Yes, you can open more than one checking account at LMCU, and there's no stated limit on how many you can hold
LMCU (Lansing Mutual Credit Union) does not publicly restrict the number of checking accounts a single member can open. You can have multiple accounts at the same time, and many people do this for specific purposes—one account for bills, another for savings goals, a third for a side business, or separate accounts for household members.
The practical limits come from LMCU's account opening requirements and your ability to maintain each account, not from a rule against multiple accounts. Each account needs an initial deposit, and each one is subject to the same monthly fees (or fee waivers) that explore to individual checking accounts.
What matters more than the number of accounts is understanding how FDIC insurance covers them and what happens if you stop using an account or want to close one later.
Key Takeaways
- LMCU does not cap the number of checking accounts you can open as a member.
- Each account requires its own initial deposit and is subject to individual monthly maintenance fees unless you meet the fee-waiver requirements for that specific account.
- FDIC insurance covers up to $250,000 per account type per depositor, so multiple accounts give you higher total protection if each one is in a different ownership category.
- You can manage multiple accounts through LMCU's online banking and mobile app, but each account has its own debit card and routing number.
- Closing an account takes a few business days, and you'll need to redirect any automatic deposits or payments before you close it.
How FDIC insurance works across multiple accounts
This is the main reason people ask about multiple accounts. FDIC insurance protects deposits up to $250,000 per depositor, per insured bank, per ownership category. The key word is "per account type"—meaning if you have two checking accounts at LMCU, they are usually counted as one category and share the $250,000 limit.
However, if you open accounts in different ownership structures—for example, one account in your name alone and another as a joint account with your spouse—each one gets its own $250,000 protection. A third account held in trust for a beneficiary would be a separate category as well. This is why some people with significant deposits open multiple accounts: to spread their money across different ownership types and maximize insurance coverage.
If you're holding more than $250,000 and want full FDIC protection across multiple accounts, contact LMCU directly to discuss account structures. They can explain which combinations give you separate insurance coverage.
Monthly fees and minimum balance requirements
Each checking account at LMCU is treated independently for fee purposes. If you have two accounts and neither meets the fee-waiver threshold, you'll pay the monthly maintenance fee on both. If you maintain a minimum balance in one account but not the other, only the account that meets the requirement avoids the fee.
LMCU's fee structure varies—some accounts waive fees if you maintain a certain daily balance, set up direct deposit, or keep a linked savings account. Before opening a second account, confirm what the fee requirements are for that specific account type. You can do this by asking a representative at any LMCU branch or calling their member services line.
If you're opening a second account specifically to separate finances (like a business account or a joint household account), the fee structure might be different from your primary personal checking account. Ask about this when you open it.
Setting up online banking and debit cards for multiple accounts
Once you open multiple accounts, you can manage all of them through LMCU's online banking portal and mobile app using a single login. Each account will appear as a separate line item, and you can transfer money between your own accounts when ready at no charge.
Each account gets its own debit card and routing number. You can request debit cards for all your accounts, or you can choose to have cards for only some of them. If you don't want a debit card for a particular account—for example, if one account is purely for saving toward a goal—you can skip the card and transfer money to a spending account when you need it.
When you set up automatic deposits or bill payments, make sure you're directing them to the correct account. Mistakes here are straightforward to make if you have multiple accounts, so double-check the account number and routing number before you finalize any recurring transaction.
Reasons people open multiple checking accounts at the same bank
The most common reason is budgeting and goal separation. Some people keep one account for regular bills and expenses, another for irregular costs (car repairs, medical bills), and a third for a specific savings goal. This makes it easier to see at a glance how much money is available for each purpose.
A second reason is joint accounts for shared expenses. A married couple might keep individual accounts for personal spending and a joint account for household bills. This avoids the need to constantly split transactions or ask permission to spend from a shared account.
Business or side income is another common case. If you freelance or run a small business, opening a separate checking account keeps business income and expenses separate from personal finances, which simplifies tax time and makes accounting clearer.
Some people also open a second account to test a different account type before closing their original account, or to keep an old account open while transitioning to a new one if they have automatic payments still linked to it.
How to open a second account at LMCU
The process is the same as opening your first account. You can do it online, by phone, or in person at any LMCU branch. You'll need to provide your Social Security number, a government-issued ID, and proof of address. You'll also need to make an initial deposit to fund the account.
If you're already an LMCU member, the process is faster because they already have your information on file. You may be able to open the account entirely online without visiting a branch. If you're opening a joint account with someone else, both account holders will need to provide identification and sign the account agreement.
Ask about the monthly fee structure and any fee-waiver options when you open the account. This is also a good time to clarify whether you want a debit card for the new account and how you want to manage it through online banking.
Closing a checking account you no longer need
If you decide you don't need a second account anymore, you can close it by visiting a branch, calling member services, or sometimes through online banking (depending on LMCU's current options). Before you close it, make sure you've redirected any automatic deposits or bill payments to another account.
Closing typically takes a few business days. Any remaining balance will be transferred to another account you specify, or issued as a check. If there are any outstanding transactions or fees pending, those will be processed before the account closes.
If you're closing an account because of fees, contact LMCU first to see if there's a different account type that might work better for you. Sometimes switching to a different account structure is simpler than closing and reopening.
Frequently Asked Questions
Will opening a second checking account hurt my credit score?
No. Checking accounts are not reported to credit bureaus, so opening multiple accounts at LMCU will not affect your credit. Credit bureaus only track credit products like loans and credit cards, not deposit accounts.
Can I transfer money between my own accounts at LMCU for free?
Yes. Transfers between your own accounts at LMCU are free and usually happen when ready through online banking or the mobile app. You can move money between accounts as often as you need to.
What happens if I don't use one of my accounts for a long time?
LMCU may close accounts that show no activity for an extended period, though the exact timeframe varies. If you want to keep an account open but inactive, contact LMCU to ask about their dormancy policy. It's usually safer to close an account you don't need rather than let it sit unused.
Can I have a joint account and a personal account at the same time?
Yes. You can hold both a personal checking account in your name alone and a joint account with another person. Each account is separate for fee and insurance purposes, and you can manage both through the same online banking login.
Do I need separate online banking logins for each account?
No. One LMCU online banking login gives you access to all your accounts at the institution. You can see all accounts on your dashboard and switch between them to view balances, make transfers, or set up payments.