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

Good Service, Love They Send Your Daily Balance To Your Email Daily On Each Account.

Posted by: |

I have been a customer for 13 years. I was getting 6 1/2 % on $25,000 for my reward checking until 2010 and they went down to 2% I think and I went to Lake Michigan. Was always disappointed in their CD rates. In Dec I sent a Roth to them to have it transferred to a higher rate at a different credit union waiting a few days for the rate to go up. I had to split it. They matched the rate I was going to get for the other half. They now are having some short term CD's over 5%. I gave them the site of deposit accounts and the manager said she would sure share it with corporate. I do have great service from them. I was just there yesterday to make a deposit of some cash and checks I had. I put them in my savings that pays I think 4% but I can't have any more interest this year because of the high interest rates that Ken finds for us and because of IRMAA and I try to convert some to a Roth each year without my Medicare premium going up 2 years from now. The customer service people on the phone are knowledgeable and very helpful with any needs you may have. I did live near their corporate office but now live about an hour away and they have always have had good customer service in the branch and on the phone. In fact even though I worked at a bank for 30 years I would tell people about Ken's site and also bring some of the older customers to this town to open an account if the institutions paid more interest. I always came to this town to shop and they have to spend the day with me as I got my errands and shopping done. If there is a problem you let corporate know about it and you will get a phone call. I had a hard time wiring a large amount in Dec. because everyone that could approve it was on vacation, had a personal day, in meetings or had a sick child and several other reasons. I stayed in line and the people were lined up to the door and I would not take a seat. I am hoping that the customers waiting made a phone call also or emailed. The people working even missed their lunch hour. That is corporates problem not the people working there. The person trying to help me were patient, trying to call offices out of state even to get permission for my wire. Corporate has changed their policy I heard yesterday when making my
deposit. I don't have to go in there often. After my complaint corporate called me and I told them it was corporates job to make sure they had a policy to have the people that have to make decisions covered when they are out of the office for any reason. I would not change my reward checking account or even my savings account and I even have a large Roth CD with them now after they matched one of Ken's rates he had on his site.
They even let me open a free checking account with my two children who each have a pack of checks so that when I gift them the first of the year, I let them know how much they can write a check to themselves. It took 7 weeks for the mail to get that check 1,000 miles one year and now it is no problem.

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. 

Beware LMCU

Posted by: |

This bank has extremely low quality communication and notification with their customers.
I learned today by letter from LMCU, that my checking account had been overdrawn for several months. This was certainly my mistake and yet I was under the impression I was carrying a low balance and my account was just inactive.
I looked in my email and found just one notification and that notification was several months after the account had been in overdrawn status.
Because of my mistake my credit has been damaged severely and it's my problem to fix that and so I say to you beware of Lake Michigan credit Union they do not have the same type of customer service that you would find at Chase or any full service Bank who would definitely email and call and ring every thing warning Bell they could find so that you could rectify the situation.



Health Grade Components

NCUA #62514
Year Chartered1933
Primary Regulator
Profit Margin
Return on Assets - YTD1.2%
Return on Equity - YTD11.5%
Annual Interest Income$155.5MM
Assets and Liabilities
AssetsQ1 2024vs Q1 2023$13.91B$12.36B
LoansQ1 2024vs Q1 2023$11.67B$10.52B
DepositsQ1 2024vs Q1 2023$11.77B$10.61B
Equity CapitalQ1 2024vs Q1 2023$1.42B$1.27B
Loan Loss AllowanceQ1 2024vs Q1 2023$88.3MM$67.6MM
Unbacked Noncurrent LoansQ1 2024vs Q1 2023$28MM$16.3MM
Real Estate OwnedQ1 2024vs Q1 2023$0$106K
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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%$0-Roth IRA Share
0.60%$0-SEP IRA Share
0.60%$0-Roth IRA VIP Share
0.60%$0-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% $0 - $5k
0.30%*$5k*-Business Health Saving Account
OTHER TIERS: 0.15% $0 - $5k
0.25%$0-Holiday Club
0.10%$100-Savings Account

Lake Michigan Credit Union Money Market Rates

4.05%*$1m*-Business Max Money Market
OTHER TIERS: 0.30% $2.5k - $10k | 0.40% $10k - $25k | 3.30% $25k - $100k | 4.00% $100k - $1m
4.05%*$1m*-Max Money Market
OTHER TIERS: 0.30% $2.5k - $10k | 0.40% $10k - $25k | 3.30% $25k - $100k | 4.00% $100k - $1m
0.60%$0-Coverdell ESA Money Market
0.60%$0-IRA Money Market Savings
0.60%$0-IRA Money Market Savings VIP Share

Lake Michigan Credit Union Checking Account Rates

4.00%$0-IOLTA Checking
3.00%$1$15kMax Checking Account - Qualifying
0.25%$0-Advantage 50 Checking
0.20%*$25k*-Investors Checking Account
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

5.05%$500-6 Month VIP CD Special
5.05%$500-6 Month VIP HSA CD Special
4.80%$500-6 Month CD Special
4.80%$500-6 Month HSA CD Special
4.25%$500-3 Month VIP CD
4.25%$500-5 Month VIP CD
4.25%$500-7 Month VIP CD
4.25%$500-8 Month VIP CD
4.25%$500-10 Month VIP CD
4.25%$500-11 Month VIP CD
4.25%$500-13 Month VIP CD
4.25%$500-17 Month VIP CD
4.25%$500-18 Month VIP CD
4.25%$500-14 Month VIP CD
4.25%$500-15 Month VIP CD
4.25%$500-3 Month VIP HSA CD
4.25%$500-5 Month VIP HSA CD
4.25%$500-7 Month VIP HSA CD
4.25%$500-8 Month VIP HSA CD
4.25%$500-10 Month VIP HSA CD
4.25%$500-11 Month VIP HSA CD
4.25%$500-13 Month VIP HSA CD
4.25%$500-15 Month VIP HSA CD
4.25%$500-17 Month VIP HSA CD
4.25%$500-18 Month VIP HSA CD
4.25%$500-9 Month VIP CD
4.25%$500-9 Month VIP HSA CD
4.25%$500-14 Month VIP HSA CD
4.25%$500-12 Month VIP CD
4.25%$500-12 Month VIP HSA CD
4.00%$500-3 Month CD
4.00%$500-5 Month CD
4.00%$500-7 Month CD
4.00%$500-8 Month CD
4.00%$500-10 Month CD
4.00%$500-11 Month CD
4.00%$500-13 Month CD
4.00%$500-17 Month CD
4.00%$500-18 Month CD
4.00%$500-12 Month CD
4.00%$500-14 Month CD
4.00%$500-15 Month CD
4.00%$500-3 Month HSA CD
4.00%$500-5 Month HSA CD
4.00%$500-7 Month HSA CD
4.00%$500-8 Month HSA CD
4.00%$500-10 Month HSA CD
4.00%$500-11 Month HSA CD
4.00%$500-13 Month HSA CD
4.00%$500-15 Month HSA CD
4.00%$500-17 Month HSA CD
4.00%$500-18 Month HSA CD
4.00%$500-9 Month CD
4.00%$500-9 Month HSA CD
4.00%$500-14 Month HSA CD
4.00%$500-12 Month HSA CD
3.75%$500-60 Month VIP CD
3.75%$500-60 Month VIP HSA CD
3.50%$500-25 Month VIP CD
3.50%$500-30 Month VIP CD
3.50%$500-36 Month VIP CD
3.50%$500-48 Month VIP CD
3.50%$500-24 Month VIP CD
3.50%$500-60 Month CD
3.50%$500-24 Month VIP HSA CD
3.50%$500-25 Month VIP HSA CD
3.50%$500-30 Month VIP HSA CD
3.50%$500-36 Month VIP HSA CD
3.50%$500-48 Month VIP HSA CD
3.50%$500-60 Month HSA CD
3.25%$500-25 Month CD
3.25%$500-30 Month CD
3.25%$500-36 Month CD
3.25%$500-48 Month CD
3.25%$500-24 Month CD
3.25%$500-24 Month HSA CD
3.25%$500-25 Month HSA CD
3.25%$500-30 Month HSA CD
3.25%$500-36 Month HSA CD
3.25%$500-48 Month HSA CD

Lake Michigan Credit Union IRA Rates

5.05%$500-6 Month VIP IRA CD Special
4.80%$500-6 Month IRA CD Special
4.25%$500-10 Month VIP IRA CD
4.25%$500-11 Month VIP IRA CD
4.25%$500-13 Month VIP IRA CD
4.25%$500-17 Month VIP IRA CD
4.25%$500-18 Month VIP IRA CD
4.25%$500-3 Month VIP IRA CD
4.25%$500-5 Month VIP IRA CD
4.25%$500-7 Month VIP IRA CD
4.25%$500-8 Month VIP IRA CD
4.25%$500-12 Month VIP IRA CD
4.25%$500-14 Month VIP IRA CD
4.25%$500-15 Month VIP IRA CD
4.25%$500-9 Month VIP IRA CD
4.00%$500-3 Month IRA CD
4.00%$500-5 Month IRA CD
4.00%$500-7 Month IRA CD
4.00%$500-8 Month IRA CD
4.00%$500-10 Month IRA CD
4.00%$500-11 Month IRA CD
4.00%$500-13 Month IRA CD
4.00%$500-17 Month IRA CD
4.00%$500-18 Month IRA CD
4.00%$500-14 Month IRA CD
4.00%$500-15 Month IRA CD
4.00%$500-12 Month IRA CD
4.00%$500-9 Month IRA CD
3.75%$500-60 Month VIP IRA CD
3.50%$500-25 Month VIP IRA CD
3.50%$500-30 Month VIP IRA CD
3.50%$500-36 Month VIP IRA CD
3.50%$500-48 Month VIP IRA CD
3.50%$500-24 Month VIP IRA CD
3.50%$500-60 Month IRA CD
3.25%$500-25 Month IRA CD
3.25%$500-30 Month IRA CD
3.25%$500-36 Month IRA CD
3.25%$500-48 Month IRA CD
3.25%$500-24 Month IRA CD


Grand Rapids Area

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