Teachers Credit Union is headquartered in South Bend and is the largest credit union in the state of Indiana. It is also the 77th largest credit union in the nation. It was established in 1931 and as of June of 2022, it had grown to 729 employees and 308,433 members at 53 locations. Teachers Credit Union has an A health rating.
Membership in Teachers Credit Union is open to individuals who live or work in Indiana, or in the southwest Michigan counties of Berrien or Cass. Family of credit union members are also eligible to join. (Membership requirements are listed in the online application)
See current membership details
My husband and I came to Teachers Credit Union over a decade ago after having a bad breakup with one of the big banks. We left because the fees we were being charged were ridiculous, the customer service was lacking and we expected to buy a house soon so we really needed a good relationship with a bank. TCU came highly recommended from a friend so we opened a checking and savings account with them. The rate of return on our savings is good, but you could find better with a big bank if you shopped around. Our checking account earns a minimal interest as well. We are given a .5% rebate on the use of our debit card, which is very handy - and the rebate is doubled if it is used toward products offered by the credit union, such as travel services or mortgages, etc. All of that said, the online banking is excellent and so is the mobile app. We use mobile check deposit with a picture frequently. The employees are possibly the best feature about TCU. They always bend over backwards to be helpful. The credit union takes security very seriously, as we get calls frequently (especially in the 4th quarter of the year) to let us know about any unusual activity on our account and they have alerted us fraudulent activity before that necessitated shutting down our card. But, they reissue cards at the branch, so you don't have to wait to get one in the mail. We're very pleased with the service and convenience from Teachers Credit Union.
We have been with TCU and while about 8 yrs and So far it's been a slow downhill ride. We notice that the credit union has been slow to keep up with modernizing and slow to implement changes.
We will be considering changing to another local credit union.
I used to have an account at Teacher's Credit Union I closed it down about two years ago because I was not satisfied with them at all. When I banked with them I had a checking and savings account and always had to wait in an incredibly long line. Even if they weren't busy I still had to wait a long time. They are a very slow credit union. Like most banks and credit unions out there they charge you to hold an account with them, which I don't like. The last time I was there I had canceled my checking account through them and wanted to deposit a check into my savings account and they said they had to charge me because I no longer had a checking account through them so I canceled my savings account too. I would not recommend them to anyone.
Trying to setup a deposit account is completely ridiculous and trying to make a loan payment is even worse! No one wants to help you in any way shape or form here! After not getting my deposit account verified from this bank I missed loan payment. Unaware that loan payment didn't process, these fine people put a repossession on my car! So when I tried to call and make a payment over the phone and try AGAIN to get deposit account set up, they say " Oh, we cannot accept any payment from you right now. You will need to have cash or some sort of certified check in hand and bring to the bank in person. "
That's just GREAT because the closest location is only 45 minutes away!!!
NEVER EVER DO ANY BUSINESS WITH THIS BANK!
I have been with Teachers Credit Union (TCU) for 9 years. For the first 6 years, I never had a single issue with the bank. After I graduated from college and moved to Chicago, and stopped having a face-to-face relationship with the tellers and bankers, things really went south quickly.
Last year, when I called the institution after having a fraudulent check written and cashed from my checking account, I was initially told by the customer representative that "my voice didn't sound like the picture of the account holder" and that she could not give me any information. In other words, my voice sounded like a woman's and because my driver's license shows that I am a man, they did not think that it was actually me calling (even though I verified my member number, my address, and last 5 of my SSN). By the end of the call, it came to light that the rep interpreted my call as another attempt to defraud the account. When I called back to speak to a manager, the manager was more unprofessional than the front-line rep was. Ultimately, the check amount was credited back to my account, after having to spend my own money to get documents notarized and faxing them over.
This year, when I lost my debit card, and someone proceeded to use it for fraudulent transactions (almost $500 worth) the credit union refused to credit my account and return my money to me. Even though I submitted a police report, they told me that I had to call the merchants myself and try to get refunds that way. Some of the merchants ultimately did not provide refunds, as that responsibility, they asserted, lies with the bank. I am currently working with NCUA to get the rest of my funds returned to me, 6 weeks after the fraud took place.
There have been other miscellaneous quality issues of the years as well. A lot of TCU's problems started when they went from Visa debit cards to MasterCard. I can't tell you how many times I had to get my debit card replaced (and wait several days for its arrival) because the black magnetic strip stopped working. Additionally, after they transitioned to a new website and app a back around 2015, the quality of their online banking decreased drastically. If you check the App Store, for instance, you will see how low of a rating their app has. When they replaced Finance Works with My Money Manager (M3), that was another blow to the experience as the M3 platform rarely works as it should.
Overall, if you live in the Northern Indiana / Southwest Michigan area, and are able to work with the bank face-to-face, it is not a bad place to keep your money. However, if you move out of that area, I would not recommend keeping your account as their call center and online banking experiences are sub-par at best.
|Return on Assets - YTD||1.04%|
|Return on Equity - YTD||14.2%|
|Annual Interest Income||$71.9MM|
|Assets and Liabilities|
|Assets||Q2 2022vs Q2 2021||$4.59B$4.34B|
|Loans||Q2 2022vs Q2 2021||$3.62B$3.19B|
|Deposits||Q2 2022vs Q2 2021||$4.12B$3.91B|
|Equity Capital||Q2 2022vs Q2 2021||$334.3MM$348.7MM|
|Loan Loss Allowance||Q2 2022vs Q2 2021||$29.3MM$25.5MM|
|Unbacked Noncurrent Loans||Q2 2022vs Q2 2021||$5.2MM$2.6MM|
|Real Estate Owned||Q2 2022vs Q2 2021||$0$105.00K|
Rates for Teachers Credit Union are currently being reviewed.