Featured Savings Rates
Featured Accounts

Consumers Credit Union (IL)

Popular Accounts at this Credit Union

APYACCOUNT TYPEACCOUNT NAME
3.09%Reward CheckingFree Rewards Checking (Low)
1.05%5-year CD59 Month Jumbo CD
0.65%18-month CD16 Month 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

Related Posts

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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".

Not Horrible, But Not Great Either

Posted by: dwasifar | May 9, 2018

There was a period a few years ago when a lot of people were switching away from big banks because of ethics lapses, and trying credit unions instead. I switched to CCU during that time.

Within less than a year I was back at my former "big bank."

It's not that CCU is really bad, it's just that they could be better. Their promotions are good. But they don't compete with the level of service I had come to expect from the big bank. Their website is behind the times and difficult to use compared to others. They don't publish phone numbers for the branches, only a call center number. The customer service at the branch is sometimes less than polite, and there is usually a substantial wait to be served. The one time I had an actual problem I needed solved, I immediately got a defensive scolding from the clerk, blaming me for something that in the end turned out to be their fault.

I know this is going to sound kind of snotty, and I don't mean it to. But customer interactions I observed on several occasions while waiting gave me the impression that the branch serves a lot of small depositors who frequently have problems keeping their accounts solvent, and I think the staff have geared their approach toward that clientele. This explains both the reflexive lecture I received when reporting a problem, and the indifferent take-a-number personal service. I wound up going back to my previous bank, where my larger banking relationship is rewarded with commensurate service.

Finally Got Around To Closing My Account

Posted by: JP123 | Jun 14, 2018

I opened an account with Consumers CU for the higher interest rate checking account. I never did get achieve the advertised interest rate of over 3% because of all the requirements like the number of transactions that I needed to complete to get it. I contacted customer service a few times about why I didn't get the higher interest rate after meeting the number of transactions required and after a while, it got pretty tiring having to deal with them. It sounded like the transactions I completed were different from what was required which made it nearly impossible for me to attain. I got tired of dealing with their slow customer service and outdated online account services so I ignored the account and cash that was in it for 3 or 4 years. It just wasn't worth the trouble anymore. So 4 or so years later, I went to close my account and in order to avoid receiving a large check in the mail, I needed to use the bill pay to transfer funds out since the amount was less than the amount required to use their ACH service. I logged into my account and processed the bill pay service successfully, I see the amount credited to my bill but two or three days later... I see the amount that was credited to the bill withdrawn!! I call Consumers CU and hear a recording to call back during their business hours, I call back the next day and I'm on hold for >15 minutes. I was told my account status is "inactive" so that's why the funds were withdrawn from my other account. I asked why I didn't receive any notice about my account being "inactive" and was told they do not send notices out for inactive accounts. They only send accounts for accounts that are "dormant" so basically, Consumers Credit Union allows customers to log into their accounts, view their balances, go through with their bill pay system and not know their account balance as shown is NOT AVAILABLE. They hold the customers funds without notifying the customer! Because of Consumers Credit Union's lack of communication, I was charged a payment return fee from the place I used Consumers Credit Union to pay from!! This will probably be a negative on my credit report.

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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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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

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
1.85%$100k-5 Year Jumbo CD
1.65%$100k-4 Year Jumbo CD
1.60%$250-5 Year CD
1.40%$250-4 Year CD
1.05%$100k-59 Month Jumbo CD
1.00%$100k-18 Month Jumbo CD
0.90%$100k-16 Month Jumbo CD
0.85%$100k-45 Month Jumbo CD
0.80%$250-59 Month CD
0.75%$250-18 Month CD
0.70%$100k-3 Year Jumbo CD
0.65%$250-16 Month CD
0.60%$250-45 Month CD
0.60%$100k-30 Month Jumbo CD
0.55%$100k-2 Year Jumbo CD
0.50%$100k-22 Month Jumbo CD
0.45%$250-3 Year CD
0.45%$100k-20 Month Jumbo CD
0.40%$100k-11 Month Jumbo CD (New Money Only)
0.40%$100k-1 Year Jumbo CD
0.40%$100k-15 Month Jumbo CD
0.35%$250-30 Month CD
0.35%$100k-7 Month Jumbo CD
0.35%$100k-8 Month Jumbo CD
0.35%$100k-9 Month Jumbo CD
0.35%$100k-10 Month Jumbo CD
0.30%$250-2 Year CD
0.25%$250-22 Month CD
0.20%$250-20 Month CD
0.15%$250-11 Month CD (New Money Only)
0.15%$250-15 Month CD
0.15%$250-1 Year CD
0.10%$250-7 Month CD
0.10%$250-9 Month CD
0.10%$250-180 Day CD
0.10%$250-8 Month CD
0.10%$250-10 Month CD
0.05%$250-91 Day CD

Consumers Credit Union (IL) IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.85%$100k-5 Year Jumbo IRA
1.65%$100k-4 Year Jumbo IRA
1.60%$250-5 Year IRA
1.40%$250-4 Year IRA
1.05%$100k-59 Month Jumbo IRA
1.00%$100k-18 Month Jumbo IRA
0.90%$100k-16 Month Jumbo IRA
0.85%$100k-45 Month Jumbo IRA
0.80%$250-59 Month IRA
0.75%$250-18 Month IRA
0.70%$100k-3 Year Jumbo IRA
0.65%$250-16 Month IRA
0.60%$100k-30 Month Jumbo IRA
0.60%$250-45 Month IRA
0.55%$100k-2 Year Jumbo IRA
0.50%$100k-22 Month Jumbo IRA
0.45%$100k-20 Month Jumbo IRA
0.45%$250-3 Year IRA
0.40%$100k-11 Month Jumbo IRA (New Money Only)
0.40%$100k-1 Year Jumbo IRA
0.40%$100k-15 Month Jumbo IRA
0.35%$100k-7 Month Jumbo IRA
0.35%$100k-8 Month Jumbo IRA
0.35%$100k-9 Month Jumbo IRA
0.35%$100k-10 Month Jumbo IRA
0.35%$250-30 Month IRA
0.30%$250-2 Year IRA
0.25%$250-22 Month IRA
0.20%$250-20 Month IRA
0.15%$250-11 Month IRA (New Money Only)
0.15%$250-1 Year IRA
0.15%$250-15 Month IRA
0.10%$250-180 Day IRA
0.10%$250-7 Month IRA
0.10%$250-8 Month IRA
0.10%$250-9 Month IRA
0.10%$250-10 Month IRA
0.05%$250-91 Day IRA
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