Consumers Credit Union (IL)


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 5th largest credit union in the state of Illinois. It is also the 134th largest credit union in the nation. It was established in 1930 and as of September of 2022, it had grown to 473 employees and 198,836 members at 19 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 Bumps Up 11- and 22-Month CD Rates - 7/8/2022

Consumers Credit Union (easy membership) has raised the rates on its 11-month and 22-month Super Jumbo CDs ($250k) to very competitive levels.

View all posts from:

10/11/18 - Consumers Credit Union Ups 45-Month CD Special
9/6/18 - Increases Rates, Lowers Maximum
9/4/18 - Rates Are Being Cut Radically...
8/30/18 - Consumers Credit Union Dropping Their Reward Checking To $10K Cap From $20K
8/30/18 - Rewards Checkng Account Changing
12/8/16 - Consumers Credit Union 16-Month Jumbo CD Rate Increases
9/2/16 - Consumers Credit Union (IL) Free Rewards Checking Changes
2/23/16 - Consumers Credit Union : new debit cards with EMV chips on their way within the next 8 weeks
11/28/15 - Consumers Credit Union (IL): Changes To VISA Account Terms Effective 1/1/16
11/18/15 - Consumers Credit Union (IL): 2% And 2.5% Limited-Time Rebates On Their VISA Signature Cash Rebate Card in specific categories
9/21/15 - Consumers Credit Union Does Not Count Paypal Purchases
3/17/15 - Consumers Credit Union (up to 5.09%APY RCA) guarantee extended through at least 12/31/15
1/7/15 - Reminder of the Great Reward Checking Deal at Consumers Credit Union
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)

Reviews (103)

They Provide Quality Customer Service

I highly recommend CCU as a Credit Union to go through.

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 FFB1.com 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.

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Health

Health Grade Components

Overall
NCUA #68588
Year Chartered1930
Employees473
Primary Regulator
Profit Margin
Return on Assets - YTD1.06%
Return on Equity - YTD16.63%
Annual Interest Income$87.6MM
Assets and Liabilities
AssetsQ3 2022vs Q3 2021$2.99B$2.88B
LoansQ3 2022vs Q3 2021$2.18B$1.64B
DepositsQ3 2022vs Q3 2021$2.67B$2.48B
Equity CapitalQ3 2022vs Q3 2021$193.1MM$246.6MM
Loan Loss AllowanceQ3 2022vs Q3 2021$12.5MM$9.9MM
Unbacked Noncurrent LoansQ3 2022vs Q3 2021$20.7MM$9.5MM
Real Estate OwnedQ3 2022vs Q3 2021$0$0
Rates

Rates for Consumers Credit Union (IL) are currently being reviewed.

Locations

Availability



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