Great Lakes Credit Union (GLCU) is an Illinois-based credit union committed to serving the Chicago and Milwaukee areas with savings and loan products and services. Its products are also available to nationwide account holders when certain criteria are met (see this post from the Deposit Accounts blog). The credit union also provides educational resources designed to help members and potential members to navigate the banking waters.
GLCU’s personal banking products include checking, savings, money market, share certificate, and IRA accounts. One of the credit union’s checking accounts gives consumers with past checking account mistakes another chance by giving them access to an account by completing a course on account management. Another checking account offering is the credit union’s reward checking account, which has been featured on DepositAccounts several times in the past. This checking account has typically offered one of the highest rates in the nation. Savings accounts are also available and come in the form of basic savings, health savings, and youth savings. There are two youth savings accounts designed for different aged children, teenagers, and students. Money market accounts offer variable rates of interest based on account balances – the higher the balance, the higher the interest. MMAs have a minimum account balance. Share certificates are available in term lengths from 1 to 5 years.
Great Lakes Credit Union online banking provides a dynamic platform for users to manage their personal accounts by performing tasks such as bill pay, external account transfers, web chat, and loan payments. The credit union also offers mobile apps that are designed to make banking via smartphone convenient and easy. GLCU is a member of the CO-OP network of ATMs, providing members with access to many fee-free terminals.
GLCU was chartered in 1938 after being organized by a local employees’ union president. It is headquartered in North Chicago, Illinois and serves its members through multiple branches located in the Great Lakes region.
Membership qualifications are found in the online application. The membership and new-account application requires that you select how you qualify for membership. It lists the following options: Active Military and Relative, Country Club Hills, IL Surrounding Area, Federal Gov't Employee and Relative, Kenosha County, WI (Live or Work In) and Relative, Lake County, IL (Live or Work In) and Relative, McHenry County, IL (Live or Work In) and Relative, NIBA, Tinley Forest School Districts 113, 142, 145, 146 & 160, OTHER - It's Okay! - See Details
Have been very satisfied with the quick and easy application process. New account information, debit card and even blank checks were received in a timely manner. Even received a personal thank you card for opening the account. Easy to set up ACH transfers. Status of interest requirements is clearly displayed after logging in. Just hope they keep the rate up.
I am (very far) out of state - but this CU has the best rewards rate, so I gave it a try.
Everything went well. Setup was quick and easy, customer service seems good. Handy meter at log-in tells you how close to meeting your monthly reward requirements you are. Free checks.
You can have up to 3 reward checking accounts - which makes it a pretty good deal at this interest rate, as long as you can meet the monthly transaction requirements.
Online system is a little buggy - takes me to change my password almost everytime I sign in...hoping they will fix that soon.
I just visited GLCU today in order to open a third account. In attempting to do so, I learned that the interest rate is dropping to 3% Oct. 1, 2013 and also that in order to be eligible for the 3% interest each month - one must spend at least $100 per account. I had a good experience with GLCU, but with this change I have already opened a different account somewhere else. Hope this helps others.
These guys have crappy customer service, worse than Wells Fargo if you can believe that, IF you can even get through the 1990's era phone tree that is. You will get stuck in endless loops of hold music followed by people hanging up on you. Do not be lured by the 4%. It wont last, it will end as soon as they meet some deposit quota I am sure. I seems most of the people you get connected to have no clue about whats up.
Run.....run away while you still can.
I have account with Greate Lakes for several months now, my experience is:
this is the worst bank of I've had, giving me a lot of troubles.
I'm going to close this account whenever possible.
for those seeks high rate, pelican state credit union has 4.1% for kasasa checking now.
This bank imposed a lot of fees on rewards checking account, $5 per month if not meeting the requirement. $25 for closing fee if closed less than 100 days. I never saw this kind of ridiculous fees on reward checking.
Closed two accounts today anyway to get a peace of mind.
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 Great Lakes Credit Union had $13.35 million in non-current loans and owned real-estate with $66.28 million in equity and loan loss allowances on hand to cover it. This gives Great Lakes Credit Union a Texas Ratio of 20.14% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Great Lakes Credit Union increased slightly from 14.04% as of December 31, 2012 to 20.14% as of December 31, 2013, resulting in a negative change of 43.41%. This indicates that the balance sheet and financial strength for Great Lakes Credit Union has declined slightly in recent periods.
In the past year, Great Lakes Credit Union has increased its total deposits by $111.72 million, resulting in 25.05% 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 Great Lakes Credit Union has shown is excellent.
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. Great Lakes Credit Union has $643.7 million in assets with $66.28 million in equity, resulting in a capitalization level of 10.30%, which is above average.
|Assets and Liabilities|
|Equity Capital||$59.50 million|
|Loan Loss Allowance||$6.78 million|
|Unbacked Noncurrent Loans||$10.56 million|
|Real Estate Owned||$2.79 million|
|Historic Data - December 2012|
|Equity Capital||$56.88 million|
|Loan Loss Allowance||$6.40 million|
|Unbacked Noncurrent Loans||$10.56 million|
|Real Estate Owned||$1.15 million|
|Profit Margin - Quarterly|
|Net Interest Margin||4.77%|
|Return on Assets||0.11%|
|Return on Equity||1.17%|
|Interest Income||$21.86 million|
Always verify rates and promotions with the bank or credit union. We are not Great Lakes Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|0.10%||-||-||Kirby Kids Savings|
|0.10%||-||-||On Your Way Savings|
|0.05%||$100||-||Health Savings Account|
|0.05%||$100||-||IRA Share Savings|
|0.05%||$100||-||Roth IRA Share Savings|
|0.05%||$100||-||CESA Share Savings|
|0.20%||$50k||-||Business Money Market|
|0.20%||$50k||-||IRA Money Market|
|0.20%||$50k||-||Roth IRA Money Market|
|0.20%||$50k||-||CESA Money Market|
|1.15%||$1k||-||5 Year President's Club Share Certificate|
|1.05%||$1k||-||5 Year Share Certificate|
|0.50%||$1k||-||3 Year President's Club Share Certificate|
|0.40%||$1k||-||3 Year Share Certificate|
|0.40%||$1k||-||2 Year President's Club Share Certificate|
|0.30%||$1k||-||2 Year Share Certificate|
|0.30%||$1k||-||1 Year President's Club Share Certificate|
|0.20%||$200||-||Right Start Share Certificate|
|0.20%||$1k||-||1 Year Share Certificate|
|1.05%||$1k||-||5 Year IRA Certificate (Traditional,Roth,CESA)|
|0.40%||$1k||-||3 Year IRA Certificate (Traditional,Roth,CESA)|
|0.30%||$1k||-||2 Year IRA Certificate (Traditional,Roth,CESA)|
|0.20%||$1k||-||1 Year IRA Certificate (Traditional,Roth,CESA)|