Frequently Asked Questions
SavvyMoney uses high-level encryption and security measures to keep your data safe and secure. Your personal information is never shared with or sold to a third party.
Your score is updated daily.
There is not fee to use this service. However, you will be required to accept the service’s Terms and Conditions.There is not fee to use this service. However, you will be required to accept the service’s Terms and Conditions.
VantageScore 3.0 is based primarily on a 24-month review of your credit report. It ranges from 300 to 850, where a high score means lower credit risk. Your credit report has information such as your history of payment punctuality, the total amount of your available credit, the total amount and type of debt you have, the number of open and active accounts, and the longevity of your relationships with creditors. See the dates under your score to find out when your last score was calculated and when your next score refresh will be available.
LOC uses FICO for loan application approvals.
No, LOC uses its own lending criteria for making loan decisions.
No. The score displayed is the current score of the primary user who holds account with LOC Credit Union.
Using this service should have no impact on your score. Savvy Money does provide tips and suggestions on how you can improve your score over time.
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.
View a complete list of our holiday hours.
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 115% 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!
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.
No, the card will still show in your mobile wallet, but authorizations will be declined.
Once your card is unblocked, you may resume using it for transactions.
Our debit cards are eligible for this feature.
Before contacting us, please make sure you did not block the card using our mobile app. If you did, you can un-block 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 app, you have the ability to block the card under the Card Management 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.
You can use the Card Management Tool 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.
Your daily ATM limit is $1010. Your daily Point of Sale (POS) limit 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.
eStatements are both safe and convenient because they are only accessible during a secure Digital 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 may sign up for eStatements once you have enrolled in Digital Banking. Simply click on the eDocs tab to enroll.
You may sign up for eStatements for your child’s account once you have enrolled the account in Digital Banking. Simply click on the eDocs tab to sign up.
You must select a single delivery method to receive your statements and other documents.
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 first be enrolled in Digital 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 eDocs tab.
Yes. All inserts (policy changes, privacy information, member news and marketing information, etc.) are available as a .pdf in the eDocs section of Digital 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.
Your MICR account number will depend on the type of account you have and when it was opened. MCIR numbers for each account can be found under the account details tab in our digital banking platform.
If you don't use digital banking, contact us for more information.
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
You can change your contact information in online banking by clicking on the Services tab, then the Address Change option. You can also update your phone number and email address here.
If you aren’t an online banking user, you can visit a branch or mail us the following form with your signature.
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 get payoff information in online banking, in automated telephone banking or by speaking to a representative during business hours.
You can set-up automatic recurring paymet in online banking.
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.