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Lake Michigan Credit Union

Popular Accounts at this Credit Union

APYACCOUNT TYPEACCOUNT NAME
3.00%Reward CheckingMax Checking
2.05%5-year CD60 Month VIP CD Special
2.05%5-year IRA60 Month VIP IRA CD Special

Overview / Commentary
616-242-9790
5540 Glenwood Hills Pkwy Se
Grand Rapids, MI 49512

Lake Michigan Credit Union is a Michigan-based, member-owned credit union that consistently ranks well among credit unions for dividends paid back to members. It offers depository and lending products on both its personal and business banking sides.

On its personal depository banking side, LMCU offers checking, savings, money market, Certificate of Deposit (CD), and IRA accounts. It usually offers an attractive checking account with a high interest rate on balances up to a certain amount and non-LCMU ATM reimbursements. LCMU’s reward checking account has been recognized in the past on DepositAccounts.com. The credit union’s savings account options include a basic account, a health savings account that comes with unlimited check writing privileges, and a children’s education account designed to function as a college savings fund. Money market accounts are available and offer higher dividends for higher account balances. LCMU’s Certificates of Deposit (CDs) and IRA CDs range in term lengths from 3 to 60 months.

Lake Michigan Credit Union online banking features easy account access for tasks like online bill pay, applying for mortgages, transferring funds, and viewing account activity history. LMCU also released mobile banking apps that provide smartphone and tablet-based account management functionality. The credit union’s website also features a learning center where members can view articles and videos that explain various banking services and account calculations.

Lake Michigan Credit Union was founded in 1933 as the Grand Rapids Teachers Credit Union. The original purpose of the institution was to provide banking services to teachers in the community. Since then, the membership has expanded to include local residents and current LMCU members’ family members. The credit union is headquartered in Grand Rapids, Michigan, and serves its members through multiple branches located throughout the state.

Field of Membership Restrictions

Membership is open to those who are donate a minimum of $5 to the Amyotrophic Lateral Sclerosis (ALS) Association or to those who live, work, attend school, or worship in any county in the State of Michigan’s lower peninsula.
See current membership details

Related Posts

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Great Credit Union

Posted by: renatl | Feb 24, 2017

I have been a customer for a few years and have nothing but great things to say about Lake Michigan Credit Union. I have never had any problems and their 3% is excellent!

Ive Had Good Experiences With LMCU

Posted by: RJM | Jun 12, 2016

I joined primarily for the 3% reward checking account and since then added an HSA which used to pay 2% but is now down to 1%. That bothers me.

I have also opened a couple of short term CDs with some kind of bonus rates.

Their system for tracking requirements for the 3% rate is the best of any bank or credit union I have used. You log in and click on a link that tells you if you completed your requirements or not.

I have been having a little issue with their 3rd party security...Every month near the first of the month, I try to knock out my 10 required transactions and I run into declines after 2-3 transactions. It makes it harder for me to knock out the required 10 in a day like I would prefer. With other places, all it takes is a call to explain this is normal for my account and it doesn't happen. With LMCU, their 3rd party security just doesn't get it.

The lack of ach from their site is bothersome too.

Opening the CDs required me to send the money in to my checking account before I could open the CDs. More cumbersome than other places.

Overall, I cant see where all these low 1 star rankings are coming from. Customer service people have that Michigan accent which might sound snarky to those who don't live around there. I was born there but have been in the deep south my entire life.

EDIT, I found out, several years late, that I could open CDs within my HSA so that helps mitigate the low 1% rate. The only downside is now that I have done so, its not really obvious from looking at the CDs that its an HSA CD.
Another edit regarding the security, I had gotten in the habit of calling them every month in advance so that my card wouldn't be turned off after 3 small gas transactions. They recently switched to visa and while last month was the first month, when I called, they said they couldn't set it like they used to....however, I knocked out all 12 in a day at the same gas station and it didn't shut me down. When I got home, I see that they called, an automated system asking if they were my transactions. I said yes and that was that.

HSA Rate Switch

I too was frustrated by the HSA rate switch. I transferred in several thousand dollars, expecting to enjoy the 2% rate for a while, only to have it cut in half to 1%. Thinking of switching to a different bank that will pay better rates.

A Red Flag

I've been generally satisfied with LMCU. However, one recent negative experience I feel is worth highlighting.

In order to qualify for the "4% Max Checking" - 4% monthly interest return on checking accounts of >$15,000 - one must have at least 10 monthly debit card transactions. My debit card was stolen on the 21st of the month at which point I only had 6 transactions. One rep. told me LMCU's policy was to waive that requirement in the event of a lost/stolen card due to an inability to reach the threshold number (a new card takes 7-10 days to arrive). Then, I was told this is not the case and I must still meet the 10 transaction minimum because a lost/stolen card is "not their error". My noting that a stolen card is also not my error seemed to fall on deaf ears. 

Between the inconsistency in communication on LMCU policy and the apathetic tone of the bank manager, I was sufficiently irritated to post this experience. 

VIEW MORE REVIEWS

Health
A+

Health Grade Components

Overall
NCUA #62514
Year Chartered1933
Employees973
Primary Regulator
Profit Margin
Return on Assets - YTD1.79%
Return on Equity - YTD15.33%
Annual Interest Income$140.7MM
Assets and Liabilities
AssetsQ4 2016vs Q4 2015$4.82B$4.09B
LoansQ4 2016vs Q4 2015$3.38B$3.06B
DepositsQ4 2016vs Q4 2015$3.78B$3.14B
Equity CapitalQ4 2016vs Q4 2015$554.3MM$469.3MM
Loan Loss AllowanceQ4 2016vs Q4 2015$3.7MM$5.1MM
Unbacked Noncurrent LoansQ4 2016vs Q4 2015$3.4MM$3.3MM
Real Estate OwnedQ4 2016vs Q4 2015$815.00K$464.00K
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Lake Michigan Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.00%*$5k*-Health Savings Account (HSA)
OTHER TIERS: 0.50% Up to $5k
1.00%*-$1kKids Club Savings
OTHER TIERS: 0.25% $1k+
1.00%*-$1kTeen Club Savings
OTHER TIERS: 0.25% $1k+
0.80%--Roth IRA Shares
0.80%--SEP IRA Shares
0.25%--Christmas Club Account
0.25%$100-Savings Account

Lake Michigan Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.80%--Coverdell ESA Money Market
0.80%--IRA Money Market Savings
0.50%*$100k*-Money Market
OTHER TIERS: 0.25% $2,500 - $10k | 0.30% $10k - $25k | 0.35% $25k - $50k | 0.40% $50k - $100k

Lake Michigan Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.00%-$15kMax Checking - Qualifying
0.50%*$100k*-Business Plus Checking Account
OTHER TIERS: 0.25% $2,500 - $10k | 0.30% $10k - $25k | 0.35% $25k - $100k
0.35%*$25k*-Investors Checking Account
OTHER TIERS: 0.25% $2,500 - $25k
0.35%*$25k*-IOLTA Checking
OTHER TIERS: 0.25% $2,500 - $25k

Lake Michigan Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.05%$500-60 Month VIP CD Special
1.80%$500-60 Month CD Special
1.55%$500-48 Month VIP CD
1.40%$500-18 Month VIP CD Special
1.30%$500-48 Month CD
1.30%$500-36 Month VIP CD
1.15%$500-18 Month CD Special
1.05%$500-36 Month CD
1.05%$500-30 Month VIP CD
1.05%$500-13 Month VIP CD Special
0.80%$500-30 Month CD
0.80%$500-13 Month CD Special
0.75%$500-25 Month VIP CD
0.75%$500-24 Month VIP CD
0.50%$500-25 Month CD
0.50%$500-17 Month VIP CD
0.50%$500-24 Month CD
0.40%$500-14 Month VIP CD
0.40%$500-15 Month VIP CD
0.30%$500-3 Month VIP CD
0.30%$500-5 Month VIP CD
0.30%$500-6 Month VIP CD
0.30%$500-7 Month VIP CD
0.30%$500-8 Month VIP CD
0.30%$500-9 Month VIP CD
0.30%$500-10 Month VIP CD
0.30%$500-11 Month VIP CD
0.30%$500-12 Month VIP CD
0.25%$500-17 Month CD
0.15%$500-14 Month CD
0.15%$500-15 Month CD
0.05%$500-3 Month CD
0.05%$500-5 Month CD
0.05%$500-6 Month CD
0.05%$500-7 Month CD
0.05%$500-8 Month CD
0.05%$500-9 Month CD
0.05%$500-10 Month CD
0.05%$500-11 Month CD
0.05%$500-12 Month CD

Lake Michigan Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.05%$500-60 Month VIP IRA CD Special
1.80%$500-60 Month IRA CD Special
1.55%$500-48 Month VIP IRA CD
1.40%$500-18 Month VIP IRA CD Special
1.30%$500-36 Month VIP IRA CD
1.30%$500-48 Month IRA CD
1.15%$500-18 Month IRA CD Special
1.05%$500-30 Month VIP IRA CD
1.05%$500-36 Month IRA CD
1.05%$500-13 Month VIP IRA CD Special
0.80%$500-30 Month IRA
0.80%$500-13 Month IRA CD Special
0.75%$500-25 Month VIP IRA CD
0.75%$500-24 Month VIP IRA CD
0.50%$500-17 Month VIP IRA CD
0.50%$500-25 Month IRA CD
0.50%$500-24 Month IRA CD
0.40%$500-14 Month VIP IRA CD
0.40%$500-15 Month VIP IRA CD
0.30%$500-10 Month VIP IRA CD
0.30%$500-11 Month VIP IRA CD
0.30%$500-3 Month VIP IRA CD
0.30%$500-5 Month VIP IRA CD
0.30%$500-7 Month VIP IRA CD
0.30%$500-8 Month VIP IRA CD
0.30%$500-9 Month VIP IRA CD
0.30%$500-6 Month VIP IRA CD
0.30%$500-12 Month VIP IRA CD
0.25%$500-17 Month IRA CD
0.15%$500-14 Month IRA CD
0.15%$500-15 Month IRA CD
0.05%$500-6 Month IRA CD
0.05%$500-3 Month IRA CD
0.05%$500-5 Month IRA CD
0.05%$500-7 Month IRA CD
0.05%$500-8 Month IRA CD
0.05%$500-9 Month IRA CD
0.05%$500-10 Month IRA CD
0.05%$500-11 Month IRA CD
0.05%$500-12 Month IRA CD
Locations

Lake Michigan Credit Union has 43 locations. Click to view all Lake Michigan Credit Union locations.