We offer the following savings accounts:
IRA ACCOUNTS
MONEY MARKET ACCOUNTS (POA)
REGULAR SHARE ACCOUNTS
SHARE CERTIFICATES (CDs)
The Board of Directors announces at the end of each quarter the dividend rates for all types of accounts. There is no assurance that the rate for the past interest period will be an indication that future rates will be the same. You may call our office at (516) 916-5350 to obtain the latest interest rate information or you may also access the information over the Internet at: WWW.LHCU.COM
REGULAR SHARE ACCOUNTS
To earn the stated interest, the account must be open and have a balance of at least $5 at the end of the quarter. The interest is calculated on the daily balance as of midnight of the same date at the stated interest rate. All interest is compounded monthly.
SHARE CERTIFICATES (CDs)
The minimum investment is $2,000.00. The interest is calculated on the daily balance as of midnight of the same date at the contracted rate, however, the interest that is credited monthly, is compounded monthly. Penalties for early withdrawal are as follows: If certificate funds are withdrawn prior to maturity, the penalty is a forfeiture of accrued interest equal to nine months of interest since the date of issuance. The penalty does not apply in case of death of any owner, certified disability, or liquidation of the credit union. The credit union by-laws give the credit union the right to impose a notice of up to 60 days prior to withdrawal. Deposits must remain on deposit for the entire period to earn dividends at the specified rate. This certificate is not transferable or assignable, except to the extent of any unpaid indebtedness to the credit union. Membership in the credit union will terminate upon maturity, unless the holder maintains other valid share deposits. The credit union reserves the right to redeem all time deposits (CDs) at the sole discretion of the issuer known as a “call” with 30 days notice to the depositor. In this event, the depositor will be paid the outstanding principal amount and interest accrued up to, but not including the call date, and no interest will be earned after the call date. The credit union will use reasonable efforts to notify you of our intent to call the CD, but the credit unions failure to notify you will not affect the validity of the call. After such call action by the credit union, the CD account will be considered closed.
IRA ACCOUNTS
To earn the stated interest, the account must be open and have a balance of at least $5 at the end of the month. The interest is calculated on the daily balance as of midnight of the same date at the stated interest rate. All interest is calculated and posted monthly and compounded monthly
MONEY MARKET ACCOUNTS (POA)
To earn the stated interest, the account must be open and have a balance of at least $5 at the end of the month. In order to earn the higher interest rate, a minimum balance per day of $1,500.00 is required. If the balance falls below $1,500.00, the interest calculation is done by using the regular share account rate. In the event the account balance is negative, you will be charged daily interest at the personal loan rate for the last month of the quarter. All interest is calculated and posted monthly and compounded monthly. The credit union by-laws give the credit union the right to impose a notice of up to 60 days prior to withdrawal.
SERVICE CHARGES
• In case of withdrawals via wire transfer, a fee of $35.00 is applicable.
• Official credit union checks to third parties (upon receipt of your check request), require a check fee of $3.00. $500 Max to Individuals
• Withdrawals by check in EURO currency incur a fee of $10.00.
• Withdrawals by transfer in EURO currency incur a fee of $35.00.
• Deposits by EURO currency incur a fee of $8.00.
• Federal Express Delivery Charges. $15 overnight $30 for Sat delivery.
• Please see our complete list of fees at: LHCU Fees
Rev. 03/2021