Consumers Credit Union (IL)

Overview / Commentary
1075 Tri State Pkwy Ste 850
Gurnee, IL 60031

Consumers Credit Union (IL) is headquartered in Gurnee and is the 7th largest credit union in the state of Illinois. It is also the 249th largest credit union in the nation. It was established in 1930 and as of June of 2019, it had grown to 372 employees and 121,220 members at 13 locations. Consumers Credit Union (IL)'s money market rates are 2X the national average, and it has a B health rating.

Field of Membership Restrictions

Membership in Consumers Credit Union is open to anyone through paying a one-time $5 fee to Consumers Cooperative Association.
See current membership details

Related Posts

Consumers Credit Union Ups 45-Month CD Special - 10/11/2018

It’s been almost two years since Illinois-based Consumers Credit Union (CCU) had a competitive CD. That changed this week with new rates on CCU’s Jumbo CD Specials.

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11/4/14 - Consumer Credit Union Increased From $10,000 To $20,000 --- Rate 4.09% To 5.09%
3/4/14 - Unique Changes Made to Consumers Credit Union’s Free Rewards Checking
3/20/12 - Bad News About Consumers Credit Union July Rates
3/13/12 - What's It Going To Be After ????
11/22/11 - Consumers Credit Union Offers E-Delivery Of All Notices
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
9/1/11 - Consumers Credit Union Rate Drop For Over $10K Effective 10/1/2011
8/26/11 - Rewards Checking Refer A Friend
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
11/22/09 - High-Yield Reward Checking Account at an Illinois CU - Easy Membership (Consumers)
11/21/09 - 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
4/4/09 - 5.05% 59-Month / 4.00% 16-Month CD at Consumers Credit Union in IL - Easy Membership
6/15/07 - 5.55% 20-Month CD at an Illinois CU - Open To All (Consumers)
12/3/06 - 5.75% 20-Month CD at an Illinois CU - Open To All (Consumers)
4/24/06 - 5.50% 20-Month CD at an Illinois CU (Open To All)

My Review On Consumers Credit Union

Posted by: blueskies | May 9, 2015

I was looking through these reviews today wondering why the average rating was only 3 out of 5 stars. All I can say is, if you are going by these reviews in order to make your decision on opening an account with CU or not, please bear in mind the following observations of mine.

First, all credit unions have a share (savings) account with it's own account number. If you also have a checking account with them, it will have it's own account number. I have several credit unions I have accounts at and I have never had a problem with moving money (online transfers) in or out of my checking accounts with them. A quick example using Chase bank. It is nothing more than going into your Chase account, selecting transfers/external accounts and just simply being capable of entering the correct information (such as the correct account number of the account you want to be able to transfer money to and from), So, if you are setting up an external account with a credit union, it's simple, use the account number you are going to be transferring money in and out of. If it's checking, then use the checking account number. It's not fair to blame a banking institution for your failure in properly setting up your external accounts, they are only following your instructions.

As to the comment about teaser rates, everyone who uses the rewards checking accounts are fully aware of the rate changes and the cap amount. It has been like this since these accounts came into existence. Sure, it would be super great to open an account at 5% interest on up to $20,000.00 and never have to worry about it again except to do the required qualifications each month, but that's not the way it is. Just think about it, if it was that easy, everyone would be doing them. So, if you're not into keeping an eye on your account and knowing if the rate changes at the beginning of the cycle and become angry and feel cheated if it does, then this type account is not for you. I have never seen a rewards checking account have a GUARANTEED RATE before, so actually Consumers Credit Union is doing a very unique thing by guaranteeing these rates August 2015. That gives you plenty of notice to have another source set up to move your money to if the rates do change in August and they are unacceptable to you. Reminder, it's not a CD where you
are guaranteed a set rate for a set time, it is a checking account and like all checking accounts you can close at any given time.

As to the hold times on the telephone, I would say no different from anywhere else. I have found Monday mornings to be a bad time to call any bank, all banks are busier then. They will also ask you if you would prefer a call back, so you have that option. As for me, I select the option for accounts, usually hold time is less than a minute, more like 30 to 45 seconds.Every representative I have ever spoken to there has been extremely friendly and nice AND helpful. There was confusion on one of the 50/50 promotion referrals I did for someone and lady I spoke with was nice as she could be. I had minimum waiting time while she was checking on it and when she asked me if she could call me back while she did a little more research I said sure. Within minutes she called me back and said she had everything straightened out and we would see the money in our accounts in 2 days. In 2 days the money was deposited into our accounts. And how cool is that, I ask you.

As to the debit charges being swiped as credit, then processed as debit, I agree, this was offsetting to me, but not a game changing situation. As with any rewards checking account, it is always wise to get your requirements done early and not wait too close to the end of the monthly cycle. When this happened to me, it was early in the month. I saw where one of my debit charges had not counted towards the 12 required. I called and that is when I found out Walmart had changed their way of processing transactions (leave it to Walmart lol) Well, like I said, no game changer, it is easy enough to rectify that. For starters, don't make your debit transactions at Walmart (there's zillions of other places to make 12 transactions). Walmart has changed their credit/debit card readers so that they can send a debit card transaction (even if swiped as a credit and no pin used) through to the bank as a debit transaction. It is my understanding this can apply to charges under $50.00. So, easy to fix that, don't run your debit card through a Walmart card reader (even though you select credit) for an amount under $50.00 and expect it to show up on your bank account as credit charge. Simple as that. It IS not the bank's fault as to how it is processed, they process the transactions as how they are presented with them. CU has a status checking box in your account showing you where you stand with your requirements, so how much easier can it be? Do your requirements early in the month, look at your status box and when it says YES to all your requirements, you know you are good for the month on them. So, to sum it up, I've only had this happen once to me (debit run as a debit rather than a credit even though I did not enter my PIN). It was shortly after Walmart had changed out the card readers in my store and of course I wasn't aware they had changed their policies on how they processed the transactions. As I say, I do mine early in the month in order to avoid any problems, so I caught it early and it was no biggie. I immediately stopped using my debit card at Walmart
to qualify for the 12 debit transactions. Simple solution, right?

I do not attempt to make the requirements for the 5% and never have. I went into this with the intention of making the 4% because it is within my reach to do so and I am very happy with my 4% rate.

I know this is an extremely long review, but I think it is grossly unfair to give a bank a bad review based on your own shortcomings. It brings down the overall rating and makes a bad reflection and as I said, totally unfair since it has nothing to do with the performance of the bank, it is merely the ineptness of the reviewer to blame.

In conclusion, I personally find Consumers Credit Union a great credit union to do business with. I hope this review helps you out in making a decision about the credit union. I have been helped out by honest reviews before and happy people took the time and effort to make them, so I would like to return the favor.

New Requirements 10/01/2018 Factors For Me.

Posted by: kiwi | Sep 14, 2018

Moving my money. Going with 4.07% up to $15,000, 12 charges no minimum.
Simple and I come out ahead.
I used $10,000 for my comparison.
CCU 5.09% NET is $365 - INCOME TAX on $509
CCU 4.09% NET is $325 - INCOME TAX on $409
CCU 3.09% NET is $285 - INCOME TAX on $309
OTHER 3.00% NET is $300 - INC TAX on $300
OTHER 4.07% NET is $407 - INC TAX on $407
I make and lose 1% between the 1% CCU and my Citi 2% credit card so I lose (1%) $120/yr on 5.09% account or $60/yr on 4.09% account. Lose (2%) $24/yr on the $1,200/yr purchase requirement.
I will keep CCU active in case they give a better deal in the future.

Went From Wow To Why Bother.

Posted by: kib | Sep 9, 2018

CCU just changed their reward policies, as indicated by several other reviews. I have to admit I don't know how they offered a rate / "hoops" so much better than other banks to begin with, but their new policies put them squarely in the middle of the pack, or worse. It's a big increase in money going into an account I don't use for bill paying, and more forced spending, at a significant reduction in potential earnings. $100 / 12 transactions on my debit card when I'm already trying to meet a big minimum on my credit card is just obnoxious. Frankly, it will be a relief not to jump through these hoops any more, I'll just invest my money in something else.


Posted by: ceckmann | Mar 27, 2019

I am completely miffed as to how Consumers has such a low rating. I actually registered with this site to write this because it is crazy that they aren't 5 stars. And I want people to know this Credit Union can save you more money (loan rates) and make you more money (checking account rates) than any other banking business I have ever heard of. Some of these reviewers do not seem to understand how banking works (are there many banking businesses that guarantee rates on checking accounts forever? And it's a CHECKING account. Who gives interest on Checking accounts?! Also, the checking account interest is tiered depending on direct deposit, paying bills online, electronic statements, using their credit card, etc). Anyways, Consumers was my first savings account over 30 years ago. I do not go IN anymore, but Customer Service on the phone has never been an issue for me. Their app gets the job done and their checking and loan rates are incredible. I have a home loan, a savings account I don't really use (not great rates on savings accounts, but there are lots more online that are over 2% w/ no limits/fees), a rewards checking account (5.09% right now. This DOES fluctuate, but in the many years I have been using, it has never fallen below 3%). I also have two car loans with them. If you have good credit, no one has been able to beat their loan interest rates. The car loan guy looked at me baffled when I told him 2.24% (this was April of 2018). Save yourself some money! Make yourself some money! Consumers is AWESOME.



Health Grade Components

NCUA #68588
Year Chartered1930
Primary Regulator
Profit Margin
Return on Assets - YTD0.63%
Return on Equity - YTD7.57%
Annual Interest Income$30.4MM
Assets and Liabilities
AssetsQ2 2019vs Q2 2018$1.27B$1.22B
LoansQ2 2019vs Q2 2018$992.2MM$891.7MM
DepositsQ2 2019vs Q2 2018$1.07B$1.08B
Equity CapitalQ2 2019vs Q2 2018$105.0MM$102.7MM
Loan Loss AllowanceQ2 2019vs Q2 2018$5.7MM$5.2MM
Unbacked Noncurrent LoansQ2 2019vs Q2 2018$5.6MM$5.3MM
Real Estate OwnedQ2 2019vs Q2 2018$230.00K$0
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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 cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Consumers Credit Union (IL) Savings Account Rates

2.00%$50$1kSmart Saver w/checking
0.25%--IRA Savings
0.25%--Holiday Club
0.25%--Smart Saver w/o checking
0.05%--Membership Share Savings
0.05%-$5kSpecial Share Savings

Consumers Credit Union (IL) Money Market Rates

1.00%*$100k*-Money Market
OTHER TIERS: 0.15% $2k - $40k | 0.25% $40k - $70k | 0.50% $70k - $100k
1.00%*$100k*-IRA Money Market
OTHER TIERS: 0.15% $2k - $40k | 0.25% $40k - $70k | 0.50% $70k - $100k

Consumers Credit Union (IL) Checking Account Rates

5.09%*-$10kFree Rewards Checking (High)
OTHER TIERS: 0.10% $25k+ | 0.20% $10k - $25k
4.09%*-$10kFree Rewards Checking (Medium)
OTHER TIERS: 0.10% $25k+ | 0.20% $10k - $25k
3.09%*-$10kFree Rewards Checking (Low)
OTHER TIERS: 0.10% $25k+ | 0.20% $10k - $25k

Consumers Credit Union (IL) CD Rates

2.60%$100k-5 Year Jumbo CD
2.50%$250$100k5 Year CD
2.30%$100k-4 Year Jumbo CD
2.25%$100k-3 Year Jumbo CD
2.20%$250$100k4 Year CD
2.15%$250$100k3 Year CD
2.15%$100k-30 Month Jumbo CD
2.10%$100k-2 Year Jumbo CD
2.05%$250$100k30 Month CD
2.00%$250$100k2 Year CD
1.85%$100k-18 Month Jumbo CD
1.80%$100k-1 Year Jumbo CD
1.75%$250$100k18 Month CD
1.70%$250$100k1 Year CD
1.35%$100k-6 Month Jumbo CD
1.25%$250$100k6 Month CD
0.50%$250$100k91 Day CD
0.50%$100k-91 Day Jumbo CD

Consumers Credit Union (IL) IRA Rates

2.60%$100k-5 Year Jumbo IRA
2.50%$250$100k5 Year IRA
2.30%$100k-4 Year Jumbo IRA
2.25%$100k-3 Year Jumbo IRA
2.20%$250$100k4 Year IRA
2.15%$100k-30 Month Jumbo IRA
2.15%$250$100k3 Year IRA
2.10%$100k-2 Year Jumbo IRA
2.05%$250$100k30 Month IRA
2.00%$250$100k2 Year IRA
1.85%$100k-18 Month Jumbo IRA
1.80%$100k-1 Year Jumbo IRA
1.75%$250$100k18 Month IRA
1.70%$250$100k1 Year IRA
1.35%$100k-6 Month Jumbo IRA
1.25%$250$100k6 Month IRA
0.50%$250$100k91 Day IRA
0.50%$100k-91 Day Jumbo IRA


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