Liberty Alliance Federal Credit Union

Check here often for timely
postings of LAFCU product and
other financial information.

Merger Questions and Answers

1) Why is Liberty Alliance FCU merging?
Current economic times have taken a toll on LAFCU. Merging with Members Heritage FCU will give us the financial strength needed to assure future stability and make available additional products and services. Multiple branches in the Lexington area will also make the Credit Union more convenient to members.

2) When will the merger take place?
The merger will be official on May 1st, 2010.

3) Will the branches close and when?
The Main Office will remain open until the data processing conversion takes place later in the year. When the Main Office does close LAFCU members will be welcome to conduct business at any Members Heritage branch. The closest Members Heritage branch is across the street from LAFCU's Main Office at 2420 Members Way, Lexington. Other branches are located at: 440 Park Place, Lexington (near North Park); 3202 Custer Drive, Lexington (near Park Hills); 1039 N. Main St, Nicholasville, and 339 Shoppers Dr, Winchester. The Zebulon branch will remain open throughout the merger process.

4) Will my account number change?
Your LAFCU account number will be imbedded into your MHFCU number. A two or three digit prefix will be added to the beginning of your LAFCU account number. MHFCU employees will only need to know you are a LAFCU member and your LAFCU account number to access your account.

5) When will the data processing conversion take place?
This process is one that will take a while to complete. A date for the completion has not been determined yet. The most important outcome of this process is that it is done correctly, not quickly. We will let you know more as we know it. Until the conversion is complete, you will continue to use LAFCU’s facilities to conduct business.

6) How will I access my account?
Until the merger of the two Credit Union data processing systems takes place nothing will change. You will continue to conduct business as usual. The date of the data processing merger is not known yet, but it will not take place for the next two months at least. More information will be forthcoming as we know more.

7) Does Members Heritage offer the same products and services as Liberty Alliance?
The products and services offered by LAFCU and MHFCU are very similar. There may be some small changes, but those changes should be insignificant.

8) What will happen to employees of Liberty Alliance FCU?
All current employees of LAFCU have been offered positions with Members Heritage.

9) Will my debit card still work?
You will continue to use your current debit/ATM card until further notice. Until the data processing conversion takes place there will be no change. If there is a need to replace your debit/ATM card you will receive your new card and PIN before the conversion.

10) Will my checks still clear?
You will continue to use your current checks at least until the data processing conversion takes place. Before the conversion a plan will be in place for either A) your current checks will continue to be used, or B) you will be issued new checks with your new account number.

11) Will I still be able to access my accounts through the internet or by DEMI (Audio Response)?
MHFCU offers all the internet services that LAFCU offers. Your conversion to the MHFCU internet banking system is still being worked out.

For our Spanish Speaking Members...

In addition to bringing a positive, professional attitude and expertise in the collections department, Alex Hernandez, who joined our staff a few months ago now adds the ability of enhanced communications with our growing numbers of Spanish speaking members. You can contact Alex at the home office or via email (alexh@libertyalliancefcu.com)

Mortgage Rates are LOW...

Obviously, the US economy is not out of the woods yet, but there is a bright spot. Mortgage rates are LOW...as low as $4.875% on 30 year and 4.375% on 15 year loans.

Recently, members who refinanced their mortgages significantly reduced their monthly payments. One member who refinanced a $100,000.00 mortgage now has a loan at a reduction of $200.00 a month.

The best thing to do is to talk to one of our loan specialists. They can run some numbers to see what savings you can achieve. And, if you want to add to or remodel your existing home, we are still the obvious choice for home equity loans.

$8,000.00 "First Time Homeowner" Tax Credit Extended....

GOOD NEWS for first time homeowners and others: The deadline to arrange for up to an $8,000.00 "first time homeowner" tax credit has been extended until June 30, 2010. All contracts need to be in effect no later than April 30, 2010 to qualify.

Also, there has been the addition of an up to $6,500.00 credit for current homeowners who purchase a new home.

In addition to this extended and improved Federal program, there are Kentucky State programs, including an Mortgage Credit Certificate (MCC) program, in the form of non-refundable Federal tax credits for the life of the mortgage, and a program for buyers of newly constructed homes which offers a State tax credit up to $5,000.00. there could be other programs, depending on your state of residence.

The best thing to do is contact Lee at the home office. We'll do everything we can for our current and future LAFCU Member/homeowners.

Free ATM Access increased by 28,000...!

Access to "no charge" ATM's for LAFCU members just got better, with the addition of the Co-Op Network. This enhancement means that members now have access to an additional 28,000 "no charge" ATM's. Many are located at 7-11 stores and, in the eastern part of the us, at Shell Oil stations.

To locate Co-Op ATM's in your area, just go to www.co-opnetwork.org. Or, by phone: 888-site-co-op.(number has more digits than a conventional one, but it works).

With this addition, LAFCU members now have access to nearly 210,000 "no charge" ATM's world-wide. In addition to the co-op Network, check out:

Alliance One
www.allianceone.coop
Credit Union 24
www.cu24.com
US Bank
www.fastbank.com

Now, with the addition of the Co-Op Network, members have unequalled access to their funds and the capacity to do other financial transactions 24-7.

Better Certificate Rates...25 Basis Points for PAA Holders....

While rates paid for interest paying savings products are down across the country, due to the on-going financial downturn, here's a little GOOD NEWS from LAFCU.

Interest paid on Share Certificates has improved recently.
Personal Asset Account (PAA) holders get a 25 basis point bonus on Share Certificate investments.

For more information, check with your local branch or contact Susie Sebastian at the Home Office (800) 499-3777.

Your Deposits Insured By NCUA...

With all the "bad press" out there about the failure of financial institutions, it's GOOD to know that your deposits at Liberty Alliance Federal Credit Union are insured for up to $250,000.00 by NCUA. In addition, IRA accounts at LAFCU are insured for an additional $250,000.00. In some cases, there is additional available insurance for the total deposits of families. The best thing to do is contact your nearest branch, or call Susie Sebastian at the Home Office ** (800) 499-3777.