Lake Trust Credit Union is headquartered in LANSING and is the 5th largest credit union in the state of Michigan. It is also the 112st largest credit union in the nation. It was established in 1944 and as of December of 2013, it had grown to 356 employees and 162,793 members. Lake Trust Credit Union has a B+ health rating.
Must live, work, attend school or worship in Allegan, Barry, Calhoun, Clare, Clinton, Eaton, Genesee, Gladwin, Gratiot, Hillsdale, Ingham, Ionia, Isabella, Jackson, Kalamazoo, Kent, Lenawee, Livingston, Macomb, Mecosta, Midland, Missaukee, Monroe, Montcalm, Muskegon, Oakland, Osceola, Ottawa, Roscommon, Saginaw, Shiawasee, St. Clair, Van Buren, Washtenaw or Wayne County. Also open to employees of several select employee groups. - See Details
I was a member of Huron River Area Credit Union, then Detroit Edison Credit Union and finally Lake Trust Credit Union for over 10 years. Not their best customer or their worst and admittedly I didn't make a lot of use of the "member services" during my time with them. What I did appreciate was the friendly small-town customer service, low fees or no fees or charges for things like money orders, statements or bank checks. That all changed when Lake Trust took over last year. Their fee schedule now rivals that of any of the "big mean banks" with $10 bank checks, $5 - $15 transfer fees from checking, and $29 overdraft fees for even a few cents. Programs they used to have in place to help their customers work through financial issues are a thing of the past. While the branch customer service remains friendly, woe be unto you if you have to deal with anyone at the main branch. I see all these credit union commercials all the time about how you're a "member" not a "number". I can tell you that I most assuredly was nothing more than a number to Lake Trust and I have heard similar statements from other customers. As a matter of fact, when I opened my account in 2001, it was on the recommendation of several co-workers and friends. I am the only one left - everyone else moved to other credit unions or banks years ago.
If I could put 0 stars I would. This credit union, since the merger with Detroit Edison Credit Union, is no different than a lot of the high end banks. So why stay with them. Their phone banking sucks - skips all the time like a broken record, their computer system is old. It was much more advanced when I banked with Detroit Edison CU, but now it is like taking 2 steps back :( - Sorry to say I will be changing my financial institution after 30+ years, as I have no reason to stay with Lake Trust. They've raised my credit card rate by over 10% and told if we didn't want that rate, they would close our card. Well, sorry to say, I'm closing it, along with many of our savings and checking accounts. If you want a financial institution that is in it to make money and not help their member, then go for it. I'm going somewhere else.
First they sent me payment books every few months changing the amount of my car payment, when I called to verify they assured me that the new payment book was correct. 3 years later I called to get the payoff on my car I was told that I owed more for the car then the initial loan.They had been placing insurance on my car without notifying me. I already had insurance on my car I had to send all declaration pages for my insurance for the last 3 years! After tracking down all the info and confirming with my insurance companies that Lake Trust was recieving these insurance docs the past 3 years, I sent in the docs. I have provided the same insurance docs 7 times now since then and they still are not taking the money off my loan! I recently learned that they are reporting me over 80 days late on my car. I called and they stated that I have not been paying the full amount of my car payment. I told them that I have always paid what the coupon said they said there were never any other payment books sent to me, so I had to dig up a coupon and fax it to them. Only then did they admit responsibility but it took them months to change my credit report and they did not change all of it! I recently set it up to have my car payments Direct Debited from my account so I had a better tracking system when dealing with them. I paid my car payment a month in advance so it was not due until Dec. 2nd. In Oct. I saw on my bank statement a pre-debit notification from Lake Trust. I called Lake Trust and they assured me that no payment would be taken out in Nov since it was not due, they said that they were verifying the account was valid. Well I found out that they did try to take a payment for Nov and I was charged an overdraft fee from my bank! When I called Lake Trust the rep said that the form originally said to start in Dec but it was changed to Nov after I signed it! She proceeded to tell me there was nothing she could do because they did not charge me the overdraft fee,my bank did so take it up with them! Very POOR customer service! I would trade my car in so I no longer have to deal with them but I owe more than the car is worth because of all the insurance charges they wont take off! Nothing but problems from the beginning! Do not do business with them!
I have been a member since Nov. 2007.
Their rates have always been on of the highest in the area.
Every customer service interaction I have had both in person and over the phone has been done professionally and polietly. The reason for the interaction has been quickly solved.
Would recommend to anyone in the area.
I have been a member of Lake Trust Credit Union since 11/30/2007 (Start when they were called NuUnion Credit Union, I preferred the old name better). There rates on the SoSmart Checking have always been one of the highest rates around. The few times I have need to talk with a customer service agent (either in person or on the phone) have been pleasant and the issue was resolved quickly.
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 Lake Trust Credit Union had $19.3 million in non-current loans and owned real-estate with $174.6 million in equity and loan loss allowances on hand to cover it. This gives Lake Trust Credit Union a Texas Ratio of 11.05% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Lake Trust Credit Union experienced no significant changes from 11.83% as of December 31, 2012 to 11.05% as of December 31, 2013, resulting in a positive change of 6.59%.This indicates that the balance sheet and financial strength for Lake Trust Credit Union has had no significant changes in recent periods.
In the past year, Lake Trust Credit Union has increased its total deposits by $30.98 million, resulting in 2.24% 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 Lake Trust Credit Union has shown is above average.
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. Lake Trust Credit Union has $1.59 billion in assets with $174.6 million in equity, resulting in a capitalization level of 11.00%, which is excellent.
|Assets and Liabilities|
|Equity Capital||$156.56 million|
|Loan Loss Allowance||$18.05 million|
|Unbacked Noncurrent Loans||$17.72 million|
|Real Estate Owned||$1.58 million|
|Historic Data - December 2012|
|Equity Capital||$152.28 million|
|Loan Loss Allowance||$17.37 million|
|Unbacked Noncurrent Loans||$17.72 million|
|Real Estate Owned||$2.10 million|
|Profit Margin - Quarterly|
|Net Interest Margin||4.91%|
|Return on Assets||0.59%|
|Return on Equity||5.98%|
|Interest Income||$60.24 million|
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|0.05%||-||-||Roth IRA Savings|
|0.05%||-||-||Coverdell Education Savings|
|0.05%||-||-||Non Personal Savings|
|0.20%||$50k||-||Money Market Savings|
|0.15%||$100k||-||Business Money Market|
|0.05%||$1k||-||Money Market Checking|
|0.05%||$5k||-||Business Interest Checking|
|1.41%||$25k||-||60 - 72 Month CD|
|1.41%||$30k||-||Business Over 60 Month CD|
|1.00%||$25k||-||48 - 59 Month CD|
|1.00%||$30k||-||Business 48 - 59 Month CD|
|0.70%||$25k||-||36 - 47 Month CD|
|0.70%||$30k||-||Business 36 - 47 Month CD|
|0.60%||$25k||-||24 - 35 Month CD|
|0.60%||$30k||-||Business 24 - 35 Month CD|
|0.50%||$50||$2,500||2 Year Select Saver CD|
|0.40%||$25k||-||12 - 23 Month CD|
|0.40%||$30k||-||Business 12 - 23 Month CD|
|0.30%||$25k||-||6 - 11 Month CD|
|0.30%||$30k||-||Business 6 - 11 Month CD|
|0.25%||$25||-||1 Year Save to Win CD|
|0.20%||$25k||-||3 - 5 Month CD|
|0.20%||$30k||-||Business 3 - 5 Month CD|
|0.10%||$50||$2,500||1 Year Select Saver CD|
|1.41%||$25k||-||60 - 72 Month IRA (Traditional,Roth,CESA)|
|1.00%||$25k||-||48 - 59 Month IRA (Traditional,Roth,CESA)|
|0.70%||$25k||-||36 - 47 Month IRA (Traditional,Roth,CESA)|
|0.60%||$25k||-||24 - 35 Month IRA (Traditional,Roth,CESA)|
|0.40%||$25k||-||12 - 23 Month IRA (Traditional,Roth,CESA)|
|0.30%||$25k||-||6 - 11 Month IRA (Traditional,Roth,CESA)|
|0.20%||$25k||-||3 - 5 Month IRA (Traditional,Roth,CESA)|