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847-623-3636
2750 Washington St
Waukegan, IL 60079

Consumers Credit Union (IL) is headquartered in Waukegan and is the 12st largest credit union in the state of Illinois. It is also the 377th largest credit union in the nation. It was established in 1930 and as of December of 2013, it had grown to 184 employees and 58,235 members. Consumers Credit Union (IL) has a B+ health rating.

Field of Membership Restrictions

Membership follows a simple, two-step process: Pay a one-time, non-refundable $5 fee to our sponsor, the Consumers Cooperative Association, and then deposit and maintain a minimum $5 in your Membership Share/Savings Account. - See Details

Related Posts

Unique Changes Made to Consumers Credit Union’s Free Rewards Checking - 3/4/2014

Consumers Credit Union made several changes to its Free Rewards Checking Account that many savers should appreciate. First, you can now earn 5.09% APY for balances up to $10,000. Before this change yo ...


11/22/11 - Consumers Credit Union Offers E-Delivery Of All Notices
11/19/11 - 4.09% RCA - Easy To Join - Nationwide- $56.00 BONUS With Referral
11/14/11 - 4.09% RCA - Easy To Join - Nationwide- $56.00 BONUS With Referral
10/29/11 - Consumers Credit Union $50/$50 Referral Promotion
10/27/11 - Consumers CU 4.09% Guaranteed Thru 6/30/2012
10/27/11 - Consumers Credit Union's Reward Checking Guarantees 4.09% Through June 30, 2012
10/26/11 - I Can Refer You To Join Consumers Credit Union! - 4.09% RCA + $60.00 BONUS
9/1/11 - Consumers Credit Union Rate Drop For Over $10K Effective 10/1/2011
8/26/11 - Rewards Checking Refer A Friend
7/27/11 - Rates and Early Withdrawal Penalties of the Best Long-Term CDs
6/7/11 - Comparing CDs Based on Rates and Early Withdrawal Penalties
6/3/11 - Top CD Rates & Other Deals at Consumers Credit Union - Easy Membership
2/1/11 - Rewards Problem
12/19/10 - Competitive Reward Checking & CD Rates at Consumers Credit Union - Easy Membership
9/20/10 - Consumers Credit Union's Reward Checking Balance Cap To Fall To $10K
6/7/10 - Card Useage Change for Consumers CU
3/31/10 - Consumers Credit Union Cutting Reward Checking Rate in April
8/4/09 - 2.25% 7-Month Jumbo CD & Other Competitive CDs at Consumers Credit Union - Easy Membership
4/13/09 - 3.00% 22-Month CD & Other Competitive CD Rates at Consumers Credit Union in IL - Easy Membership
11/4/08 - 5.05% 59-Month / 4.00% 16-Month CD at Consumers Credit Union in IL - Easy Membership
8/14/07 - High-Yield Reward Checking Account at an Illinois CU - Easy Membership (Consumers)
6/15/07 - 5.55% 20-Month CD at an Illinois CU - Open To All (Consumers)

CCU Overall Is A Good Bank

CCU overall is a good bank - more of your small credit union feel with real people answering the phone

the rewards program is excellent; not too difficult and high rates

 

-the debit card program excels in that it allows both PinBased and Non PinBased transactions to qualify; basically any transaction i've used my card for, ATM, VISA, online, recurring bill via phone company counts.

-you only have to make one bill pay 

-no direct deposit required if you make the bill pay; an ACH deposit potentially works but haven't tested it

-your reward deposits the last day of the month

-reward checking offers ATM fee refunds if you hit the reward guidelines

-no free checks at first if that matters

-incomeing or outgoing money moves quickly, no 5 day HSBC like delays

-the rate over $25k is not bad for checking if you hover around it and use the account (ie you keep $26k in it so you don't go below 25 during the month)

 

the not so good::

the banking system is one of those outside packages; collection of modules rolled into one so its a bit clunky but not Pentagon bad.

there are NO ACH outbounds, you can bill pay your other bank accounts with some success using address and account number

any deposits into the account go into the defaul Shares Account(its a credit union); so you have to keep moving it to your rewards checking account if you want the interest - not sure if the bank can fix this

i personally dislike the online statements, a real mess

Poor Online Banking

Consumers Online Banking is not up to par with other online banking systems. They require you to make 12 CREDIT transactions to get a higher Interest Rate and return their fees but their online system has a flaw where it does not tell you if your transation is processed as a DEBIT or CREDIT. Online merchants can process your CREDIT payment as DEBIT without your knowledge. You only find this out per the service representation by either calling the bank or chatting with them online. They also do not respond to secured online systems.

Look else where unless you want to call the bank every month to confirm that transactions you actually made posted as CREDIT were done by DEBIT without your knowledge.

10 Year Member

I have been a member/customer of Consumers Credit Union for almost 10 years now. I have had a money market account, a savings account, IRA's, a debit card and a checking account with them. I have also used their really FAST streaming tab to keep close track of stocks I wanted to buy. Consumers Credit is headquartered in Waukegan with 3 branches in three different locations in northern Illinois. I have dealt with each of the branches and the main office at various times. I mention this because I have had the same level of service and cooperation from all branches and the main office. It's really been great. At one point I was hospitalized for a few months, and it was so easy to take care of all my money matters on their website or by phone. I now pay all my utilities, rent, medical bills--everything--using their website--with automatic monthly payments that I don't even have to think about. They just happen!! And using their debit card to pay all my bills doesn't cost me anything. In fact, it earns me interest because it helps me qualify for their Rewards Checking program. No minimum balance in either checking account or savings account. Show me a bank that will do that!! My friends keep telling me these horror stories about all the charges they incur from their financial institutions (that shall remain nameless). I eventually called and had no trouble talking with the president of Consumers Credit Union. I thanked him for the years of pleasant, trouble-free service. He was not even surprised that I had called. Apparently his receiving such calls was not that unusual. I honestly can't think of a thing I'd change about this Credit Union--except maybe if they started giving away free money--well, that WOULD be nice.

Haven't Yet Opened The Account But The Person On The Phone Was Very Helpful

Haven't yet opened the account but the person on the phone was very helpful. She did tell me that the rate on the Rewards Checking account will fall to 3.59% APY on April 1, 2010.

VIEW MORE REVIEWS

Health

Data for Q4 2013

Institution Health

B+

Texas Ratio

GRADE:
A+

The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Consumers Credit Union (IL) had $4.37 million in non-current loans and owned real-estate with $56.57 million in equity and loan loss allowances on hand to cover it. This gives Consumers Credit Union (IL) a Texas Ratio of 7.72% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
B+

The Texas Ratio for Consumers Credit Union (IL) decreased slightly from 10.52% as of December 31, 2012 to 7.72% as of December 31, 2013, resulting in a positive change of 26.63%.This indicates that the balance sheet and financial strength for Consumers Credit Union (IL) has improved slightly in recent periods.

Deposit Growth

GRADE:
C+

In the past year, Consumers Credit Union (IL) has decreased its total deposits by -$2.79 million, resulting in -0.52% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Consumers Credit Union (IL) has shown is average.

Capitalization

GRADE:
B

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Consumers Credit Union (IL) has $584.04 million in assets with $56.57 million in equity, resulting in a capitalization level of 9.69%, which is above average.

Institution Statistics

Overall
NCUA #68588
Year Chartered1930
Employees184
Primary Regulator
Assets and Liabilities
Assets$584.04 million
Loans$382.41 million
Deposits$528.96 million
Equity Capital$50.60 million
Loan Loss Allowance$5.97 million
Unbacked Noncurrent Loans$3.15 million
Real Estate Owned$1.22 million
Historic Data - December 2012
Assets$581.55 million
Equity Capital$44.48 million
Loan Loss Allowance$6.67 million
Unbacked Noncurrent Loans$3.15 million
Real Estate Owned$1.24 million
Profit Margin - Quarterly
Net Interest Margin5.58%
Return on Assets1.06%
Return on Equity12.25%
Interest Income$23.42 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Consumers Credit Union (IL), we are a rate comparison website and can not provide official rates or promotions.

Consumers Credit Union (IL) Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.25%--Christmas Club Savings
0.25%--IRA Savings
0.25%--Roth IRA Savings
0.25%--SEP IRA Savings
0.25%--Education IRA Savings
0.05%--Membership Share Savings
0.05%-$5kSpecial Share Savings

Consumers Credit Union (IL) Money Market Rates

DetailsAPYMINMAXPRODUCT
0.30%$100k-Money Market
0.30%$100k-IRA Money Market
0.30%$100k-Roth IRA Money Market
0.30%$100k-SEP IRA Money Market
0.30%$100k-Education IRA Money Market

Consumers Credit Union (IL) Checking Account Rates

DetailsAPYMINMAXPRODUCT
5.09%-$10kFree Rewards Checking (High)
4.09%-$10kFree Rewards Checking (Medium)
0.01%--Free Rewards Checking (Medium)
0.01%--Free Rewards Checking (High)

Consumers Credit Union (IL) CD Rates

DetailsAPYMINMAXPRODUCT
1.85%$100k-5 Year Jumbo CD
1.60%$250-5 Year CD
1.05%$100k-59 Month Jumbo CD
0.95%$100k-4 Year Jumbo CD
0.85%$100k-45 Month Jumbo CD
0.80%$250-59 Month CD
0.70%$250-4 Year CD
0.70%$100k-3 Year Jumbo CD
0.60%$250-45 Month CD
0.60%$100k-30 Month Jumbo CD
0.55%$100k-2 Year Jumbo CD
0.50%$100k-22 Month Jumbo CD
0.45%$250-3 Year CD
0.45%$100k-20 Month Jumbo CD
0.40%$100k-1 Year Jumbo CD
0.40%$100k-15 Month Jumbo CD
0.40%$100k-16 Month Jumbo CD
0.40%$100k-18 Month Jumbo CD
0.35%$250-30 Month CD
0.35%$100k-7 Month Jumbo CD
0.35%$100k-8 Month Jumbo CD
0.35%$100k-9 Month Jumbo CD
0.35%$100k-10 Month Jumbo CD
0.35%$100k-11 Month Jumbo CD
0.30%$250-2 Year CD
0.25%$250-22 Month CD
0.20%$250-20 Month CD
0.15%$250-15 Month CD
0.15%$250-18 Month CD
0.15%$250-1 Year CD
0.15%$250-16 Month CD
0.10%$250-7 Month CD
0.10%$250-9 Month CD
0.10%$250-11 Month CD
0.10%$250-180 Day CD
0.10%$250-8 Month CD
0.10%$250-10 Month CD
0.05%$250-91 Day CD

Consumers Credit Union (IL) IRA Rates

DetailsAPYMINMAXPRODUCT
1.85%$100k-5 Year Jumbo IRA (Traditional,Roth,CESA,SEP)
1.60%$250-5 Year IRA (Traditional,Roth,CESA,SEP)
1.05%$100k-59 Month Jumbo IRA (Traditional,Roth,CESA,SEP)
0.95%$100k-4 Year Jumbo IRA (Traditional,Roth,CESA,SEP)
0.85%$100k-45 Month Jumbo IRA (Traditional,Roth,CESA,SEP)
0.80%$250-59 Month IRA (Traditional,Roth,CESA,SEP)
0.70%$100k-3 Year Jumbo IRA (Traditional,Roth,CESA,SEP)
0.70%$250-4 Year IRA (Traditional,Roth,CESA,SEP)
0.60%$100k-30 Month Jumbo IRA (Traditional,Roth,CESA,SEP)
0.60%$250-45 Month IRA (Traditional,Roth,CESA,SEP)
0.55%$100k-2 Year Jumbo IRA (Traditional,Roth,CESA,SEP)
0.50%$100k-22 Month Jumbo IRA (Traditional,Roth,CESA,SEP)
0.45%$100k-20 Month Jumbo IRA (Traditional,Roth,CESA,SEP)
0.45%$250-3 Year IRA (Traditional,Roth,CESA,SEP)
0.40%$100k-1 Year Jumbo IRA (Traditional,Roth,CESA,SEP)
0.40%$100k-15 Month Jumbo IRA (Traditional,Roth,CESA,SEP)
0.40%$100k-16 Month Jumbo IRA (Traditional,Roth,CESA,SEP)
0.40%$100k-18 Month Jumbo IRA (Traditional,Roth,CESA,SEP)
0.35%$100k-7 Month Jumbo IRA (Traditional,Roth,CESA,SEP)
0.35%$100k-8 Month Jumbo IRA (Traditional,Roth,CESA,SEP)
0.35%$100k-9 Month Jumbo IRA (Traditional,Roth,CESA,SEP)
0.35%$100k-10 Month Jumbo IRA (Traditional,Roth,CESA,SEP)
0.35%$100k-11 Month Jumbo IRA (Traditional,Roth,CESA,SEP)
0.35%$250-30 Month IRA (Traditional,Roth,CESA,SEP)
0.30%$250-2 Year IRA (Traditional,Roth,CESA,SEP)
0.25%$250-22 Month IRA (Traditional,Roth,CESA,SEP)
0.20%$250-20 Month IRA (Traditional,Roth,CESA,SEP)
0.15%$250-1 Year IRA (Traditional,Roth,CESA,SEP)
0.15%$250-15 Month IRA (Traditional,Roth,CESA,SEP)
0.15%$250-16 Month IRA (Traditional,Roth,CESA,SEP)
0.15%$250-18 Month IRA (Traditional,Roth,CESA,SEP)
0.10%$250-180 Day IRA (Traditional,Roth,CESA,SEP)
0.10%$250-7 Month IRA (Traditional,Roth,CESA,SEP)
0.10%$250-8 Month IRA (Traditional,Roth,CESA,SEP)
0.10%$250-9 Month IRA (Traditional,Roth,CESA,SEP)
0.10%$250-10 Month IRA (Traditional,Roth,CESA,SEP)
0.10%$250-11 Month IRA (Traditional,Roth,CESA,SEP)
0.05%$250-91 Day IRA (Traditional,Roth,CESA,SEP)
Locations


Consumers Credit Union (IL) Locations
Branch Office2750 Washington StWaukegan, IL 60085-4959
Branch Office1210 S Lake StMundelein, IL 60060-3706
Branch Office2626 N Il Route 83Round Lake Beach, IL 60073-4983
Branch Office4946 Grand AveGurnee, IL 60031
Branch Office195 E Il Route 120Volo, IL 60073
Branch Office3737 N Lewis AveWaukegan, IL 60087-1502