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 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
Closed Accounts Without Warning Causing All Kinds Of Pain
LMCU closed all my accounts without warning. Why? I live in Michigan where we have online sportsbooks and casinos and at times I have a lot of that activity (responsibly and profitably), so I had a lot of transactions that were related to gambling. I spoke to a representative and, apparently, this is considered high risk by LMCU policy, though I had never heard of this, nor did they bother to tell me before just locking and shutting down my accounts.
I had numerous automated payments set up as I'd been an LMCU member for something like 30 years -- going back to when it was the Teachers Credit Union, before it was even LMCU. I happened to be traveling out of the country on vacation when all this happened, so I probably didn't notice as quickly as I could have that automated bill payments all just started failing. This included payments of credit cards, utilities, etc. I've been hit with numerous fees and my FICO score has taken a dive all because of this. Some of our credit cards are now in a restricted state because of the failed bill payments and the cleanup effort is tedious and time consuming.
So the warning to you is: Definitely don't do sportsbook or casino activity with your LMCU accounts. But more broadly, be aware that LMCU apparently doesn't care that they are going to harm a member (who is not doing anything illicit with their accounts and simply triggered some flag in one of LMCU's systems which cannot actually distinguish between activity that is legal or illegal and, apparently, their people won't get to the bottom of such matters either), doesn't warn a member of rules like this, and doesn't even give a member the time to change over their automated bill payments before locking their bank accounts. This could have been handled so much better by LMCU and they would have avoided this critical review, which is the first time I've ever written such a review of any company.
Good Service, Love They Send Your Daily Balance To Your Email Daily On Each Account.
I have been a customer for 13 years. I was getting 6 1/2 % on $25,000 for my reward checking until 2010 and they went down to 2% I think and I went to Lake Michigan. Was always disappointed in their CD rates. In Dec I sent a Roth to them to have it transferred to a higher rate at a different credit union waiting a few days for the rate to go up. I had to split it. They matched the rate I was going to get for the other half. They now are having some short term CD's over 5%. I gave them the site of deposit accounts and the manager said she would sure share it with corporate. I do have great service from them. I was just there yesterday to make a deposit of some cash and checks I had. I put them in my savings that pays I think 4% but I can't have any more interest this year because of the high interest rates that Ken finds for us and because of IRMAA and I try to convert some to a Roth each year without my Medicare premium going up 2 years from now. The customer service people on the phone are knowledgeable and very helpful with any needs you may have. I did live near their corporate office but now live about an hour away and they have always have had good customer service in the branch and on the phone. In fact even though I worked at a bank for 30 years I would tell people about Ken's site and also bring some of the older customers to this town to open an account if the institutions paid more interest. I always came to this town to shop and they have to spend the day with me as I got my errands and shopping done. If there is a problem you let corporate know about it and you will get a phone call. I had a hard time wiring a large amount in Dec. because everyone that could approve it was on vacation, had a personal day, in meetings or had a sick child and several other reasons. I stayed in line and the people were lined up to the door and I would not take a seat. I am hoping that the customers waiting made a phone call also or emailed. The people working even missed their lunch hour. That is corporates problem not the people working there. The person trying to help me were patient, trying to call offices out of state even to get permission for my wire. Corporate has changed their policy I heard yesterday when making my
deposit. I don't have to go in there often. After my complaint corporate called me and I told them it was corporates job to make sure they had a policy to have the people that have to make decisions covered when they are out of the office for any reason. I would not change my reward checking account or even my savings account and I even have a large Roth CD with them now after they matched one of Ken's rates he had on his site.
They even let me open a free checking account with my two children who each have a pack of checks so that when I gift them the first of the year, I let them know how much they can write a check to themselves. It took 7 weeks for the mail to get that check 1,000 miles one year and now it is no problem.
Not Available In California
The phone rep I spoke with was very friendly and helpful and gave a great first impression. However, that proved to be irrelevant for me, as they do not allow account holders in California for some reason. No, not just about the qualification options -- I can still sign up for the organization listed to qualify. But as as long as I live in CA, I can't have an account anyway.
Good Credit Union, But...
The upper limit for their Max Checking is a bit low ($15K); IMHO.
As others already stated, there are few means to get the fund into their checking; BillPay seems to be the only efficient way. They really should offer external ACH pull from/push to other FIs.
Data as of Q4 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 62514 |
| Year Chartered | 1933 |
| Employees | 1618 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.03% |
| Return on Equity - YTD | 9.68% |
| Annual Interest Income | $668.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2024vs Q4 2023 | $14.53B$13.37B |
| Loans | Q4 2024vs Q4 2023 | $12.07B$11.64B |
| Deposits | Q4 2024vs Q4 2023 | $12.35B$11.26B |
| Equity Capital | Q4 2024vs Q4 2023 | $1.54B$1.39B |
| Loan Loss Allowance | Q4 2024vs Q4 2023 | $95.2MM$87.8MM |
| Unbacked Noncurrent Loans | Q4 2024vs Q4 2023 | $40.9MM$27.6MM |
| Real Estate Owned | Q4 2024vs Q4 2023 | $19K$0 |
