Banking System Update FAQs

Banking system updates will be effective beginning August 26, 2024.

There will be intermittent outages beginning Friday, August 23 and ending Monday, August 26, 2024. Exact times are unknown, but customers will see a message if online services are unavailable during these dates.

You will receive monthly statements for term notes with electronic funds transfer (EFT) activity. There will not be any changes if there are no EFT activities.

Due to format changes, receipts, maturity notices, checks, statements and loan notices have changed.

You may receive a statement as of August 26 from our current system and another as of the month end (August 31) from our new, updated system. There is nothing you need to do if this occurs. You may also notice APY information on your statement. APY will be slightly skewed on the first monthly (August) statement due to system accrual differences. The APY information should be correct on the next monthly statement (September).

As of July, 1, 2024, the second-tier lower interest rate that applied to investment balances over $50,000 has been removed. The higher fixed interest rate you received on the first $50,000 of your account, when originally opened, will now apply to your entire investment balance. You may still make deposits of new dollars to your account and all terms and conditions will stay the same.

*Please note: ConnectPLUS and PartnerPLUS are no longer available for new accounts. If you are looking for new investment opportunities, please click here to view our current rates.

Due to our system conversion, your IRA plan number will now be the last 4 digits of your social security number followed by Roth or Traditional; depending on the type of IRA you have. This change does not affect any IRA investment accounts you have with LCEF.

Commercial Loan Interest FAQ

LCEF is simplifying how interest is accrued on our commercial loans. It was previously accrued monthly, but we have shifted to daily simple interest. This means that interest is accruing every day, and your payment amount will be split between interest owed and a portion of the principal balance according to the date in the cycle that you make your payment.

No, your monthly loan payment amount will remain the same.

No, this update is still based on a 30-day month, just as your previous loan payments were.

We can provide an estimate only, up front, as the split between principal and interest will change now based on the day you pay. Please feel free to reach out to our Loan Operations Department by emailing or calling 314-885-6499 for this information for your loan.

You may view this on MyAccount one business day after you’ve made a payment or on your next printed billing notice.

Click here to download the organization application. Then, scan and email it to our Customer Relations team at or mail it in to LCEF:

Lutheran Church Extension Fund
PO Box 229009
St. Louis, MO 63122-9009