Consumers Credit Union (IL)

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

Consumers Credit Union (IL) is headquartered in lake Forest and is the 5th largest credit union in the state of Illinois. It is also the 127th largest credit union in the nation. It was established in 1930 and as of March of 2024, it had grown to 480 employees and 222,889 members at 15 locations. Consumers Credit Union (IL)'s money market rates are 3X 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

Reviews (107)

My Review On Consumers Credit Union

Posted by: |

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: |

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.

It's Just Too Fiddly For Me.

Posted by: |

Yes, this is the best rate around. However: the criteria for meeting it are an unholy nuisance in a number of ways. If the stars line up for you, great. Personally, my tipping point has been reached.

There are places to put my money that pay more, post tax, no effort at all. There are places to store my money and keep it instantly available that earn almost as much, also no effort, and I don't have to worry about keeping a fixed balance in them to maximize my return. There are cards I can use that pay a better rebate for everything but grocery stores, I never have to use a debit card that's debiting my account, giving 12 places access to data they don't need, and changing my balance 12 times a month. Finally, I don't have to track my credit transactions or buy things I don't need just to be sure I earn my extra $8.

Avoid Like The Plague -- They'll Lose Your Money

Posted by: |

Their customer service is useless, and I can no longer login to my account. After waiting on hold for a half hour, they told me there's no one there who can help me. I asked if there was anyone else I could speak with, but was told no, I need to call the main number (again). It appears the money I had deposited with them is lost.



Health Grade Components

NCUA #68588
Year Chartered1930
Primary Regulator
Profit Margin
Return on Assets - YTD0.38%
Return on Equity - YTD5.42%
Annual Interest Income$50.5MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$3.58B$3.34B
LoansQ1 2024vs Q1 2023$2.49B$2.31B
DepositsQ1 2024vs Q1 2023$2.87B$2.75B
Equity CapitalQ1 2024vs Q1 2023$249.4MM$214.9MM
Loan Loss AllowanceQ1 2024vs Q1 2023$32.8MM$14.1MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$29.7MM$21.2MM
Real Estate OwnedQ1 2024vs Q1 2023$0$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

3.00%$50-Smart Saver w/ Checking
1.16%*$250k*-Health Savings Account
OTHER TIERS: 0.55% $0 - $25k | 0.65% $25k - $100k | 0.75% $100k - $250k
0.25%$0-IRA Savings
0.25%$0-Holiday Club
0.25%$0-Smart Saver w/o Checking
0.05%$5-Business Membership Savings
0.03%$0-Membership Share Savings
0.03%$0$5kSpecial Share Savings

Consumers Credit Union (IL) Money Market Rates

4.13%*$500k*-Business Money Market
OTHER TIERS: 0.65% $500 - $25k | 0.75% $25k - $100k | 2.07% $100k - $250k | 3.10% $250k - $500k
1.16%*$250k*-Money Market
OTHER TIERS: 0.55% $0 - $25k | 0.65% $25k - $100k | 0.75% $100k - $250k
1.16%*$250k*-IRA Money Market
OTHER TIERS: 0.55% $0 - $25k | 0.65% $25k - $100k | 0.75% $100k - $250k

Consumers Credit Union (IL) Checking Account Rates

5.00%*$0$10kRewards Checking - Tier A
OTHER TIERS: 0.10% $25k+ | 0.20% $10k - $25k
4.00%*$0$10kRewards Checking - Tier B
OTHER TIERS: 0.10% $25k+ | 0.20% $10k - $25k
3.00%*$0$10kRewards Checking - Tier C
OTHER TIERS: 0.10% $25k+ | 0.20% $10k - $25k
0.05%$0-Power Business Checking
0.05%$500-Community Checking

Consumers Credit Union (IL) CD Rates

5.10%$250k-13 Month Super-Jumbo CD Special
5.10%$250k-Business 13 Month Super-Jumbo CD Special
5.05%$100k-13 Month Jumbo CD Special
5.05%$100k-Business 13 Month Jumbo CD Special
5.00%$250-13 Month CD Special
5.00%$250$100kBusiness 13 Month CD Special
4.50%$250k-17 Month Super-Jumbo CD Special
4.50%$250k-Business 17 Month Super-Jumbo CD Special
4.40%$100k-17 Month Jumbo CD Special
4.40%$100k-Business 17 Month Jumbo CD Special
4.30%$250-17 Month CD Special
4.30%$250$100kBusiness 17 Month CD Special
1.70%$250k-5 Year Super-Jumbo CD
1.70%$250k-Business 5 Year Super-Jumbo CD
1.60%$100k-5 Year Jumbo CD
1.60%$100k-Business 5 Year Jumbo CD
1.55%$250k-4 Year Super-Jumbo CD
1.55%$250k-Business 4 Year Super-Jumbo CD
1.50%$250$100k5 Year CD
1.50%$250k-3 Year Super-Jumbo CD
1.50%$250k-Business 3 Year Super-Jumbo CD
1.50%$250$100kBusiness 5 Year CD
1.45%$100k-4 Year Jumbo CD
1.45%$100k-Business 4 Year Jumbo CD
1.40%$100k-3 Year Jumbo CD
1.40%$250k-2 Year Super-Jumbo CD
1.40%$250k-Business 2 Year Super-Jumbo CD
1.40%$100k-Business 3 Year Jumbo CD
1.35%$250$100k4 Year CD
1.35%$250$100kBusiness 4 Year CD
1.30%$250$100k3 Year CD
1.30%$100k-2 Year Jumbo CD
1.30%$100k-Business 2 Year Jumbo CD
1.30%$250$100kBusiness 3 Year CD
1.20%$250$100k2 Year CD
1.20%$250k-1 Year Super-Jumbo CD
1.20%$250k-30 Month Super-Jumbo CD
1.20%$250k-Business 1 Year Super-Jumbo CD
1.20%$250$100kBusiness 2 Year CD
1.20%$250k-Business 30 Month Super-Jumbo CD
1.10%$100k-1 Year Jumbo CD
1.10%$100k-30 Month Jumbo CD
1.10%$250k-18 Month Super-Jumbo CD
1.10%$100k-Business 1 Year Jumbo CD
1.10%$250k-Business 18 Month Super-Jumbo CD
1.10%$100k-Business 30 Month Jumbo CD
1.00%$250$100k30 Month CD
1.00%$250$100k1 Year CD
1.00%$100k-18 Month Jumbo CD
1.00%$250$100kBusiness 1 Year CD
1.00%$100k-Business 18 Month Jumbo CD
1.00%$250$100kBusiness 30 Month CD
0.90%$250$100k18 Month CD
0.90%$250$100kBusiness 18 Month CD
0.65%$250$100k6 Month CD
0.65%$100k-6 Month Jumbo CD
0.65%$100k-Business 91 Day Jumbo CD
0.65%$250$100kBusiness 6 Month CD
0.65%$100k-Business 6 Month Jumbo CD
0.65%$250-6 Month Super-Jumbo CD
0.65%$250-Business 6 Month Super-Jumbo CD
0.50%$250$100k91 Day CD
0.50%$100k-91 Day Jumbo CD
0.50%$250$100kBusiness 91 Day CD
0.50%$250-91 Days Super-Jumbo CD
0.50%$250-Business 91 Days Super-Jumbo CD

Consumers Credit Union (IL) IRA Rates

5.10%$250k-13 Month Super-Jumbo IRA Special
5.05%$100k-13 Month Jumbo IRA Special
5.00%$250-13 Month IRA Special
4.50%$250k-17 Month Super-Jumbo IRA Special
4.40%$100k-17 Month Jumbo IRA Special
4.30%$250-17 Month IRA Special
1.70%$250k-5 Year Super-Jumbo IRA
1.60%$100k-5 Year Jumbo IRA
1.55%$250k-4 Year Super-Jumbo IRA
1.50%$250$100k5 Year IRA
1.50%$250k-3 Year Super-Jumbo IRA
1.45%$100k-4 Year Jumbo IRA
1.40%$100k-3 Year Jumbo IRA
1.40%$250k-2 Year Super-Jumbo IRA
1.35%$250$100k4 Year IRA
1.30%$100k-2 Year Jumbo IRA
1.30%$250$100k3 Year IRA
1.20%$250$100k2 Year IRA
1.20%$250k-1 Year Super-Jumbo IRA
1.20%$250k-30 Month Super-Jumbo IRA
1.10%$100k-1 Year Jumbo IRA
1.10%$100k-30 Month Jumbo IRA
1.10%$250k-18 Month Super-Jumbo IRA
1.00%$100k-18 Month Jumbo IRA
1.00%$250$100k30 Month IRA
0.90%$250$100k18 Month IRA
0.65%$250$100k1 Year IRA
0.50%$250$100k6 Month IRA
0.50%$100k-6 Month Jumbo IRA
0.50%$250-6 Month Super-Jumbo IRA


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