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
Lake Michigan Credit Union is open to anyone through contributing $5 to the ALS Foundation. Membership is also 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
Related Posts
2/9 - Lake Michigan CU (Easy Membership) Raises Rate On 18-month CD
1/29 - Lake Michigan Credit Union 12-Mo CD 1.4%APY Other Terms Available
2/15/13 - Convicted Fraudster Suing Credit Union He Ripped Off
5/14/12 - Updated Review of Lake Michigan Credit Union's Max Checking
5/11/11 - Opening A Rewards Checking Account With LMCU
6/14/09 - Reward Checking Account at a West Michigan CU (Lake Michigan)
10/9/08 - 4.50% 17-Month / 4.80% 25-Month CD at Lake Michigan Credit Union
1/1/07 - 6.00% 10-Month CD at a Michigan CU (Lake Michigan)
Reward Checking
After reviewing other banks with reward checking, Like Michigan is hands down the best I've reviewed. I plan to max out the checking with the maximum $15K. Joining was pretty easy compared to other banks and credit union I've dealt with.
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.
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.
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
| Overall | |
|---|---|
| NCUA # | 62514 |
| Year Chartered | 1933 |
| Employees | 1266 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 2.17% |
| Return on Equity - YTD | 16.58% |
| Annual Interest Income | $248.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2019vs Q4 2018 | $6.86B$6.06B |
| Loans | Q4 2019vs Q4 2018 | $5.14B$4.95B |
| Deposits | Q4 2019vs Q4 2018 | $5.57B$4.85B |
| Equity Capital | Q4 2019vs Q4 2018 | $878.4MM$731.0MM |
| Loan Loss Allowance | Q4 2019vs Q4 2018 | $6.8MM$5.0MM |
| Unbacked Noncurrent Loans | Q4 2019vs Q4 2018 | $7.2MM$5.0MM |
| Real Estate Owned | Q4 2019vs Q4 2018 | $295.00K$873.00K |
