Alert: Important Information regarding COVID-19

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Important Information regarding COVID-19

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Updated: Monday, March 23, 2020

Leominster Credit Union is well prepared to help you without interruption in service and as an essential business, we will remain open to serve you. Our highest priority continues to be the health and well-being of our members and our staff. By temporarily limiting branch access to drive-thru service, we reduce the risk for virus exposure, yet remain available to meet the financial needs of our members. If you need to make an appointment (Main Office, Clinton, Holden, West Boylston Street), please contact our Member Service Center at 800-649-4646. Please remember that we offer 24/7 Online and Mobile Banking, Automated Telephone Banking (MEL) and ATMs.

As we continue to monitor COVID-19, we will provide updates to this page as needed.

Please see below for more detailed information.

 

Temporary Branch Lobby Closings
For the health and safety of our members and employees, our branch lobby locations will temporarily close, effective Wednesday, March 18, 2020. If you have an appointment or need to schedule one (Main Office, Clinton, Holden & West Boylston Street only), please call 800-649-4646 for assistance. We apologize for any inconvenience this may cause and we thank you for your understanding.

 

Drive-Up
All our Drive-Up locations will remain open during regular business hours.

 

Your Funds are Safe
As a member of Leominster Credit Union, every dollar you deposit is safe, secure, and 100% insured. All deposits are fully insured by a combined insurance coverage of the NCUA, up to $250,000, and the MSIC covers the rest.

 

Mobile, Online, Telephone Banking and ATMs
Please remember that we offer 24/7 Online and Mobile Banking, Automated Telephone Banking (MEL) and ATMs. We encourage all members to utilize online banking and the LCU mobile app to check balances, make payments, transfer funds, or deposit checks. If you haven’t enrolled in online and mobile banking, we encourage you to do so. Please call our Member Service Center at 800-649-4646 who will be happy to assist with the enrollment process.

 

Branch Appointments
If you have an appointment scheduled at a branch location or need to schedule one, please contact our Member Service Center at 800-649-4646 for help with arrangements.

 

If You Are Financially Impacted by COVID-19
If you have been financially impacted by the coronavirus and are having difficulty making a payment, please contact our Member Service Center at 800-649-4646 for additional assistance.

 

Fraud/Scammers
As always, times of uncertainty bring out scammers. Be alert and don’t fall prey to panic or intimidation to do anything that may compromise your personal information. For useful information regarding Coronavirus related scams, please visit the Federal Trade Commission, https://www.ftc.gov/.

 

Additional Information about COVID-19
For additional information about COVID-19, please visit

 

Thank you for your cooperation, patience and trust in Leominster Credit Union. Please know we are thinking of you and your families and will support you through these challenging times.

Updated: Monday, March 16, 2020

Important Health Alert regarding COVID-19

Leominster Credit Union (LCU) is taking the necessary steps to serve you safely and securely. Out of an abundance of caution and in accordance with our own internal protocol, we respectfully ask everyone to adhere to the following:

Please refrain from visiting our branches if you or a member of your household:

  • Have been diagnosed with COVID-19 (either a presumptive positive diagnosis by local doctors or a diagnosis confirmed by the CDC)
  • Have been in close contact with a person diagnosed with COVID-19
  • Have been at a facility where any person has been diagnosed with COVID-19
  • Have been in any of the following locations in the past 14 days:◦China
    • Hong Kong
    • Iran
    • Italy
    • Japan
    • South Korea

We encourage all members to utilize online banking and the LCU mobile app to check balances, make payments, transfer funds, or deposit checks. Visit leominstercu.com for additional updates.

We thank you in advance for understanding.

Updated: Friday, March 13, 2020

A message to our valued members about COVID-19

As Massachusetts continues to be impacted by the spread of COVID-19, please be advised that Leominster Credit Union (LCU) is taking the necessary steps to serve you safely and securely. Operations will continue and we are here to serve your financial needs. As this situation is evolving rapidly, our main priority is the health, safety, and well-being of our staff and members.

In addition to our in-branch services please remember that we offer 24/7 Online and Mobile Banking, Automated Telephone Banking and ATMs. We encourage all members to utilize Online Banking and the LCU Mobile App to check balances, make payments, transfer funds, or deposit checks. If you haven’t enrolled in Online and Mobile banking, we encourage you to do so. Call our Member Service Center at 800-649-4646 who will be happy to assist with the enrollment process. Leominster Credit Union is well prepared to help you without interruption in service.

We have enhanced cleaning at our locations and our team will be taking extra precautions to help keep members and the community in good health. We will continue to monitor the situation closely and evaluate additional measures to support our members and community as needs arise. Please continue to check your emails from us and visit our website for regular updates. For additional information about COVID-19, you can find the latest report from the CDC at https://www.cdc.gov/ or your local health department website.

Thank you for your cooperation, patience and trust in Leominster Credit Union. Please know we are thinking of you and your families and will support you through these challenging times.

Higher than Normal Call Volume

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Due to the higher than normal call volume, we appreciate your understanding if you experience a longer than normal wait time. If you are transferred to a specific department, please leave a voicemail and we will be sure to return your call.

We thank you for your cooperation, patience and trust in Leominster Credit Union.

Upcoming System Maintenance Schedule

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Please note the following upcoming system maintenance schedule:

Clinton Branch Lobby ATM – 4/1/2020, All Day: System maintenance will be performed at the Clinton lobby ATM, located at 159 Mechanic Street, on Wednesday, April 1, 2020. Please visit the drive-up ATM or drive-up teller lane during this time.

North Leominster Branch ATM – 4/2/2020, All Day: System maintenance will be performed at the North Leominster ATM, located at 1316 Main Street, on Thursday, April 2, 2020. Please visit the drive-up teller lane during this time.

Please refer back for additional updates.

We thank you for your understanding as these processes are completed.

Mortgage Info Sessions – Postponed

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For the health and safety of our members and employees, we have decided to postpone our remaining Leominster Credit Union Mortgage Info Sessions.

Rescheduled dates will be posted to our website and in branch when available. As always, please check our website for updates.

If you would like additional information regarding the Mortgage process, please contact our Member Service Center at 800-649-4646.

We thank you in advance for your understanding and apologize for any inconvenience this may cause.

Significant changes to IRA’s to take place

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On January 1, 2020, the Secure Act will take effect which will include five significant changes in the rules and regulations for IRA’s.

Massachusetts Income Tax (and the MA IRA Withholding) Rate Drops to 5.00% on January 1, 2020

Previously approved by the House of Representatives, the Senate passed this legislation on Thursday December 19th. President Trump then signed it into law late Friday December 20th.

Thus the SECURE Act is set to become effective on January 1, 2020.

 The SECURE Act includes five significant changes to IRA Rules and Regulations:

Age Limit Eliminated for Traditional IRA Contributions – Beginning for Tax Year 2020 and beyond, the new law eliminates the age limit for Traditional IRA contributions (formerly age 70½). Thus as with a Roth IRA, those with eligible earned income can continue to contribute to a Traditional IRA regardless of their age.

RMD Age Raised to 72 – The SECURE Act increases the age for commencing RMDs to age 72. IRA owners reaching age 70½ after December 31, 2019 will not have to take their first RMD until the year in which they attain age 72.

New Exception to the 10% Penalty for Birth or Adoption – The SECURE Act adds a new 10% penalty exception for birth or adoption. The distribution is still subject to tax. It is also limited to $5,000 over a lifetime. But the birth or adoption distribution amount can be re-contributed back at any future time

IRA Contributions with Fellowship and Stipend Payments – Additionally, the new law allows taxable non-tuition fellowship and stipend payments to be treated as eligible compensation to qualify for IRA contributions.

Most Importantly…The “Stretch IRA” Disappears for Many – Beginning for deaths after December 31, 2019, the “Stretch IRA” rules will be replaced with a “Ten Year” distribution rule for most IRA beneficiaries. The rule will require accounts to be emptied by the end of the tenth year following the year of death of the IRA owner. There will be no requirements for annual Beneficiary RMDs as currently exist. The only RMD required of a Beneficiary of an Inherited IRA will be the full Inherited IRA balance being withdrawn by the end of the 10th year after the IRA owner’s death. But for deaths in 2019 or in prior years, the old Beneficiary RMD “Stretch IRA” rules will remain in place.

There are five categories of “eligible designated beneficiaries” who will be exempt from this new 10-year post-death payout rule and who can still use the existing Stretch RMD rules over their life expectancy. These are:

  • surviving spouses
  • minor children
  • disabled individuals
  • the chronically ill, and
  • beneficiaries not more than ten years younger than the IRA owner

 

 

This change will require new decisions in estate planning for many IRA owners.