Great Lakes Credit Union is headquartered in Bannockburn and is the 10th largest credit union in the state of Illinois. It is also the 351st largest credit union in the nation. It was established in 1938 and as of December of 2023, it had grown to 203 employees and 80,830 members at 14 locations. Great Lakes Credit Union's CD rates are 2X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Membership in Great Lakes Credit Union is open to anyone by choosing the "Not Listed-Let us help!" option in the online application. Membership is also open to the following groups: (1) those who live or work in the Illinois counties of Cook (west of Route 83), Dupage, Kane, Kendal, Lake, McHenry, Will, and Kenosha County, Wisconsin, (2) Federal government employees, including active and retired military members, (3) employees of Select Employer Groups. Membership requirements are listed in the credit union's online application.
See current membership details
Related Posts
11/20 - 7% APY 7-Month CD On Up To $7,000
9/7 - Great Lakes Credit Union Adds Nationally Available 33-Month CD
3/1 - Increasing # Of Debits But No Rate Change
12/9/15 - 1.5% 15 Month Share Certificate
9/16/13 - Reward Checking Rate Cut Announced At Great Lakes Credit Union
9/14/13 - Great Lake Credit Union Changed Their RCA Requirement...
3/8/13 - Update on Great Lakes Credit Union's Reward Checking Account
4/17/12 - Great Lakes Credit Union Will Drop Their Limit...
11/8/11 - Requirement For No Monthly Fee For Reward Checking Account
11/2/11 - Reward Checking with a Twist at Great Lakes Credit Union in IL - Local Only
12/19/08 - 4.00% 4-Month CD at Great Lakes Credit Union in IL & WI
2/5/07 - 6.00% 13-Month / 5.55% 5-Month CD at an Illinois CU - IRA (Great Lakes)
Smooth And Quick Process To Open An Account
Have been very satisfied with the quick and easy application process. New account information, debit card and even blank checks were received in a timely manner. Even received a personal thank you card for opening the account. Easy to set up ACH transfers. Status of interest requirements is clearly displayed after logging in. Just hope they keep the rate up.
Easy CU To Get Along With
I am (very far) out of state - but this CU has the best rewards rate, so I gave it a try.
Everything went well. Setup was quick and easy, customer service seems good. Handy meter at log-in tells you how close to meeting your monthly reward requirements you are. Free checks.
You can have up to 3 reward checking accounts - which makes it a pretty good deal at this interest rate, as long as you can meet the monthly transaction requirements.
Online system is a little buggy - takes me to change my password almost everytime I sign in...hoping they will fix that soon.
Rates & Requirements Changing
I just visited GLCU today in order to open a third account. In attempting to do so, I learned that the interest rate is dropping to 3% Oct. 1, 2013 and also that in order to be eligible for the 3% interest each month - one must spend at least $100 per account. I had a good experience with GLCU, but with this change I have already opened a different account somewhere else. Hope this helps others.
Horrible Customer Service
It takes an average of 20 minutes all the time to wait in queue to reach a Customer Service rep. When you finally get to talk with one and verify your identity, they are very rude and inconsiderate. They just hang up the phone when you start making suggestions and complaining about something and they don't want to hear it out. Since you are not done with your business, you have to call again and wait another 20 minutes in the call queue. This is consistent with different call reps at different days and hours. It appears that they have an unwritten rule to be rude to customers.
Data as of Q4 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 60238 |
| Year Chartered | 1938 |
| Employees | 203 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.2% |
| Return on Equity - YTD | 2.94% |
| Annual Interest Income | $53.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $1.32B$1.35B |
| Loans | Q4 2023vs Q4 2022 | $1.06B$1.08B |
| Deposits | Q4 2023vs Q4 2022 | $1B$952.4MM |
| Equity Capital | Q4 2023vs Q4 2022 | $92.1MM$95.7MM |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $10MM$2.8MM |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $4MM$1.9MM |
| Real Estate Owned | Q4 2023vs Q4 2022 | $0$0 |
