If you're a member of Louisiana Federal Credit Union, there's a good chance we have a personalized savings report that shows you how much you saved last year. Complete the secured form below using the email address associated with your credit union account, and we'll send you your personalized savings report.
As a financial institution, we’re definitely numbers nerds; we're obsessed with saving you money. In case you’re a little like us, we want to give you the scoop on how we calculated your estimated, annualized savings.
The actual formulas vary by account type; however, regardless of account type, we used the same basic method shown below to calculate each of your account’s individual savings amounts. We then added all of your individual amounts together to calculate your total estimated, annualized savings amount. The definitions for each term are further below.
The rate benefit is the difference between your personal account rate and the average bank account rate for your assigned market area.
The definition varies by account type as follows:
The fee benefit represents the difference between the average bank account maintenance fee for your assigned market area and Louisiana Federal Credit Union's account maintenance fee for a comparable account.
The only fees included in the calculation are recurring account maintenance fees. We did not include penalty or “occasional” fees such as overdraft fees, stop payment fees, foreign item fees, etc. Louisiana Federal Credit Union has very few account maintenance fees so your membership really helps you save big in the fee area.
The amount listed on your personalized savings report represents the sum of all of your individual account savings amounts. It reflects the difference between what you paid or earned in interest, fees or rebates at Louisiana Federal Credit Union and what you may have paid or earned on average for comparable accounts at leading banks in your assigned market area. The amounts listed are for illustrative purposes only and do NOT constitute a cash payout, dividend or bonus.
Because we compared your personal account rates and fees against the average rates and fees of the collective banks in your assigned market area, we cannot quote exact savings. Instead, the savings represent an estimate based on your personal account rate and balances. Annualized simply means that we’ve estimated your account for an entire year regardless of when you actually opened the account.
A zero simply indicates that when we compared your LFCU account rates and fees with the average bank account rates and fees, you are not actually saving money by having that account with Louisiana Federal Credit Union. There may be other accounts or services that would better suit your needs and help increase your savings. The best thing to do is schedule an appointment to review the membership benefits available to you.
We partnered with Informa Research Services, Inc., Calabasas, CA, www.informars.com to conduct this research. We compared market rates using financial data from November 2017. Although the information Informa provided us has been obtained from banks themselves, neither Louisiana Federal Credit Union nor Informa can guarantee absolute accuracy as rates can change without notice.