May 02, 2016



Field of Membership

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.

Family Membership

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.

Membership and joint ownership — the difference

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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