Lake Michigan Credit Union Waives Requirements On Max Checking


Deal Summary: Max Checking, 3.00% APY on qualifying balances up to $15k, but qualifying requirements are waived for March and April.

Availability: Easy membership requirement

In an effort to help its members during the COVID-19 pandemic, Lake Michigan Credit Union (LMCU) is extending special loan offers and changing normal policies, including waiving the monthly qualifying requirements for the Max Checking Account.

Max Checking requirement waived. Typically, Max Checking account holders must use their debit or credit card at least ten times in a given month to qualify for the 3.00% interest rate. Under normal circumstances, most of us do this in the first week, but these aren’t normal circumstances, so we’ll waive this requirement for March and April.

The Max Checking account currently earns 3.00% APY on qualifying balances up to $15k, with qualifying balances over $15k and non-qualifying balances not earning any interest. This account has a long history. I first reviewed the account in 2007. The 3.00% APY on qualifying balances up to $15k has held since 2011. That's a promising sign that the current rate and balance cap will be able to last through this new ultra-low rate period.

The Max Checking account has no monthly fee or minimum opening deposit requirement. Nationwide ATM fees will be reimbursed up to $10 per month, if qualifying requirements are met (not applicable for March and April). LMCU is a member of the Allpoint ATM network, giving members access to more than 55,000 ATMs worldwide.

Starting in May, the following monthly qualifying requirements will be in effect:

  • Direct deposit into any LMCU account.
  • At least 10 debit card purchases per month.
  • Minimum 4 logins to home banking each month.
  • Sign up to receive eStatement and eNotices.

Thanks to DA reader, Carpline, for the Forum post about LMCU’s announcement.


Headquartered in Grand Rapids, Michigan, Lake Michigan Credit Union’s field of membership (FOM) provides a way to join for almost any US citizen/resident.

Easy Membership: A donation ($5 minimum) to the Amyotrophic Lateral Sclerosis (ALS) Association, West Michigan Chapter, qualifies for membership eligibility. (The donation process is included in LMCU’s online application.)

Residency: Individuals who live, work, or worship anywhere in Michigan’s Lower Peninsula or anywhere in Florida are eligible to join.

Relationship: Immediate family members (defined as spouse, parent, child, sibling, or grandparent) of current LMCU members are eligible for membership regardless of where they live.

Joining Lake Michigan Credit Union and/or opening a Max Checking account can be done online, or at any of 46 Michigan branches located in Allendale, Bryon Center (2), Caledonia, Comstock Park, Farmington Hills, Grand Haven, Grand Rapids (16), Holland (2), Hudsonville, Jenison, Kalamazoo (3), Kentwood, Livonia, Lowell, Muskegon, Portage, Ravenna, Rochester Hills, Rockford, Saginaw, Schoolcraft, Traverse City, Troy, White Lake, and Wyoming (2). LMCU also has nine branches in Florida, located in Bonita Springs, Estero, Fort Myers (2), Naples (3), Port Charlotte, and Sun City Center.

All LMCU branches are remaining open, with the staff “sanitizing everything from the door handles to the pens as often as possible.”

It’s just $5.00 to open a Member Savings account, and if you maintain a
$300 daily balance there are no monthly fees ($5.00/month if you don’t).

Credit Union Overview

Lake Michigan Credit Union has an overall health grade of "A+" at, with a Texas Ratio of 0.83% (excellent) based on September 30, 2019 data. In the past year, LMCU has increased its total non-brokered deposits by $534.1 million, an excellent annual growth rate of 11.26%. Please refer to our financial overview of Lake Michigan Credit Union (NCUA Charter # 62514) for more details.

Lake Michigan Credit Union was originally founded in 1933 as the Grand Rapids Teachers Credit Union, when 13 teachers pooled their resources for the initial deposit. For more than 25 years, the Credit Union operated out of the home of founding member, Lloyd F. Hutt. The Lake Michigan Credit Union name and logo were adopted in 2002, following 30 years of mergers, consolidations, and expansion. LMCU is currently the largest credit union headquartered in Michigan, with more than 376,000 members and assets in excess of $6.5 billion.

How the Max Checking Compares

When compared to the High Yield Rewards Checking Accounts tracked by that are available nationwide and have maximum qualifying balances of at least $15k, Lake Michigan Credit Union’s Max Checking APY currently ranks third.

The above rates are accurate as of 3/20/2020.

To look for the best Reward Checking Account rates, both nationwide and state specific, please refer to our High Yield Reward Checking Account Rates Table page.

Related Pages: Detroit checking accounts, Flint checking accounts, Tampa checking accounts, Traverse City checking accounts, Grand Rapids checking accounts, Ft. Myers checking accounts, reward checking accounts, nationwide deals

  |     |   Comment #1
Good gesture, hope that other RCAs follow the good deed.
  |     |   Comment #2
I also received an email yesterday telling me they have given me credit limit increase on my Max credit card.
"Dear LMCU Member,

In response to the COVID-19 (Coronavirus) pandemic, we’ve automatically increased your credit card limit by an additional $500. You’ll have immediate access to these funds should you need them."

Not something I needed or hopefully will ever need to use, but maybe a good thing for some of their members. This is assuming they did it across the board for everyone.
  |     |   Comment #3
For LMCU to reduce their 3% Max Checking rate would truly mean the financial world is collapsing. One could wish the balance cap was a bit (or a lot) higher, but if you're using RCA's for liquid funds this should be the foundation, - as Ken indicates, an immovable rock for almost a decade. In my case meeting the requirements has become ritualized to the point of no-thinking, so I'll be continuing my habits, - but if immobilized by COVID-19 the waiver might be of some comfort. This FI does things right.
  |     |   Comment #4
Fed repo is now $1 trillion per day
  |     |   Comment #5
This is a saintly credit union indeed! :) Would any one know please? If I open this checking account in March or April, then in May would I have to comply with all of their qualifications to continue earning the same interest? Thanks very much!
  |     |   Comment #6
If you open an account in the middle of the month they usually waive the requirements for the month it is opened, but the requirement waiving for covid has ended.
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