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

LMCU is open to anyone through contributing $5 to the ALS Foundation. Membership is also open to the following: (1) those who reside, worship, or work in the Lower Peninsula in Michigan, (2) residents or worshipers in Charlotte, Collier, Desoto, Glades, Hardee, Hendry, Highlands, Hillsborough, Lee, Manatee, Monroe, Palm Beach, Polk, or Sarasota counties in Florida, or (4) family members of current credit union members (membership requirements are listed in the credit union's online application)
See current membership details

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Reward Checking

Posted by: bma737 | Aug 12, 2018

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

NCUA #62514
Year Chartered1933
Primary Regulator
Profit Margin
Return on Assets - YTD2.28%
Return on Equity - YTD17.67%
Annual Interest Income$185.5MM
Assets and Liabilities
AssetsQ3 2019vs Q3 2018$6.58B$5.97B
LoansQ3 2019vs Q3 2018$5.11B$4.86B
DepositsQ3 2019vs Q3 2018$5.28B$4.75B
Equity CapitalQ3 2019vs Q3 2018$846.1MM$703.8MM
Loan Loss AllowanceQ3 2019vs Q3 2018$6.7MM$4.9MM
Unbacked Noncurrent LoansQ3 2019vs Q3 2018$6.7MM$4.7MM
Real Estate OwnedQ3 2019vs Q3 2018$336.00K$944.00K
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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

2.00%*$250k*-Max Savings
OTHER TIERS: 0.25% $100 - $100k | 1.00% $100k - $250k
1.00%*$5k*-Health Savings Account (HSA)
OTHER TIERS: 0.50% Up to $5k
1.00%*$1$1kKids Club Savings
OTHER TIERS: 0.25% $1k+
1.00%*$1$1kTeen Club Savings
OTHER TIERS: 0.25% $1k+
1.00%*$5k*-Business Health Saving Account
OTHER TIERS: 0.50% Up to $5k
0.80%--Roth IRA Share
0.80%--SEP IRA Share
0.80%--Roth IRA VIP Share
0.80%--SEP IRA VIP Share
0.25%$100-Savings Account
0.25%--Holiday Club

Lake Michigan Credit Union Money Market Rates

0.80%--Coverdell ESA Money Market
0.80%--IRA Money Market Savings
0.80%--IRA Money Market Savings VIP Share
0.50%*$100k*-Money Market
OTHER TIERS: 0.25% $2.5k - $10k | 0.30% $10k - $25k | 0.35% $25k - $50k | 0.40% $50k - $100k
0.50%*$100k*-Business Money Market
OTHER TIERS: 0.25% $2.5k - $10k | 0.30% $10k - $25k | 0.35% $25k - $50k | 0.40% $50k - $100k

Lake Michigan Credit Union Checking Account Rates

3.00%$1$15kMax Checking Account - Qualifying
0.50%*$100k*-Business Plus Checking Account
OTHER TIERS: 0.25% $2.5k - $10k | 0.30% $10k - $25k | 0.35% $25k - $100k
0.35%*$25k*-Investors Checking Account
OTHER TIERS: 0.25% $2.5k - $25k
0.35%*$25k*-IOLTA Checking
OTHER TIERS: 0.25% $2.5k - $25k
0.25%--Advantage 50 Checking

Lake Michigan Credit Union CD Rates

2.10%$500-12 Month VIP CD Special
2.10%$500-12 Month VIP HSA CD Special
2.05%$500-60 Month VIP CD
2.05%$500-60 Month VIP HSA CD
1.90%$500-6 Month VIP CD Special
1.90%$500-6 Month VIP HSA CD Special
1.85%$500-12 Month CD Special
1.85%$500-12 Month HSA CD Special
1.80%$500-60 Month CD
1.80%$500-60 Month HSA CD
1.65%$500-6 Month CD Special
1.65%$500-6 Month HSA CD Special
1.55%$500-48 Month VIP CD
1.55%$500-48 Month VIP HSA CD
1.30%$500-48 Month CD
1.30%$500-36 Month VIP CD
1.30%$500-36 Month VIP HSA CD
1.30%$500-48 Month HSA CD
1.05%$500-36 Month CD
1.05%$500-30 Month VIP CD
1.05%$500-30 Month VIP HSA CD
1.05%$500-36 Month HSA CD
0.80%$500-30 Month CD
0.80%$500-30 Month HSA CD
0.75%$500-25 Month VIP CD
0.75%$500-24 Month VIP CD
0.75%$500-24 Month VIP HSA CD
0.75%$500-25 Month VIP HSA CD
0.50%$500-25 Month CD
0.50%$500-17 Month VIP CD
0.50%$500-18 Month VIP CD
0.50%$500-24 Month CD
0.50%$500-17 Month VIP HSA CD
0.50%$500-24 Month HSA CD
0.50%$500-25 Month HSA CD
0.50%$500-18 Month VIP HSA CD
0.40%$500-14 Month VIP CD
0.40%$500-15 Month VIP CD
0.40%$500-15 Month VIP HSA CD
0.40%$500-14 Month VIP HSA CD
0.30%$500-3 Month VIP CD
0.30%$500-5 Month VIP CD
0.30%$500-7 Month VIP CD
0.30%$500-8 Month VIP CD
0.30%$500-10 Month VIP CD
0.30%$500-11 Month VIP CD
0.30%$500-13 Month VIP CD
0.30%$500-3 Month VIP HSA CD
0.30%$500-5 Month VIP HSA CD
0.30%$500-7 Month VIP HSA CD
0.30%$500-8 Month VIP HSA CD
0.30%$500-10 Month VIP HSA CD
0.30%$500-11 Month VIP HSA CD
0.30%$500-13 Month VIP HSA CD
0.30%$500-9 Month VIP CD
0.30%$500-9 Month VIP HSA CD
0.25%$500-17 Month CD
0.25%$500-18 Month CD
0.25%$500-17 Month HSA CD
0.25%$500-18 Month HSA CD
0.15%$500-14 Month CD
0.15%$500-15 Month CD
0.15%$500-15 Month HSA CD
0.15%$500-14 Month HSA CD
0.05%$500-3 Month CD
0.05%$500-5 Month CD
0.05%$500-7 Month CD
0.05%$500-8 Month CD
0.05%$500-10 Month CD
0.05%$500-11 Month CD
0.05%$500-13 Month CD
0.05%$500-3 Month HSA CD
0.05%$500-5 Month HSA CD
0.05%$500-7 Month HSA CD
0.05%$500-8 Month HSA CD
0.05%$500-10 Month HSA CD
0.05%$500-11 Month HSA CD
0.05%$500-13 Month HSA CD
0.05%$500-9 Month CD
0.05%$500-9 Month HSA CD

Lake Michigan Credit Union IRA Rates

2.10%$500-12 Month VIP IRA CD Special
2.05%$500-60 Month VIP IRA CD
1.90%$500-6 Month VIP IRA CD Special
1.85%$500-12 Month IRA CD Special
1.80%$500-60 Month IRA CD
1.65%$500-6 Month IRA CD Special
1.55%$500-48 Month VIP IRA CD
1.30%$500-36 Month VIP IRA CD
1.30%$500-48 Month IRA CD
1.05%$500-30 Month VIP IRA CD
1.05%$500-36 Month IRA CD
0.80%$500-30 Month IRA CD
0.75%$500-25 Month VIP IRA CD
0.75%$500-24 Month VIP IRA CD
0.50%$500-17 Month VIP IRA CD
0.50%$500-25 Month IRA CD
0.50%$500-24 Month IRA CD
0.50%$500-18 Month VIP IRA CD
0.40%$500-14 Month VIP IRA CD
0.40%$500-15 Month VIP IRA CD
0.30%$500-10 Month VIP IRA CD
0.30%$500-11 Month VIP IRA CD
0.30%$500-13 Month VIP IRA CD
0.30%$500-3 Month VIP IRA CD
0.30%$500-5 Month VIP IRA CD
0.30%$500-7 Month VIP IRA CD
0.30%$500-8 Month VIP IRA CD
0.30%$500-9 Month VIP IRA CD
0.25%$500-17 Month IRA CD
0.25%$500-18 Month IRA CD
0.15%$500-14 Month IRA CD
0.15%$500-15 Month IRA CD
0.05%$500-3 Month IRA CD
0.05%$500-5 Month IRA CD
0.05%$500-7 Month IRA CD
0.05%$500-8 Month IRA CD
0.05%$500-10 Month IRA CD
0.05%$500-11 Month IRA CD
0.05%$500-13 Month IRA CD
0.05%$500-9 Month IRA CD


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