achieve economies of scale that will allow us to provide products and services in a more efficient, economical manner.
MemberFocus Community Credit Union’s state charter is attractive to LOC. Likewise, both credit unions were originally founded to serve the educational communities within their field of memberships.
The proposed merger also provides LOC the opportunity to retain its name, leadership team, strategic goals and Board of Directors. It’s important to note that both credit unions are on the same core processing system which leads to a more seamless integration and provides economies of scale.
All locations will remain open. In fact, the merger and expanded state charter could lead to additional locations to better serve members.
The combined credit union will continue to provide career opportunities to all employees of both organizations with no job reductions as a result of the merger.
We anticipate you will not need new checks or cards.
We anticipate there will be no change to your account number(s).
Membership is open to anyone who works, worships, lives, volunteers or attends school in Livingston County or Southwest Oakland County and their immediate family members.
Our Routing Number is 272479812.
Any of our offices will accept your payments and deposits by mail. Our main office in Farmington processes most of the mail. The address is:
LOC Federal Credit Union
22981 Farmington Rd
Farmington, MI 48336
Auto Loan FAQs
Yes, we offer both financing and refinancing on loans.
Refinancing may be a good option if your credit score has improved or if your car is worth more than the existing loan balance and you want to use the equity to pay off other debt.
Unique to each individual, those deciding between buying or leasing should consider the following: Cost of vehicle, mileage, cost of repairs/maintenance, depreciation of vehicle, insurance costs, and more before making their final decision. Our lease vs buy financial calculator is the perfect tool to assist you in the process.
In some instances, it is better to finance a lower amount at a slightly higher rate, meaning to it would be best to take the rebate. But the decision may come down to what rate you receive from your credit union or bank. Use our auto loan calculator to run a variety of scenarios based on taking a rebate and financing with LOC or taking the lower rate from the dealership financing.
If you're interested in applying, you can get the process started online today. If you prefer, come into a branch or give us a call at 800.837.4562.
Loans are typically processed within 24 hours, with some exceptions for weekends and holidays.
LOC offers up to 100% financing. However, factors such as credit score and value of the vehicle can determine how much you're eligible to finance. You can also refinance for more than what you owe if the vehicle is worth more than the loan balance.
Yes. LOC offers loans for both new and used vehicles. You may be surprised to see that the rate of recent year used cars is very similar to that of a new car.
There are no prepayment penalties on your loan from LOC, so feel free to pay a little extra each month to save on interest!
Online Banking FAQs
If you are attempting to login in for the first time and don't use mobile banking, please make sure you are using this link to start the enrollment process. You will need:
- Primary account holders social security number
- Account number
- The email address you have provided LOC
If you have already enrolled, it’s likely that your account has been locked due to the number of invalid attempts.
If you don’t remember the email provided or if you need assistance unlocking your account, give us a call at 800.837.4562
What do I do if I can’t remember my password?
You can reset your password online. You will be asked to provide your online banking ID and your email address on file. We will send you a link where you can answer a security question and reset your password.
If you use our mobile banking app, you can also use the Forget Password? option on the login screen.
Regardless, your password is the same for both online and mobile banking.
For the security of your account information, we don’t specifically tell you when you are locked out. If you attempted more than three times, you are locked out and will need to contact us during normal business hours at 800.837.4562 so we can unlock you.
Make sure you have used the correct online banking ID. If it is not, go back and re-enter using the correct ID. If the ID is correct, do not provide your password and contact us immediately at 800.837.4562.
Please make sure you are using one of our supported browsers.
You can add nicknames to your accounts by:
- Clicking on the Settings tab, then Account to add a nick name
- Please note that any nicknames you create will only show in online banking and not mobile banking.
This feature is not available in our new online banking.
You can see these transactions by clicking on an individual account's history, then the View Holds & Pending Transactions option in the menu.
You can see these transactions by clicking on an individual account's history, then the View Holds & Pending Transactions option in the menu.
Our online bill pay service offers a person-to-person payment option. There is no fee to use this feature. To pay a person, simply:
- Select Add Payee
- Select Pay An Individual
- Select the first payment options from the list. This option is similar in function to PopMoney
- Allow them to provide their banking information
- This payment option requires the recipient’s email address and a keyword of your choosing. Your recipient will log in to a secure site using that keyword and provide deposit account information
- Provide the requested information about the individual
- Create a keyword for the individual to whom you are sending money
- They will use this password when accessing our secure website to submit account information
- Share the Keyword with the individual right away
You can set up alerts by:
- Clicking on the Services tab, then the eAlerts option
- Updating your settings. You can have your alerts sent to two different contact points, if you prefer
- Clicking on the Add Alert button in the upper right-hand area side
- Selecting the alert type you want to add by clicking on the appropriate sub-tab. Sub-tabs will vary based on your account relationship
Please check the format you provide for your alert contact point. Phone numbers should not include dashes. For example the format for your phone number should be 1234567890 versus 123-456-7890.
Mobile Banking FAQs
If you've previously enrolled in online banking, you will use your username and password to log in. If not, and you are receiving an error message, it is likely we were not able to validate the information you provided to us during your enrollment. Contact us at 800.837.4562 so we can help troubleshoot the issue with you.
The one-time PIN went the email address we have on file for you. Check online banking if you are not sure what email address you provided.
If the email address is correct, be sure to check the junk/spam folder for the one-time PIN email.
If you are still having trouble, contact us at 800.837.4562, and we will resend the email.
You can reset your password by clicking on the Forgot Password? option on the login screen on our apps. Note that this feature is only available with our most recent app update. You will need to know your username and the email you provided to us. We will send a one-time Access Code to your email. You will need to to provide this Access Code on the reset screen in our app. Please do not navigate away from this screen.
Please note, that if you also use online banking, this will become your password for online banking as well.
Access Codes expire after 60 minutes. You can request a new Access Code to complete your mobile banking enrollment or password resets.
LOC only supports apps for Apple and Android. You can still use mobile banking at m.locfederal.com. You will use your same online ID and password to access your accounts as you do for online banking.
Please note that mobile deposit is not available through our mobile banking site.
LOC Visa Debit Card FAQs
Account authorizations may be greater than the purchase when the final amount isn’t known. For example, your card may be authorized when pumping gas for a greater amount because the final transaction amount is unknown at the time of authorization. Most of these transactions have less than a 24-hour hold, and financial institutions are required to remove all holds within 72 hours.
You can use the Order Replacement Card in our mobile app to request a new card. Note that this should only be used for cards that are damaged or no longer working and not lost or stolen. If you don't use our mobile app, you will need to contact us to get a replacement card. Instant issue cards are also available at our branch locations.
Before contacting us, please make sure you did not disable the card using our mobile app. If you did, you can re-enable it within the app. Otherwise, please contact us so we can help you.
If your VISA Debit Card is lost or stolen:
- Call 888.241.2510 immediately to report it lost or stolen and to receive instructions on how to reorder your card. Call 909.941.1398 if you are outside the U.S.
- If you use our mobile banking app, you have the ability to disable the card under the Card Controls Feature
- Monitor your account for fraudulent transactions
By reporting your card lost or stolen any Digital Wallet transaction associated with your physical card will be blocked. It is recommended that you remove the lost or stolen card from your Digital Wallet on your device and add your replacement card once it has arrived and been activated.
Your daily ATM limit is $500. Your daily Point of Sale (POS) is $2,500.
LOC Visa Credit Card FAQs
If your VISA Credit Card is lost or stolen:
- Call 800.325.3678 immediately to report it lost or stolen and to receive instructions on how to reorder your card
- Monitor your account for fraudulent transactions
You will need to contact us to order a replacement card.
Mobile Deposit FAQs
Mobile Deposit allows eligible members to make a check deposit taking a photo of it using your smartphone or tablet and transmitting it to us electronically.
You can deposit checks on your own time without visiting an LOC branch or ATM.
Members may deposit up to $5,000 per day. This includes eligible business members. The following checks are not eligible for Mobile Deposit:
- Foreign checks
- Altered checks
- Incomplete items
- Non-negotiable items
- Non-readable or non-visible MICR line items
- Torn or damaged checks
You may also want to check the surface the check is on when you are taking a picture and the lighting to ensure there are no issues with the image.
Mobile deposit is a feature available in our Apple and Android apps to eligible users. Call us at 800.837.4562 to verify your eligibility for this service. Mobile deposit is only available using one of our apps, and not online banking or mobile web banking at m.locfederal.com.
You are eligible if you have a supported device, the LOC app on your device, and if you:
- Age 16 or older
- Have a Checking account
- Are current on all your LOC loans
- Don’t have any negative LOC account balances
There is no cost to deposit a check using the LOC Mobile apps.
Mobile deposits are subject the same holds as checks deposited at an ATM. Extended holds may apply.
Members may deposit up to $5,000 per day. This includes eligible business members.
You must also write in the endorsement area For Mobile Deposit Only at LOC FCU and include your signature and account number.
Keep the check for 60 days. After 60 days and confirmation of deposit (via your account history online or monthly account statement) you may destroy the check if you wish.
Yes. You should see an option for History (location of this option varies by device) when you are in the Mobile Deposit service. When you select History, you will see a list of checks deposited. Select an individual item to see more details, including an image of the check deposited.
eStatements are both safe and convenient because they are only accessible during a secure online banking session. They not only help reduce the clutter and hassle of paper statements, but also reduce the risk that your statement is lost or stolen in the mail. Up to three years or statements are available to you online. Your library of statements begins building after you enroll.
You sign up for eStatements once you have enrolled in online banking. Simply click on the eStatements tab, verify or provide your email address, and accept the eStatement agreement.
You sign up for eStatements for your child’s account once you have enrolled the account in online banking. Simply click on the eStatements tab, verify or provide your email address, and accept the eStatement agreement.
You must select a single delivery method to receive your statements and other documents.
If you are not seeing your eStatements, please make sure your pop-up blocker on your web browser is turned off.
A $2 monthly paper statement fee applies to online banking users. If you use online bill pay, a $4.95 monthly fee applies for that service as well when you receive a paper statement.
Yes. But you must enroll first in online banking.
You must select a single delivery method for all document types, including statements, notices and tax forms.
We will send you an email letting you know you have a document for review. Simply login to your account and click on the eStatements tab.
Yes. All inserts (policy changes, privacy information, member news and marketing information, etc.) are available as a .pdf in the eStatements module of online banking
Saving/Deposit Account FAQs
To authorize a third party to deposit or withdraw funds to and from checking you need both our routing number and your account number. Our Routing Number is 272479812.
Account number formats are shown below.
Individual accounts opened before June 1, 2015
Individual accounts opened after June 1, 2015
You can place a stop payment on a check or range of checks online banking by click on the Stop Payments option under the Accounts Tab. The fee will automatically be taken from your account. If you need to place a stop payment on a pre-authorized electronic transaction (ACH), you will need to contact us at 800.837.4562.
You will get a reminder notice about 10 days before maturity so you may give us your instructions by phone, mail, email or fax. If we do not hear from you, the certificate will automatically renew for the same term at the current interest rate. You have a 10-day grace period after the renewal date to give us instructions without coming into the office. After 10 days, we require an original signature to make any changes, either in person or by mail. Penalties may apply for changes after the grace period.
Federal Regulation D limits the number of transfers per month members can make from their Money Fund account to a savings or checking account to six. When members call and try to make additional transfers, we get a message that the limit has been exceeded. Automated telephone, online and mobile banking will also prevent the transaction from occurring.
Federal Regulation D limits the number of transfers per month members can make from their Savings account to another account to six. When members call and try to make additional transfers, we get a message that the limit has been exceeded. Automated telephone, online and mobile banking will also prevent the transaction from occurring.
This information can be found using online banking or automated telephone banking.
Forms are mailed prior to January 31. If you have eStatements, no form will be mailed, but will be able to you online by clicking on the eStatements tab.
One of two reasons may apply. First, if you have eStatements, no form was mailed, but will be able to you online by clicking on the eStatements tab.
Second, we are only required to report interest earned when it exceeds $10 for the tax-reported for owner of accounts.
Both our personal fee schedule and business fee schedule are available online.
Account Maintenance FAQs
A new signature card must be completed and signed by all signers whenever you add a person to an account. The person being removed must sign agreeing to the removal. Visit a branch so we can take care of this for you.
A new signature card must be completed and signed. Please visit a branch, or call us at 800.837.4562, and we will mail the information to you.
A new signature card must to be completed and signed for all account. Any joint signers must sign the cards also. We need a copy of your new driver’s license, marriage certificate or divorce papers. We prefer that you come to a branch to change your name.
Please bring the POA to a branch or mail it to us at: .
We will make a copy if necessary. Some Powers of Attorney permit us to treat a photocopy as the original; others do not.
A new signature card needs to be completed and signed. As long as one of the new signers is the same as the old, all we need are new cards. If there is a completely new group of signers, then one of the old signers needs to sign off the account. We prefer that all signers come into a branch to sign. A driver’s license will be required, and no changes will be made until everyone has signed the new account cards.
The only way entity accounts such as revocable trusts are eligible to have an account at LOC is if all of the trustees are also members. We may require a second personal savings account with a minimum deposit of $5.00 before we can open your Revocable Living Trust account. A couple with a Trust account will have three accounts, a personal account for each spouse plus the Living Trust account. We take this step for your protection, to ensure that your account meets all regulatory requirements.
If you have a loan at another financial institution, we will be happy to help you save money by refinancing that loan at LOC. We are unable to refinance existing LOC loans for a lower rate.
Most of our rates depend on your credit score, term of loan and amount financed. We quote our lowest rate on our website. Once you apply, you will be provided an initial rate based on the information on your application and credit report.
You can set-up automatic recurring paymet in online banking.
LOC places a hold on your deposit until we are able to verify it.
Our daily withdrawal limit at an ATM is $500.
There is no fee when using your LOC card at an LOC ATM.
LOC members enjoy fee-free deposits and withdrawals at ATMs in the CO-OP network. Find one near you. Otherwise a $1.50 fee applies. A $2 inquiry fee applies to all machines not owned by LOC.
LOC does not charge a fee to get cash back with your purchase.
Digital Wallet FAQs
Yes! Once your card(s) have been added to your digital wallet, checking out at retailers, online or within the apps is super simple! It’s so simple, you may never swipe or insert your chip again! To ensure there are no issues, make sure your device is updated with the most current software. If you do run into any issues, give us a call or visit your device’s site for further instructions including step-by-step directions for your digital wallet.
The newest device model typically has the ability to use the digital wallet feature. However, some older models may not be compatible. It’s important to make sure you have the most up to date software installed on your device. Not sure if your device is compatible? Head over to your device’s website to confirm compatibility.
Yes. Using your digital wallet can actually be safer than using your debit or credit card in the traditional way. The specific card details in your digital wallet are protected and you will be required you to use either TouchID or your device passcode to complete the transaction. Each purchase will generate a unique account number, encrypting your actual information to keep your information safe. This provides an additional layer of security when checking out. Additionally, no card information or anything about your identity are involved when making your purchase.
Digital wallet payments are accepted at most merchants as well as online and when making in-app purchases. A large chunk of independent retailers are also jumping on board with the digital wallets. Ask your merchant to see if they accept digital wallet payments.
There is no cost from LOC to use your digital wallet or add any of your LOC cards to it.
No. You’re not required to use your digital wallet with every purchase. It’s meant to provide a sense of ease and save you time when you’re out and about. You can still continue to use your LOC Visa Debit and Credit Cards as you normally would. If you no longer wish to have your card(s) in your digital wallet, just open your wallet and simply remove them. This will not have any impact on your physical debit or credit card.
Yes, you can store and use multiple cards in your digital wallet, though some may have a limit to the number of cards that can be stored. You will however have to set up a default card. While checking out, you can easily switch between cards within your digital wallet.
Miscellaneous Account Services
First time check orders must be in writing – by fax, mail or in person. Reordering checks may be done through Harland Clarke by phone, 877.585.8777, online at www.ordermychecks.com. The starting check number for the next box is required and no change of name or address is permitted. Reordering checks with name or address changes may be done by phone by calling 800.837.4562 or by fax at 248.473.9960.
Wire transfers are electronic transfers of funds; usually involving large dollar amounts. When wiring money to LOC however, intermediate corporate credit union information must also be included. Wiring into LOC is a three-step process.
Step 1 Wire to:
Alloya Corporate Federal Credit Union
ABA/Routing Number 271987635
Step 2 Further Credit to:
LOC Federal Credit Union
Step 3 Final Credit to:
Account Holder(s) Name - Please include all joint owners listed on the account
Member’s Account Number
Ask the receiving financial institution for their wiring instructions before wiring out of LOC. They may also need more information than just your routing and account number. There is a charge for outgoing wire transfers.
We have a coin machine available for members at our Farmington office. There is no charge for this service if the money is deposited to a youth account or if the account is enrolled in our Loving Our Community Heroes Program. Otherwise there is a 5% charge to adults 18 and over.
NOTE: THE USE OF OUR COIN MACHINE IS SUSPENDED DUE TO THE COVID-19 PANDEMIC .
Yes, LOC has a notary public available and staff trained to provide signature guarantees for stock transfer amounts up to $100,000. The service is provided free of charge to members and no appointment is necessary.
Sales of paper Savings Bonds ended on December 31, 2011. An online account can be used to purchase electronic ones through Treasury Direct. Click on the EE/E Bonds link for EE Bond rates and information. Click on the I Bond link for I Bonds. Your online account can be used for one-time or recurring purchases.
You are welcome to redeem your paper Savings Bonds at an LOC branch. There is a three month interest penalty if the bond is cashed before five years. It takes about eighteen years for paper EE bonds to reach face value (they used to cost half the face value to purchase) and they now offer a guaranteed rate of return. The day the paper EE bond reaches face value is what most people call the maturity date. Both EE and I bonds earn interest for thirty years, so the bonds at final maturity will be worth more than their face value.