News & Notes: Lowell Firefighters Credit Union of Lowell, MA, ~ Est. 1936

Attention All Debit Card Holders
You will be receiving a letter, from the credit union, explaining the new Federal Reserve regulation on the 'opt-in' program. You will need to sign the form included with the letter and return it to the credit union before August 1, 2010. Signing the form, you will give us permission to pay withdrawals to your checking account that would otherwise cause it to become overdrawn. Without this consent, we will decline to pay ATM and everyday debit card transactions that overdraft your account. If you have any questions, please call the credit union or visit www.federalreserve.gov.

Come see us, then start packing!

Is a lack of money the only thing standing between you and your dream vacation? Apply for a Lowell Firefighters Credit Union Vacation Loan and get the cash you need for that getaway… or for any other summer plans you may have! Visit us to apply or apply online.

Borrow up to $2,000.00 at a rate of 6.00% APR*
for a term of up to 12 Months.

* APR = Annual Percentage Rate. Rate per Thousand (based on longest term) is $86.08. This limited time offer ends August 31, 2010.

Urgent Announcement About Compromised Debit/Check Cards:
All members are urged to read the following announcement regarding Credit Union policies relevant to the recent high-profile fraud crimes by which the security of a debit/check card might become compromised. Read this letter from the Treasurer/Manager (PDF Format)

Below we have listed some of the exciting announcements and events happening at the Credit Union. Contact us today for more information about any of these items.

The Lowell Firefighters Credit Union is pleased to announce the winners of its Sixth Annual Board of Directors' Scholarships for the year 2010.

They are: Patrick Kilbride who will be attending Franklin Pierce College, and Derek Diaz, who will be attending UMass Amherst.

Our congratulations go out to these students, as well as our best wishes for their continued success in their educations. Thank you to the many students who also applied.

As you may know by now our online banking login procedure has changed. It is a national credit union wide change. It has been changed for your security. Due to the malicious actions of "hackers" and "Identity thieves" access to accounts has become more stringent. The new process is simple: follow the prompts and make sure you keep a record of the answers that you are asked to provide. Keep your information somewhere safe and secure and do not share it with anyone.

Feel free to call us at the credit union with any questions or e-mail us at .
Thomas F Christoun
Compliance Officer

You may have heard of this "Act" in the news and have wondered just exactly what it is. I will try and give you a very brief overview of the subject. It is intended to perform the following:

"The Currency and Foreign Transactions Reporting Act,1 also known as the Bank Secrecy Act (BSA), and its implementing regulation, 31 CFR 103, is a tool the U.S. government uses to fight drug trafficking, money laundering, and other crimes. Congress enacted the BSA to prevent banks and other financial service providers from being used as intermediaries for, or to hide the transfer or deposit of money derived from, criminal activity."

An institution of our size, which is considered small by today's banking standards generally, does not have the same degree of concern in regarding money laundering or being used as a conduit for terrorist activity that the larger banking concerns have but we none-the-less must remain vigilant. So if you are asked for identification, even though you have been a member for a number of years, we are only adhering to the newer regulations that have been passed by congress. Please as always any questions feel free to contact us at the Credit Union.