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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 anyone who lives, works, attends school, or worships in the state of Michigan.
See current membership details

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Lake Michigan Credit Union

For those that are wondering whether or not joining a credit union is a good idea, I can promise you that you will not regret it. Lake Michigan Credit Union is great toward its customers. They provide great customer service by being open on weekends and later into the night. In addition their max checking is the best interest rate that you will get anywhere. The banks that I was at previously only were giving me 15 cents a month as an interest payment. At LMCU I am earning more than 30 dollars a month in interest. This is because with banks, they are trying to make the most money they can. With Lake Michigan Credit Union, you are a member that is cared for. That's why I would highly recommend switching to Lake Michigan Credit Union. Because being a member in the institution helps with how you feel about the institution.

Reasons to bank local

Switching to a credit union has been the best financial decision of my life. Not only do they not charge a lot of fees, the interest they pay is much higher than you would be able to get at a bank. I personally make more than 200 dollars a year from interest on my checking account. furthermore, because you are a "member" of the credit union they work to help you make smart financial decisions when it comes to buying a house or finding the best financial decisions. They also offer scholarships to members for continued studies. In addition to this, they do not have inflated fees because it is not there to make millions of dollars like a national bank. I would highly recommend switching to a credit union in general. I will most likely never go back to keeping my money with a bank. I trust the people and the intentions of the people that work for LMCU.

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.

Horrible Customer Service

I initially came to LMCU for their 2% HSA. Shortly after I made my contribution, they changed the rate to 1%. I attempted to get my funds out, but it has turned into an absolute nightmare.

I submitted their HSA rollover form (to move to HSA Bank). A month later, they snail mailed the form back to me, saying that they require a "letter of acceptance" from HSA Bank. They don't do this, so I instead switched to closing my HSA, and requesting a check. I submitted the form, and 5 weeks later, I still don't have a check. LMCU has said 3 times that it was mailed to my home address.

In order for them to send me a new check to fix their mistake, I have to send them a notarized form. NOTARIZED. To fix THEIR mistake. So, now, I'm spending even more time and money to rectify this. This is still ongoing, as I am going to find a notary today, and hopefully LMCU doesn't fudge up the mailing of my second check.

I wouldn't recommend LMCU.



Health Grade Components

NCUA #62514
Year Chartered1933
Primary Regulator
Profit Margin
Return on Assets - YTD1.55%
Return on Equity - YTD12.65%
Annual Interest Income$161.2MM
Assets and Liabilities
AssetsQ4 2017vs Q4 2016$5.22B$4.82B
LoansQ4 2017vs Q4 2016$3.97B$3.38B
DepositsQ4 2017vs Q4 2016$4.14B$3.78B
Equity CapitalQ4 2017vs Q4 2016$634.3MM$554.3MM
Loan Loss AllowanceQ4 2017vs Q4 2016$3.5MM$3.7MM
Unbacked Noncurrent LoansQ4 2017vs Q4 2016$4.5MM$3.4MM
Real Estate OwnedQ4 2017vs Q4 2016$288.00K$815.00K

Rates for Lake Michigan Credit Union are currently being reviewed.