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
0.15%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 7th largest credit union in the state of Illinois. It is also the 259th largest credit union in the nation. It was established in 1930 and as of June of 2017, it had grown to 294 employees and 92,733 members at 10 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

Consumers Credit Union 16-Month Jumbo CD Rate Increases - 12/8/2016

Consumers Credit Union (easy membership) has raised the rate on its 16-month CD (1.60% APY, $500 min) and 16-month Jumbo CD (1.85% APY, $100k min).

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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.

Great Rates, Good Service, Terrible Online Experience

Pros:
1) Can't beat the interest rate and requirements on the checking account;
2) Cash rebate card offers a good return;
3) Ability to pay credit card w/ a debit card is a great way to earn some extra cashback;
4) Interactions with customer service have been painless.

Cons:
1) Online banking is a bit archaic looking, and clumsy to navigate;
2) Have to go to a 3rd party website for credit card info;
3) Automatic downloads to Quicken don't work properly most of the time;
4) First credit card got lost in the mail, and CCU reported it as closed and a new one opened.

I would have no hesitation to recommend CCU to anyone! As long as you pay attention to meeting the requirements for the high interest, it's pretty painless.

Reward Checking Tiers

Posted by: elarh | Nov 3, 2017

This is a lot more complicated that I originally thought. Turns out, you can't use the debit card that comes normally with the account to satisfy tier 2 & 3 spending level requirements. You have to get an additional "credit card" (not addressed in the account application). So you must do minimum 12 non-pin transactions (qualification of transaction depends on how it's classified by the vendor) on the debit card then charge 500+ or 1000+ on the separate credit card to get to tier 2 or 3 interest rates.

Very Frustrated

Posted by: Ro Dobkin | Sep 22, 2017

This is the only financial institution I consistently have problems with. First of all, not all signature based transactions count as a qualified one and I am never sure which transactions will be "disqualified". Second, their Reward Update box is not accurate! I had to contact three different reps this week asking why only 10 transactions were listed even though each rep said I had 11 qualified transactions. Third, I did a bill pay that was completed on September 18th yet as of today, September 22nd it is not listed in the Reward Update section. Calls to the 877# turn into mini-marathons. I do have some direct #s but all I reach are answering machines. Phone #s for branch locations are not listed either. They seem to be short staffed and have a terrible and incompetent IT Department!!! Dealing with CCU has turned into a full time job for me, unfortunately!!!

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Health
B+

Health Grade Components

Overall
NCUA #68588
Year Chartered1930
Employees294
Primary Regulator
Profit Margin
Return on Assets - YTD0.53%
Return on Equity - YTD6.92%
Annual Interest Income$21.2MM
Assets and Liabilities
AssetsQ2 2017vs Q2 2016$1.10B$926.7MM
LoansQ2 2017vs Q2 2016$703.6MM$605.8MM
DepositsQ2 2017vs Q2 2016$977.2MM$839.8MM
Equity CapitalQ2 2017vs Q2 2016$83.9MM$80.2MM
Loan Loss AllowanceQ2 2017vs Q2 2016$4.4MM$3.8MM
Unbacked Noncurrent LoansQ2 2017vs Q2 2016$4.3MM$2.6MM
Real Estate OwnedQ2 2017vs Q2 2016$309.00K$31.00K
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
0.85%$100k-45 Month Jumbo CD
0.80%$250-59 Month CD
0.75%$250-18 Month CD
0.70%$100k-3 Year Jumbo CD
0.60%$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-1 Year Jumbo CD
0.40%$100k-15 Month Jumbo CD
0.40%$100k-16 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
0.35%$100k-11 Month Jumbo CD
0.30%$250-2 Year CD
0.25%$250-22 Month CD
0.20%$250-20 Month CD
0.15%$250-15 Month CD
0.15%$250-1 Year CD
0.15%$250-16 Month CD
0.10%$250-7 Month CD
0.10%$250-9 Month CD
0.10%$250-11 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
0.85%$100k-45 Month Jumbo IRA
0.80%$250-59 Month IRA
0.75%$250-18 Month IRA
0.70%$100k-3 Year Jumbo IRA
0.60%$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-1 Year Jumbo IRA
0.40%$100k-15 Month Jumbo IRA
0.40%$100k-16 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%$100k-11 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%$250-1 Year IRA
0.15%$250-15 Month IRA
0.15%$250-16 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
0.10%$250-11 Month IRA
0.05%$250-91 Day IRA
Locations


Cities: Gurnee, Mundelein, Northbrook, Palatine, Round Lake Beach, Schaumburg, Volo, Waukegan

Gurnee Branches
Branch Office4946 Grand AveGurnee, IL 60031
Corporate Office1075 Tri State Pkwy Ste 850Gurnee, IL 60031-9182

Mundelein Branches
Branch Office1210 S Lake StMundelein, IL 60060-3706

Northbrook Branches
Branch Office1334 Shermer RdNorthbrook, IL 60062-4608

Palatine Branches
Branch Office311 E Northwest HwyPalatine, IL 60067

Round Lake Beach Branches
Branch Office2626 N Il Route 83Round Lake Beach, IL 60073-4983

Schaumburg Branches
Branch Office22 W Schaumburg RdSchaumburg, IL 60194-3502

Volo Branches
Branch Office195 E Il Route 120Volo, IL 60073

Waukegan Branches
Branch Office2750 Washington StWaukegan, IL 60085-4959
Branch Office3737 N Lewis AveWaukegan, IL 60087-1502