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

Excellent Service And Rates

Posted by: |

I have been with this bank for over 15 years and it has been my best experience in banking.  I don't live near the bank anymore but I still bank with them.  Direct deposit and online banking make it easy.  They pay the interest every month I have not had any major problems banking here.  I would recommend them to anyone.

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.

I Was With Them For Years But Recently Closed My Account

Posted by: |

There was something going on at mint and for 7-8 accounts I had to click on something and log into the bank or credit unions account to update

Except LMCU would not update without me reentering my password
I don't know my password as it's in my browser

Change my password, easy enough, right? WRONG

They make it very very difficult so I said SCREW IT

I will just close the account if I can't update at mint without a new long convoluted password

My password at my broker for probably 20 years was 4 digits
Then a year or so ago they made me change it to 6
It does NOT have to include capital letters and symbols and all that crap and I have decided I just don't need banks or credit unions that insist on that crap
So screw it- I tried to close my account which had $5.01 in it
Easy right? NO
Went thru 3 reps who all insisted they needed something IN WRITING that I had to send them
I don't use a smart phone or a printer and I don't have stamps
So I got fed up & filed a BBB complaint- a 4th rep called and said she was sending a check
The BBB complaint sent me an email that lmcu had responded but for privacy reasons I was not allowed to see their response
And they wanted me to click yes or not it was resolved???
The response to my complaint is SO SECRET that I can't see it

And the BBB has the gall to ask me if my complaint has been resolved

I guess I am just at the age where when in doubt close the damn account rather than wait years for a product that I will use

Mint is like a safety net- if there is an issue mint alerts me- like I had a fraudulent overdraft at one cu
And I would not have known if mint hadn't told me
At least on a timely basis

When I was young I had $25 or $50 in a s&l that I heard was closing
So I went down to get my money

They said there was no money- they added fees and took it below zero and they said i owed them

I raised cane and got my money but months later I found out I was on chexsystems and when I tried to open an account at a local bank she could not do it because of that
But I could come in the next day and the manager might do it
He asked what happened and I told him
(They never notified me of any fees or the ChexSystems and back then there was no way to dispute it)

So I don't want something like that to happen again which is why I want all my accounts on mint

Except penfed and I should probably close it too

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 - YTD1.43%
Return on Equity - YTD13.53%
Annual Interest Income$364.5MM
Assets and Liabilities
AssetsQ4 2022vs Q4 2021$11.91B$11.67B
LoansQ4 2022vs Q4 2021$9.98B$7.66B
DepositsQ4 2022vs Q4 2021$10.31B$10.14B
Equity CapitalQ4 2022vs Q4 2021$1.25B$1.19B
Loan Loss AllowanceQ4 2022vs Q4 2021$22.3MM$16.5MM
Unbacked Noncurrent LoansQ4 2022vs Q4 2021$14.5MM$10.8MM
Real Estate OwnedQ4 2022vs Q4 2021$0$0
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* 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

2.25%*$1m*-Max Savings
OTHER TIERS: 0.10% $100 - $100k | 1.00% $100k - $250k | 1.25% $250k - $500k | 1.50% $500k - $1m
0.60%--Roth IRA Share
0.60%--SEP IRA Share
0.60%--Roth IRA VIP Share
0.60%--SEP IRA VIP Share
0.35%*$1$1kKids Club Savings
OTHER TIERS: 0.10% $1k+
0.35%*$1k*-Teen Club Savings
OTHER TIERS: 0.10% $1 - $1k
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

1.00%*$100k*-Money Market
OTHER TIERS: 0.30% $2.5k - $10k | 0.40% $10k - $25k | 0.75% $25k - $100k
1.00%*$100k*-Business Money Market
OTHER TIERS: 0.30% $2.5k - $10k | 0.40% $10k - $25k | 0.75% $25k - $100k
0.60%--Coverdell ESA Money Market
0.60%--IRA Money Market Savings
0.60%--IRA Money Market Savings VIP Share

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: 0.15% $2.5k - $25k
0.20%*$25k*-IOLTA Checking
OTHER TIERS: 0.15% $2.5k - $25k
0.20%*$100k*-Business Interest Checking Account
OTHER TIERS: 0.10% $2.5k - $25k | 0.15% $25k - $100k

Lake Michigan Credit Union CD Rates

4.50%$500-12 Month VIP CD Special
4.50%$500-12 Month VIP HSA CD Special
4.25%$500-12 Month CD Special
4.25%$500-12 Month HSA CD Special
4.10%$500-6 Month VIP CD Special
4.10%$500-6 Month VIP HSA CD Special
3.85%$500-6 Month CD Special
3.85%$500-6 Month HSA CD Special
3.25%$500-60 Month VIP CD Special
3.25%$500-60 Month VIP HSA CD Special
3.00%$500-60 Month CD Special
3.00%$500-60 Month HSA CD Special
2.25%$500-48 Month VIP CD
2.25%$500-48 Month VIP HSA CD
2.00%$500-48 Month CD
2.00%$500-36 Month VIP CD
2.00%$500-36 Month VIP HSA CD
2.00%$500-48 Month HSA CD
1.85%$500-30 Month VIP CD
1.85%$500-30 Month VIP HSA CD
1.75%$500-36 Month CD
1.75%$500-25 Month VIP CD
1.75%$500-24 Month VIP CD
1.75%$500-24 Month VIP HSA CD
1.75%$500-25 Month VIP HSA CD
1.75%$500-36 Month HSA CD
1.60%$500-30 Month CD
1.60%$500-30 Month HSA CD
1.50%$500-25 Month CD
1.50%$500-24 Month CD
1.50%$500-24 Month HSA CD
1.50%$500-25 Month HSA CD
1.05%$500-17 Month VIP CD
1.05%$500-18 Month VIP CD
1.05%$500-17 Month VIP HSA CD
1.05%$500-18 Month VIP HSA CD
0.95%$500-13 Month VIP CD
0.95%$500-14 Month VIP CD
0.95%$500-15 Month VIP CD
0.95%$500-13 Month VIP HSA CD
0.95%$500-15 Month VIP HSA CD
0.95%$500-14 Month VIP HSA CD
0.80%$500-17 Month CD
0.80%$500-18 Month CD
0.80%$500-17 Month HSA CD
0.80%$500-18 Month HSA CD
0.70%$500-13 Month CD
0.70%$500-14 Month CD
0.70%$500-15 Month CD
0.70%$500-13 Month HSA CD
0.70%$500-15 Month HSA CD
0.70%$500-14 Month HSA CD
0.65%$500-3 Month VIP CD
0.65%$500-5 Month VIP CD
0.65%$500-7 Month VIP CD
0.65%$500-8 Month VIP CD
0.65%$500-10 Month VIP CD
0.65%$500-11 Month VIP CD
0.65%$500-3 Month VIP HSA CD
0.65%$500-5 Month VIP HSA CD
0.65%$500-7 Month VIP HSA CD
0.65%$500-8 Month VIP HSA CD
0.65%$500-10 Month VIP HSA CD
0.65%$500-11 Month VIP HSA CD
0.65%$500-9 Month VIP CD
0.65%$500-9 Month VIP HSA CD
0.40%$500-3 Month CD
0.40%$500-5 Month CD
0.40%$500-7 Month CD
0.40%$500-8 Month CD
0.40%$500-10 Month CD
0.40%$500-11 Month CD
0.40%$500-3 Month HSA CD
0.40%$500-5 Month HSA CD
0.40%$500-7 Month HSA CD
0.40%$500-8 Month HSA CD
0.40%$500-10 Month HSA CD
0.40%$500-11 Month HSA CD
0.40%$500-9 Month CD
0.40%$500-9 Month HSA CD

Lake Michigan Credit Union IRA Rates

4.50%$500-12 Month VIP IRA CD Special
4.25%$500-12 Month IRA CD Special
4.10%$500-6 Month VIP IRA CD Special
3.85%$500-6 Month IRA CD Special
3.25%$500-60 Month VIP IRA CD Special
3.00%$500-60 Month IRA CD Special
2.25%$500-48 Month VIP IRA CD
2.00%$500-36 Month VIP IRA CD
2.00%$500-48 Month IRA CD
1.85%$500-30 Month VIP IRA CD
1.75%$500-25 Month VIP IRA CD
1.75%$500-36 Month IRA CD
1.75%$500-24 Month VIP IRA CD
1.60%$500-30 Month IRA CD
1.50%$500-25 Month IRA CD
1.50%$500-24 Month IRA CD
1.05%$500-17 Month VIP IRA CD
1.05%$500-18 Month VIP IRA CD
0.95%$500-13 Month VIP IRA CD
0.95%$500-14 Month VIP IRA CD
0.95%$500-15 Month VIP IRA CD
0.80%$500-17 Month IRA CD
0.80%$500-18 Month IRA CD
0.70%$500-13 Month IRA CD
0.70%$500-14 Month IRA CD
0.70%$500-15 Month IRA CD
0.65%$500-10 Month VIP IRA CD
0.65%$500-11 Month VIP IRA CD
0.65%$500-3 Month VIP IRA CD
0.65%$500-5 Month VIP IRA CD
0.65%$500-7 Month VIP IRA CD
0.65%$500-8 Month VIP IRA CD
0.65%$500-9 Month VIP IRA CD
0.40%$500-3 Month IRA CD
0.40%$500-5 Month IRA CD
0.40%$500-7 Month IRA CD
0.40%$500-8 Month IRA CD
0.40%$500-10 Month IRA CD
0.40%$500-11 Month IRA CD
0.40%$500-9 Month IRA CD


Ft. Myers Area

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