Do you have to be a Fire Fighter to join?
The London Fire Fighters Credit Union is a closed bond credit union that serves employees of the London Fire Department. We also welcome membership to family members, including spouses, children and grandchildren of London Fire Department employees and retirees.
Is there a fee to become a member?
There are no fees. Each member is required to contribute $5 a year for League Dues. In addition, they must keep $200 in a Shares account, which remains their money.
What are the benefits of being a member?
As an owner of the credit union, you share in the profits with annual dividends. Members have an opportunity to influence the overall direction of the London Fire Fighters Credit Union. You have a voice and a vote.
The Board of Directors, Audit Committee and Credit Committee are dedicated volunteers that are also your colleagues. They include active and retired Fire Fighters that have your best interest in mind.
Your investment in shares entitles you to attend the Annual General meeting, vote for members of the Board of Directors, or run for a position yourself.
How long have you been in business?
The London Fire Fighters Credit Union Ltd. was formed on November 19, 1947. A group of London Fire Fighters decided to pool their savings and make loans to each other at reasonable rates. That same camaraderie continues today! We have been proudly serving London Fire Department employees and their families ever since.
Is my money safe at your credit union?
Absolutely! The Deposit Insurance Corporation of Ontario protects your eligible savings at the London Fire Fighters Credit Union. Full details of your protection are available at DICO's web site.
Considering the recent turbulence in the financial world, how safe are credit unions?
The recent disruptions in the financial marketplace, most notably in the United States, are not expected to have a direct impact on the day-to-day operations of credit unions in Canada, or the financial strength of the credit union system. We have answers to your burning questions.
I'm a Retired Fire Fighter. Why should I put my money in the London Fire Fighters Credit Union?
We're confident that you'll see that there is no better place to put your money than in the LFFCU. Please take a few minutes to view the attached presentation that compares our Dividends to the rates at various financial institutions.
Can I check my account balance online?
Currently, the LFFCU does not offer internet banking, which would be the only way to allow members to check their balances online. The good news...an overwhelming majority of our members love the fact that they can't access their money with a debit card. It's a great way to let your savings grow without the daily temptation to spend.
If you would like your balances emailed to you, just send Charmaine an email request.
What do I need to bring in when I want to apply for a loan?
That's a great question. Depending on the type of loan, there may be additional documents required. Missing documents may mean a delay in receiving your money, so here's a list of what to bring.
- Recent Pay Stub (proof of employment/income)
- Vehicle Ownership, Vehicle Insurance, Bill of Sale/Offer to Purchase
- Mortgage Statement, Home Insurance Policy, Property Tax Valuation
- Balances on existing loans, lines of credits and credit cards
If you would like confirmation on what is needed for your loan, call Charmaine and she'll let you know.
When a vehicle is pledged as collateral for a loan, are there any rules or restrictions that I need to follow?
There are definitely some important things to remember. Please click to review a summary of the Security Agreement or to see the Security Agreement loan document.