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

Reward Checking

Posted by: |

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.

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...

Posted by: |

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.

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 - YTD1.42%
Return on Equity - YTD13.01%
Annual Interest Income$197.4MM
Assets and Liabilities
AssetsQ3 2021vs Q3 2020$10.67B$8.74B
LoansQ3 2021vs Q3 2020$6.97B$6.16B
DepositsQ3 2021vs Q3 2020$9.15B$7.33B
Equity CapitalQ3 2021vs Q3 2020$1.15B$1.01B
Loan Loss AllowanceQ3 2021vs Q3 2020$15.4MM$9.8MM
Unbacked Noncurrent LoansQ3 2021vs Q3 2020$10.7MM$6.5MM
Real Estate OwnedQ3 2021vs Q3 2020$0$290.00K
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Always verify rates and promotions with the bank or credit union. We are not Lake Michigan Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* 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

0.65%*$250k*-Max Savings
OTHER TIERS: 0.10% $100 - $100k | 0.50% $100k - $250k
0.35%*$1$1kKids Club Savings
OTHER TIERS: 0.10% $1k+
0.35%*$1$1kTeen Club Savings
OTHER TIERS: 0.10% $1k+
0.35%--Roth IRA Share
0.35%--SEP IRA Share
0.35%--Roth IRA VIP Share
0.35%--SEP IRA VIP Share
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

0.35%--Coverdell ESA Money Market
0.35%--IRA Money Market Savings
0.35%*$100k*-Money Market
OTHER TIERS: 0.20% $2.5k - $25k | 0.25% $25k - $50k | 0.30% $50k - $100k
0.35%--IRA Money Market Savings VIP Share
0.35%*$100k*-Business Money Market
OTHER TIERS: 0.20% $2.5k - $25k | 0.25% $25k - $50k | 0.30% $50k - $100k

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: 0.00% $2.5k - $5k | 0.15% $5k - $25k
0.20%*$25k*$500kBusiness Plus Checking Account
OTHER TIERS: 0.10% $2.5k - $10k | 0.15% $10k+
0.20%*$5k*$25kIOLTA Checking
OTHER TIERS: 0.00% $25k+ | 0.15% $2.5k - $5k

Lake Michigan Credit Union CD Rates

1.10%$500-60 Month VIP CD
1.10%$500-60 Month VIP HSA CD
1.05%$500-48 Month VIP CD
1.05%$500-48 Month VIP HSA CD
0.90%$500-36 Month VIP CD
0.90%$500-36 Month VIP HSA CD
0.85%$500-60 Month CD
0.85%$500-60 Month HSA CD
0.80%$500-48 Month CD
0.80%$500-30 Month VIP CD
0.80%$500-30 Month VIP HSA CD
0.80%$500-48 Month HSA CD
0.65%$500-36 Month CD
0.65%$500-25 Month VIP CD
0.65%$500-24 Month VIP CD
0.65%$500-24 Month VIP HSA CD
0.65%$500-25 Month VIP HSA CD
0.65%$500-36 Month HSA CD
0.60%$500-17 Month VIP CD
0.60%$500-18 Month VIP CD
0.60%$500-17 Month VIP HSA CD
0.60%$500-18 Month VIP HSA CD
0.55%$500-30 Month CD
0.55%$500-13 Month VIP CD
0.55%$500-12 Month VIP CD
0.55%$500-14 Month VIP CD
0.55%$500-15 Month VIP CD
0.55%$500-13 Month VIP HSA CD
0.55%$500-15 Month VIP HSA CD
0.55%$500-30 Month HSA CD
0.55%$500-12 Month VIP HSA CD
0.55%$500-14 Month VIP HSA CD
0.40%$500-25 Month CD
0.40%$500-3 Month VIP CD
0.40%$500-5 Month VIP CD
0.40%$500-6 Month VIP CD
0.40%$500-7 Month VIP CD
0.40%$500-8 Month VIP CD
0.40%$500-10 Month VIP CD
0.40%$500-11 Month VIP CD
0.40%$500-24 Month CD
0.40%$500-3 Month VIP HSA CD
0.40%$500-5 Month VIP HSA CD
0.40%$500-6 Month VIP HSA CD
0.40%$500-7 Month VIP HSA CD
0.40%$500-8 Month VIP HSA CD
0.40%$500-10 Month VIP HSA CD
0.40%$500-11 Month VIP HSA CD
0.40%$500-24 Month HSA CD
0.40%$500-25 Month HSA CD
0.40%$500-9 Month VIP CD
0.40%$500-9 Month VIP HSA CD
0.35%$500-17 Month CD
0.35%$500-18 Month CD
0.35%$500-17 Month HSA CD
0.35%$500-18 Month HSA CD
0.30%$500-13 Month CD
0.30%$500-12 Month CD
0.30%$500-14 Month CD
0.30%$500-15 Month CD
0.30%$500-13 Month HSA CD
0.30%$500-15 Month HSA CD
0.30%$500-12 Month HSA CD
0.30%$500-14 Month HSA CD
0.15%$500-3 Month CD
0.15%$500-5 Month CD
0.15%$500-6 Month CD
0.15%$500-7 Month CD
0.15%$500-8 Month CD
0.15%$500-10 Month CD
0.15%$500-11 Month CD
0.15%$500-3 Month HSA CD
0.15%$500-5 Month HSA CD
0.15%$500-6 Month HSA CD
0.15%$500-7 Month HSA CD
0.15%$500-8 Month HSA CD
0.15%$500-10 Month HSA CD
0.15%$500-11 Month HSA CD
0.15%$500-9 Month CD
0.15%$500-9 Month HSA CD

Lake Michigan Credit Union IRA Rates

1.10%$500-60 Month VIP IRA CD
1.05%$500-48 Month VIP IRA CD
0.90%$500-36 Month VIP IRA CD
0.85%$500-60 Month IRA CD
0.80%$500-30 Month VIP IRA CD
0.80%$500-48 Month IRA CD
0.65%$500-25 Month VIP IRA CD
0.65%$500-36 Month IRA CD
0.65%$500-24 Month VIP IRA CD
0.60%$500-17 Month VIP IRA CD
0.60%$500-18 Month VIP IRA CD
0.55%$500-13 Month VIP IRA CD
0.55%$500-30 Month IRA CD
0.55%$500-12 Month VIP IRA CD
0.55%$500-14 Month VIP IRA CD
0.55%$500-15 Month VIP IRA CD
0.40%$500-10 Month VIP IRA CD
0.40%$500-11 Month VIP IRA CD
0.40%$500-3 Month VIP IRA CD
0.40%$500-5 Month VIP IRA CD
0.40%$500-7 Month VIP IRA CD
0.40%$500-8 Month VIP IRA CD
0.40%$500-6 Month VIP IRA CD
0.40%$500-25 Month IRA CD
0.40%$500-24 Month IRA CD
0.40%$500-9 Month VIP IRA CD
0.35%$500-17 Month IRA CD
0.35%$500-18 Month IRA CD
0.30%$500-13 Month IRA CD
0.30%$500-14 Month IRA CD
0.30%$500-15 Month IRA CD
0.30%$500-12 Month IRA CD
0.15%$500-6 Month IRA CD
0.15%$500-3 Month IRA CD
0.15%$500-5 Month IRA CD
0.15%$500-7 Month IRA CD
0.15%$500-8 Month IRA CD
0.15%$500-10 Month IRA CD
0.15%$500-11 Month IRA CD
0.15%$500-9 Month IRA CD


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