Consumers Credit Union (IL)


Popular Accounts at this Credit Union

APYACCOUNT TYPEACCOUNT NAME
3.09%Reward CheckingFree Rewards Checking (Low)
2.00%5-year CD5 Year CD
0.75%1-year CD1 Year CD

Overview / Commentary
847-623-3636
1075 Tri State Pkwy Ste 850
Gurnee, IL 60031

Consumers Credit Union (IL) is headquartered in Gurnee and is the 6th largest credit union in the state of Illinois. It is also the 235th largest credit union in the nation. It was established in 1930 and as of March of 2018, it had grown to 306 employees and 112,099 members at 12 locations. Consumers Credit Union (IL) 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

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So Far, So Good.

Posted by: Jim Avila | Sep 4, 2017

I've had the rewards checking for a year now and haven't had issues. Sure the credit card transactions take some time to clear, but whatever. Just make sure you have them in on time. If you want to earn the reward, do the work!

I've read the rate has gone down from 5.49%. I never was around to get this, but either way, 4.5% is still good. Thats over $70 a month on a 20k balance. Over $800 a year in free money...cant beat that.

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.

Bad Or No Customer Service

Posted by: kiwi | Feb 22, 2018

Needed help with customer service twice. Telephone rang and rang. Finally, the person who answered took forever to ask identifying questions only to tell me that they couldn't help me. They were going to refer me to an account specialist that would call me within one day. I asked them who they were if they weren't and account specialist. They just work in an overflow center and can't help... Twice this has happened and I still haven't received a call. I need help now. I can't transact my business and they don't care. I pleaded for them to transfer me to someone. I am going be late on a payment because there website won't let me process it. I have perfect credit. I am considering moving my money to one of my accounts with a lower interest rate with an organization who at least they gives a XXXXX. I called the telephone number of a personal banker yesterday. She hasn't returned my call either. It is 12:30 PM. Just call main number back again. I press "0" instead of going to menu. I had to wait a long time but I got a "real" customer service rep who fixed my problem immediately. They should not put their customers in bad positions. Remember, don't use the menu. Press "0".

Great Experience And Tips

Posted by: Mel Dixon | Feb 25, 2017

I've been with Consumers Credit Union for several year and everything has been outstanding except for disputing credit card charges which requires more effort than other credit card companies and they are more supportive of the big guy than their customer. The checking and savings accounts have been flawless and I have had no issue earning top rate every month.

Here is a great tip for making sure you get your credit transactions on your debit card. Set up subscribe-n-save purchases with Amazon that occur monthly for items costing under $25 each and set them to charge your CCU debit card. Amazon will process each one separately as separate charges on your card. You do need to go into your Amazon account and set it to charge your debit card as a credit card because the default is to process the charges as credits. Trader Joe's and Sprouts are other good ways to meet the transaction requirement as many stores don't get you a choice with the new chip cards other than to process as a credit

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Health
B+

Health Grade Components

Overall
NCUA #68588
Year Chartered1930
Employees306
Primary Regulator
Profit Margin
Return on Assets - YTD0.64%
Return on Equity - YTD7.91%
Annual Interest Income$13.0MM
Assets and Liabilities
AssetsQ1 2018vs Q1 2017$1.25B$1.11B
LoansQ1 2018vs Q1 2017$866.3MM$676.1MM
DepositsQ1 2018vs Q1 2017$1.11B$979.1MM
Equity CapitalQ1 2018vs Q1 2017$101.1MM$83.5MM
Loan Loss AllowanceQ1 2018vs Q1 2017$4.9MM$4.2MM
Unbacked Noncurrent LoansQ1 2018vs Q1 2017$5.2MM$3.8MM
Real Estate OwnedQ1 2018vs Q1 2017$405.00K$211.00K
Rates
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* 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

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%--Christmas Club Savings
0.25%--IRA Savings
0.05%--Membership Share Savings
0.05%-$5kSpecial Share Savings

Consumers Credit Union (IL) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.30%*$100k*-Money Market
OTHER TIERS: 0.10% $2k - $20k | 0.15% $20k - $40k | 0.20% $40k - $70k | 0.25% $70k - $100k
0.30%*$100k*-IRA Money Market
OTHER TIERS: 0.10% $2k - $20k | 0.15% $20k - $40k | 0.20% $40k - $70k | 0.25% $70k - $100k

Consumers Credit Union (IL) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.59%*-$20kFree Rewards Checking (High)
OTHER TIERS: 0.10% $25k+ | 0.20% $20k - $25k
3.59%*-$15kFree Rewards Checking (Medium)
OTHER TIERS: 0.10% $25k+ | 0.20% $15k - $25k
3.09%*-$10kFree Rewards Checking (Low)
OTHER TIERS: 0.10% $25k+ | 0.20% $10k - $25k

Consumers Credit Union (IL) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.90%$100k-45 Month Jumbo CD Special
2.80%$250-45 Month CD Special
2.60%$100k-15 Month Jumbo CD Special
2.50%$250-15 Month CD Special
2.10%$100k-5 Year Jumbo CD
2.00%$250$100k5 Year CD
1.85%$100k-4 Year Jumbo CD
1.75%$250$100k4 Year CD
1.70%$100k-3 Year Jumbo CD
1.60%$250$100k3 Year CD
1.55%$100k-30 Month Jumbo CD
1.45%$250$100k30 Month CD
1.40%$100k-2 Year Jumbo CD
1.30%$250$100k2 Year CD
1.25%$100k-18 Month Jumbo CD
1.15%$250$100k18 Month CD
0.85%$100k-1 Year Jumbo CD
0.75%$250$100k1 Year CD
0.25%$250$100k6 Month CD
0.25%$100k-6 Month Jumbo CD
0.15%$250$100k91 Day CD
0.15%$100k-91 Day Jumbo CD

Consumers Credit Union (IL) IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.90%$100k-45 Month Jumbo IRA Special
2.80%$250-45 Month IRA Special
2.60%$100k-15 Month Jumbo IRA Special
2.50%$250-15 Month IRA Special
2.10%$100k-5 Year Jumbo IRA
2.00%$250$100k5 Year IRA
1.85%$100k-4 Year Jumbo IRA
1.75%$250$100k4 Year IRA
1.70%$100k-3 Year Jumbo IRA
1.60%$250$100k3 Year IRA
1.55%$100k-30 Month Jumbo IRA
1.45%$250$100k30 Month IRA
1.40%$100k-2 Year Jumbo IRA
1.30%$250$100k2 Year IRA
1.25%$100k-18 Month Jumbo IRA
1.15%$250$100k18 Month IRA
0.85%$100k-1 Year Jumbo IRA
0.75%$250$100k1 Year IRA
0.25%$250$100k6 Month IRA
0.25%$100k-6 Month Jumbo IRA
0.15%$250$100k91 Day IRA
0.15%$100k-91 Day Jumbo IRA
Locations

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