Lake Michigan Credit Union

Overview / Commentary
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 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 in Lake Michigan Credit Union is available to anyone by contributing $5 to the ALS (Amyotrophic Lateral Sclerosis) Foundation. Membership is also open to those who live, work, or worship anywhere in Michigan's Lower Peninsula or anywhere in Florida. Immediate family members of current Lake Michigan Credit Union also qualify, no matter where they live.
See current membership details

Excellent Service And Rates

Posted by: |

I have been with this bank for over 15 years and it has been my best experience in banking.  I don't live near the bank anymore but I still bank with them.  Direct deposit and online banking make it easy.  They pay the interest every month I have not had any major problems banking here.  I would recommend them to anyone.

Check Holding Is Applied With Ambiguity

My business account is with Lake Michigan Credit Union.  The policy of holding checks from my customers for an ambiguous amount of time makes it difficult to avoid overdrafts as my account balance fluctuates as overdraft protection was not made available.  Sometimes the hold is for 2 days, which is acceptable or it may be up to nine days.  The amount of the check does not seem to matter.  It was explained to me that the hold time is up to the teller who is waiting on me.  What seems to be the case is that new tellers who do not recognize me will hold for longer days.  I would not recommend this credit union for small business as they seem to have policies that are not small business friendly. 

Account Opening

Posted by: |

LMCU denied me-- they aren't doing just a soft pull either. They are using a Chex System like service too.

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. 



Health Grade Components

NCUA #62514
Year Chartered1933
Primary Regulator
Profit Margin
Return on Assets - YTD1.45%
Return on Equity - YTD14.07%
Annual Interest Income$247.8MM
Assets and Liabilities
AssetsQ2 2023vs Q2 2022$12.72B$12.09B
LoansQ2 2023vs Q2 2022$11.03B$8.61B
DepositsQ2 2023vs Q2 2022$10.68B$10.51B
Equity CapitalQ2 2023vs Q2 2022$1.29B$1.20B
Loan Loss AllowanceQ2 2023vs Q2 2022$0$18.8MM
Unbacked Noncurrent LoansQ2 2023vs Q2 2022$15.1MM$10.3MM
Real Estate OwnedQ2 2023vs Q2 2022$0$0
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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

2.25%*$1m*-Max Savings
OTHER TIERS: 0.10% $100 - $100k | 1.00% $100k - $250k | 1.25% $250k - $500k | 1.50% $500k - $1m
0.60%--Roth IRA Share
0.60%--SEP IRA Share
0.60%--Roth IRA VIP Share
0.60%--SEP IRA VIP Share
0.35%*$1$1kKids Club Savings
OTHER TIERS: 0.10% $1k+
0.35%*$1k*-Teen Club Savings
OTHER TIERS: 0.10% $1 - $1k
0.30%*$5k*-Health Savings Account (HSA)
OTHER TIERS: 0.15% Up to $5k
0.30%*$5k*-Business Health Saving Account
OTHER TIERS: 0.15% Up to $5k
0.25%--Holiday Club
0.10%$100-Savings Account

Lake Michigan Credit Union Money Market Rates

4.00%*$100k*-Business Max Money Market
OTHER TIERS: 0.30% $2.5k - $10k | 0.40% $10k - $25k | 3.30% $25k - $100k
4.00%*$100k*-Max Money Market
OTHER TIERS: 0.30% $2.5k - $10k | 0.40% $10k - $25k | 3.30% $25k - $100k
0.60%--Coverdell ESA Money Market
0.60%--IRA Money Market Savings
0.60%--IRA Money Market Savings VIP Share

Lake Michigan Credit Union Checking Account Rates

3.00%$1$15kMax Checking Account - Qualifying
0.25%--Advantage 50 Checking
0.20%*$25k*-Investors Checking Account
OTHER TIERS: 0.15% $2.5k - $25k
0.20%*$25k*-IOLTA Checking
OTHER TIERS: 0.15% $2.5k - $25k
0.20%*$100k*-Business Interest Checking Account
OTHER TIERS: 0.10% $2.5k - $25k | 0.15% $25k - $100k

Lake Michigan Credit Union CD Rates

5.15%$500-12 Month VIP CD Special
5.15%$500-12 Month VIP HSA CD Special
5.05%$500-6 Month VIP CD Special
5.05%$500-6 Month VIP HSA CD Special
5.00%$500-3 Month VIP CD
5.00%$500-5 Month VIP CD
5.00%$500-7 Month VIP CD
5.00%$500-8 Month VIP CD
5.00%$500-10 Month VIP CD
5.00%$500-11 Month VIP CD
5.00%$500-13 Month VIP CD
5.00%$500-17 Month VIP CD
5.00%$500-18 Month VIP CD
5.00%$500-14 Month VIP CD
5.00%$500-15 Month VIP CD
5.00%$500-3 Month VIP HSA CD
5.00%$500-5 Month VIP HSA CD
5.00%$500-7 Month VIP HSA CD
5.00%$500-8 Month VIP HSA CD
5.00%$500-10 Month VIP HSA CD
5.00%$500-11 Month VIP HSA CD
5.00%$500-13 Month VIP HSA CD
5.00%$500-15 Month VIP HSA CD
5.00%$500-17 Month VIP HSA CD
5.00%$500-18 Month VIP HSA CD
5.00%$500-9 Month VIP CD
5.00%$500-9 Month VIP HSA CD
5.00%$500-14 Month VIP HSA CD
4.90%$500-12 Month CD Special
4.90%$500-12 Month HSA CD Special
4.80%$500-6 Month CD Special
4.80%$500-6 Month HSA CD Special
4.75%$500-3 Month CD
4.75%$500-5 Month CD
4.75%$500-7 Month CD
4.75%$500-8 Month CD
4.75%$500-10 Month CD
4.75%$500-11 Month CD
4.75%$500-13 Month CD
4.75%$500-17 Month CD
4.75%$500-18 Month CD
4.75%$500-14 Month CD
4.75%$500-15 Month CD
4.75%$500-3 Month HSA CD
4.75%$500-5 Month HSA CD
4.75%$500-7 Month HSA CD
4.75%$500-8 Month HSA CD
4.75%$500-10 Month HSA CD
4.75%$500-11 Month HSA CD
4.75%$500-13 Month HSA CD
4.75%$500-15 Month HSA CD
4.75%$500-17 Month HSA CD
4.75%$500-18 Month HSA CD
4.75%$500-9 Month CD
4.75%$500-9 Month HSA CD
4.75%$500-14 Month HSA CD
3.75%$500-60 Month VIP CD
3.75%$500-60 Month VIP HSA CD
3.50%$500-48 Month VIP CD
3.50%$500-60 Month CD
3.50%$500-48 Month VIP HSA CD
3.50%$500-60 Month HSA CD
3.25%$500-48 Month CD
3.25%$500-36 Month VIP CD
3.25%$500-36 Month VIP HSA CD
3.25%$500-48 Month HSA CD
3.15%$500-30 Month VIP CD
3.15%$500-30 Month VIP HSA CD
3.00%$500-36 Month CD
3.00%$500-25 Month VIP CD
3.00%$500-24 Month VIP CD
3.00%$500-24 Month VIP HSA CD
3.00%$500-25 Month VIP HSA CD
3.00%$500-36 Month HSA CD
2.90%$500-30 Month CD
2.90%$500-30 Month HSA CD
2.75%$500-25 Month CD
2.75%$500-24 Month CD
2.75%$500-24 Month HSA CD
2.75%$500-25 Month HSA CD

Lake Michigan Credit Union IRA Rates

5.15%$500-12 Month VIP IRA CD Special
5.05%$500-6 Month VIP IRA CD Special
5.00%$500-10 Month VIP IRA CD
5.00%$500-11 Month VIP IRA CD
5.00%$500-13 Month VIP IRA CD
5.00%$500-17 Month VIP IRA CD
5.00%$500-18 Month VIP IRA CD
5.00%$500-3 Month VIP IRA CD
5.00%$500-5 Month VIP IRA CD
5.00%$500-7 Month VIP IRA CD
5.00%$500-8 Month VIP IRA CD
5.00%$500-14 Month VIP IRA CD
5.00%$500-15 Month VIP IRA CD
5.00%$500-9 Month VIP IRA CD
4.90%$500-12 Month IRA CD Special
4.80%$500-6 Month IRA CD Special
4.75%$500-3 Month IRA CD
4.75%$500-5 Month IRA CD
4.75%$500-7 Month IRA CD
4.75%$500-8 Month IRA CD
4.75%$500-10 Month IRA CD
4.75%$500-11 Month IRA CD
4.75%$500-13 Month IRA CD
4.75%$500-17 Month IRA CD
4.75%$500-18 Month IRA CD
4.75%$500-14 Month IRA CD
4.75%$500-15 Month IRA CD
4.75%$500-9 Month IRA CD
3.75%$500-60 Month VIP IRA CD
3.50%$500-48 Month VIP IRA CD
3.50%$500-60 Month IRA CD
3.25%$500-36 Month VIP IRA CD
3.25%$500-48 Month IRA CD
3.15%$500-30 Month VIP IRA CD
3.00%$500-25 Month VIP IRA CD
3.00%$500-36 Month IRA CD
3.00%$500-24 Month VIP IRA CD
2.90%$500-30 Month IRA CD
2.75%$500-25 Month IRA CD
2.75%$500-24 Month IRA CD


Grand Rapids Area

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