1 star ratingAverage User Rating:
1 star rating based on 1 review.

Great Lakes Credit Union

Great Lakes Credit Union Locations
2525 Green Bay Rd
North Chicago, IL 60064
(847)578-7000
www.glcu.org



Great Lakes Credit Union is headquartered in NORTH CHICAGO and is the 12st largest credit union in the state of Illinois. It is also the 362nd largest credit union in the nation. It was established in 1938 and as of December of 2011, it had grown to 135 employees and 41,605 members. Great Lakes Credit Union has a 4-star health rating.

Related Posts

Great Lakes Credit Union Will Drop Their Limit... (Forum) - 4/17/2012

Ultimate Checking: from (4%, $15K, $250DD) to (4%, $10K, $500 DD) on 1 May 2012; information from Curtisekarr from FWF.

Requirement For No Monthly Fee For Reward Checking Account (Forum) - 11/8/2011

Deposit Account mentions the following requirement: To avoid a $5 monthly fee, members will have to make a minimum of 5 signature-based debit card purchases a month and maintain the $250 direct deposit. That is incorrect. Credit Union's web site men

Reward Checking with a Twist at Great Lakes Credit Union in IL - Local Only - 11/2/2011

Great Lakes Credit Union has an interesting high-yield reward checking account called Ultimate Checking. It offers a nice rate, but unlike the vast majority of reward checking accounts, there's a pote ...

4.00% 4-Month CD at Great Lakes Credit Union in IL & WI - 12/19/2008

Great Lakes Credit Union is offering a special 4-month certificate with a 4.00% APY. There is no minimum or maximum deposit. The promotion is listed on the credit union's home page as of 12/19/08. According to the promotion page, this CD is scheduled to...

2007




See Rates for: Checking | Savings | Money Market | CD | IRA

Great Lakes Credit Union Checking Account Rates

ApyMinMaxProduct
4.00%-$10kUltimate Checking

Great Lakes Credit Union Savings Account Rates

ApyMinMaxProduct
0.15%--Club Accounts
0.05%$100-Share Savings
0.05%$1k-Business 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

Great Lakes Credit Union Money Market Rates

ApyMinMaxProduct
0.30%$50k-Money Market
0.30%$50k-Business Money Market
0.30%$50k-IRA Money Market

Great Lakes Credit Union CD Rates

ApyMinMaxProduct
1.60%$1k-5 Year President's Club CD
1.50%$1k-5 Year CD
1.10%$1k-4 Year President's Club CD
1.00%$1k-4 Year CD
0.85%$1k-3 Year President's Club CD
0.75%$1k-3 Year CD
0.65%$1k-2 Year President's Club CD
0.55%$1k-2 Year CD
0.45%$1k-1 Year President's Club CD
0.35%$200-Right Start CD
0.35%$1k-1 Year CD
0.30%$1k-6-11 Month President's Club CD
0.20%$1k-6-11 Month CD

Great Lakes Credit Union IRA Rates

ApyMinMaxProduct
1.50%$1k-5 Year IRA
1.50%$1k-5 Year Roth IRA
1.50%$1k-5 Year CESA
1.00%$1k-4 Year IRA
1.00%$1k-4 Year Roth IRA
1.00%$1k-4 Year CESA
0.75%$1k-3 Year IRA
0.75%$1k-3 Year Roth IRA
0.75%$1k-3 Year CESA
0.55%$1k-2 Year IRA
0.55%$1k-2 Year Roth IRA
0.55%$1k-2 Year CESA
0.35%$1k-1 Year IRA
0.35%$1k-1 Year Roth IRA
0.35%$1k-1 Year CESA

Rates updated: 5/25/2012

Data for Q4 2011


Institution Statistics


GREAT LAKES
NCUA #60238
BankRate ReportView
Year Chartered1938
Employees135
Primary Regulator

Assets and Liabilities

Assets$543.94 million
Loans$335.74 million
Deposits$448.70 million
Equity Capital$57.54 million
Loan Loss Allowance$6.48 million
Unbacked Noncurrent Loans$9.11 million
Real Estate Owned$1.62 million

Historic Data - December 2010

Assets$521.27 million
Equity Capital$53.53 million
Loan Loss Allowance$6.00 million
Unbacked Noncurrent Loans$6.64 million
Real Estate Owned$1.10 million

Profit Margin - Quarterly

Net Interest Margin5.6%
Return on Assets0.13%
Return on Equity1.19%
Interest Income$22.27 million
Non-Interest Income$6.46 million

Institution Health


Overall Score:
4 out of 5
4
Texas Ratio3
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, 2011 Great Lakes Credit Union had $10.73 million in non-current loans and owned real-estate with $64.02 million in equity and loan loss allowances on hand to cover it. This gives Great Lakes Credit Union a Texas Ratio of 16.76% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend3
The Texas Ratio for Great Lakes Credit Union held steady from 13.00% as of December 31, 2010 to 16.76% as of December 31, 2011, resulting in a negative change of 28.92%. This indicates that the balance sheet and financial strength for Great Lakes Credit Union has held steady in recent periods.
Deposit Growth5
In the past year, Great Lakes Credit Union has increased its total deposits by $28.7 million, resulting in 6.83% 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.
Capitalization4
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 $543.94 million in assets with $64.02 million in equity, resulting in a capitalization level of 11.77%, which is above average.
Write Review

Stay Away Until They Get Better Again
1 stars - WarrantCWO - Tuesday, May 10, 2011 - 4:47 PM

GLCU was horrible when I opened an account in the late 70's. For a looong time I sent them $1 per month just to keep the account open. Then they got better with caring about members and their needs (not just GLCU's) and I went back full time. Now with the unhelpful, unfriendly, insulting, arrogant, and downright mean people there it's time to go back to $1 per month, or quit them altogether. I traded in my truck, financed via GLCU, and asked for the form to cancel my extended warranty. It took 3 weeks, and 3 calls and 2 e-mails before I finally got someone else besides Liz to send it via e-mail, a process that should have and eventually did take less than 5 minutes. Because of their 3 week delay I lost money on the refund. No apologies or offer to make it right. Then refused to answer why I was ignored for 3 weeks though I asked Liz, her manager, and a department head (Al Robinson). One of their managers was once reprimanded and made to write a letter of apology for being abusive and personally insulting with me. A senior loan representative, Liz, called me a liar once when I said she hadn't told me something, saying she always tells everyone (pssst... she never told me). They will gouge you for fees, and will nickle and dime you to death. Just yesterday they posted all debits to my account before posting my deposit, of course causing my account to go negative and then charged $28 fees. They will not reverse the fees. I sent them, in writing TWICE, a revocation of permission to auto-debit my truck payment AFTER I traded it in saying that they specifically were NOT to do it any more, and they told me they would deduct it anyway as was their right since they had a lien on the truck. GLCU seems to do things as they feel like instead of following the law. I've seen this CU go up and down hill over the last 33 years. Stay away for now. Their VISA has a good rate, but after 33 years I'll likely be giving all but that up soon.

1