As a Federal Credit Union, LOMTO FCU is not open to the public. Family members
of existing LOMTO FCU Members, as well as members of LOMTO Inc., are eligible to
be members of our credit union. In addition, certain areas of the west side of
Manhattan are included in our field of membership. People who live, work,
worship, attend school, businesses and other legal entities in this area are
eligible for membership, see map below (click map to enlarge). Please call our
office to find out if you qualify for membership so that you can take advantage
of the many low cost and free services that we offer.
To join the Credit Union you must maintain a $25.00 balance in your share
saving account and there is a one time processing fee of $3.00. Due to new
federal law known as the
“Patriot Act”,
we must verify your identity, even for existing members. To do so we must
obtain acceptable proof of name such as a birth certificate, United States
Passport or Resident Alien Card. Additionally, we require proof of residency
and tax identification number.
You and the members of your family may enjoy all the benefits of LOMTO FCU
membership for life. When you open your account, is the ideal time to open
accounts for your eligible family members. Your eligible family members
(natural, adopted, foster, or step) are shown in the following diagram.
Once your family members have joined, their family members also become
eligible. Family members are entitled to full membership privileges and retain
their LOMTO FCU membership even in the event your account is closed.
You can designate anyone as joint owner of your account. Joint ownership,
however, is not the same as LOMTO FCU membership. The joint owner(s) can make
deposits to, or withdrawals from, the joint account and is entitled to the life
savings insurance proceeds if you have not designated a separate beneficiary.
Your joint owner(s) is not automatically a member of LOMTO FCU. If a joint
owner is within the field of membership, he or she can become a member.
Only members
are entitled to borrow from LOMTO FCU and to receive Life Savings and Loan
Protection Insurance.
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