Estate planning at Logix

Logix does not currently offer online beneficiary designation for deposit accounts. You must visit a branch or call 800-328-5328 to add or update POD beneficiaries on checking, savings, money market, and certificate accounts. For investment accounts through Logix Financial Services, contact Financial Consultants at 800-553-3707.

Logix Financial Services partners with The Private Trust Company N.A. (an LPL Financial affiliate) to offer trust planning services. These include living trusts, irrevocable life insurance trusts (ILITs), qualified personal residence trusts (QPRTs), generation-skipping trusts, and charitable trusts. Financial Consultants also assist with retirement planning, investment management, and insurance products. Schedule an appointment at wealthappointments.logixbanking.com or call 800-553-3707 Monday-Friday 8:00 AM-6:00 PM PT.

Visit any Logix branch with your trust document (or Certificate of Trust) and government-issued photo ID for all trustees. You will also need the trust EIN or grantor SSN for revocable trusts. Logix can retitle existing deposit accounts to your trust or open new trust accounts. For investment accounts and comprehensive trust planning, call Financial Consultants at 800-553-3707.

Both Revocable Trust accounts and Totten Trust (POD) accounts at Logix are federally insured up to $250,000 per beneficiary by the NCUA. For example, an account with 5 beneficiaries would have up to $1.25 million in insured deposits. IRA balances are insured separately up to an additional $250,000. Joint tenancy accounts are insured up to $500,000 ($250,000 per co-owner). A family of two can potentially achieve up to $2,000,000 in total NCUA coverage across different ownership categories.

Yes, you can name a trust as the beneficiary of your Logix IRA, though the IRA itself cannot be titled to the trust. Consult a tax advisor before naming a trust as IRA beneficiary, as there are significant tax implications including potential accelerated distribution requirements under the SECURE Act. Logix offers IRA Savings Accounts and IRA Share Certificates, all federally insured up to $250,000 by the NCUA separately from other deposit insurance.

Logix offers five checking account options: Advantage Checking (basic account, no dividends), Premier Checking (earns dividends with $2,500+ daily balance), High-Rate Checking (earns dividends with $20,000+ daily balance), Teen Checking (ages 13-17, no monthly fee), and NextGen Checking (ages 18-24, reduced fees). All checking accounts include free eDeposit, early payday with direct deposit, and access to 30,000+ fee-free CO-OP ATMs.

Logix offers several certificate account types: the Regular Share Certificate (terms from 91 days to 60 months, $1,000 minimum), the 7-Month Certificate (short-term option, $1,000 minimum), the 12-Month Bump Rate Certificate (allows one rate increase if rates rise during the term, $5,000 minimum), and the 12-Month Flex Certificate (allows one additional deposit and one penalty-free withdrawal of up to 25% during the term, $5,000 minimum). Jumbo certificates require a $100,000 minimum. IRA certificates are available in 24-month and 60-month terms. All dividends are earned daily and compounded monthly.

Logix accepts members from Arizona, California, Massachusetts, Maryland, Maine, New Hampshire, Nevada, and Virginia. Membership is also available through the American Consumer Council (no cost to join) or Moorpark College Friends of the Foundation, regardless of location. Employees and retirees of Logix sponsor companies and family members of current members also qualify. A $5 minimum deposit to a Main Savings account is required to open membership. Once you become a member, your membership never expires.