Lake Trust Credit Union is headquartered in Brighton and is the 8th largest credit union in the state of Michigan. It is also the 162nd largest credit union in the nation. It was established in 1944 and as of September of 2022, it had grown to 465 employees and 180,718 members at 23 locations. Lake Trust Credit Union has a B+ health rating.
Membership in Lake Trust Credit Union is open to anyone who lives, works, worships, or goes to school in Michigan.
See current membership details
I have a free checking and savings accounts from Lake Trust Credit Union. I have access to online banking and online bill payment. I really like this credit union! I recommend it to all my friends and family. Their employees are exceptional and have given me wonderful assistance whenever I have had questions.
I have dealt with this Credit Union for along time. They used to be called Huron River Credit Union. I have had Savings and checking accounts with them. The customer service is wonderful and they are very nice and talk to you about your day and ask you things like, (how are you today sir or mam?), Other things stand out also. Once I was having a bad day and the Teller could really tell after they had asked me how my day was going. I guess I just needed someone to talk to and they listened and I tell you my day was much better after that! My experience with the website at the time was not the best. I guess it was the way that it was set up the confused me. I also was not that internet savy at the time too. They offer a reasonable rates and fee's also. I would recommend this institution to anyone!
I was a member of Huron River Area Credit Union, then Detroit Edison Credit Union and finally Lake Trust Credit Union for over 10 years. Not their best customer or their worst and admittedly I didn't make a lot of use of the "member services" during my time with them. What I did appreciate was the friendly small-town customer service, low fees or no fees or charges for things like money orders, statements or bank checks. That all changed when Lake Trust took over last year. Their fee schedule now rivals that of any of the "big mean banks" with $10 bank checks, $5 - $15 transfer fees from checking, and $29 overdraft fees for even a few cents. Programs they used to have in place to help their customers work through financial issues are a thing of the past. While the branch customer service remains friendly, woe be unto you if you have to deal with anyone at the main branch. I see all these credit union commercials all the time about how you're a "member" not a "number". I can tell you that I most assuredly was nothing more than a number to Lake Trust and I have heard similar statements from other customers. As a matter of fact, when I opened my account in 2001, it was on the recommendation of several co-workers and friends. I am the only one left - everyone else moved to other credit unions or banks years ago.
If I could put 0 stars I would. This credit union, since the merger with Detroit Edison Credit Union, is no different than a lot of the high end banks. So why stay with them. Their phone banking sucks - skips all the time like a broken record, their computer system is old. It was much more advanced when I banked with Detroit Edison CU, but now it is like taking 2 steps back :( - Sorry to say I will be changing my financial institution after 30+ years, as I have no reason to stay with Lake Trust. They've raised my credit card rate by over 10% and told if we didn't want that rate, they would close our card. Well, sorry to say, I'm closing it, along with many of our savings and checking accounts. If you want a financial institution that is in it to make money and not help their member, then go for it. I'm going somewhere else.
|Return on Assets - YTD||0.47%|
|Return on Equity - YTD||6.29%|
|Annual Interest Income||$55.4MM|
|Assets and Liabilities|
|Assets||Q3 2022vs Q3 2021||$2.59B$2.47B|
|Loans||Q3 2022vs Q3 2021||$1.88B$1.67B|
|Deposits||Q3 2022vs Q3 2021||$2.31B$2.21B|
|Equity Capital||Q3 2022vs Q3 2021||$193.6MM$227.1MM|
|Loan Loss Allowance||Q3 2022vs Q3 2021||$20.4MM$20.7MM|
|Unbacked Noncurrent Loans||Q3 2022vs Q3 2021||$10.6MM$6.3MM|
|Real Estate Owned||Q3 2022vs Q3 2021||$0$67.00K|
Rates for Lake Trust Credit Union are currently being reviewed.