Teachers Credit Union


Popular Accounts at this Credit Union

APYACCOUNT TYPEACCOUNT NAME
3.06%2-year CD22 Month CD Special
1.84%5-year CD60 Month CD
0.79%1-year CD12 Month CD

Overview / Commentary
574-284-6247
110 S Main St
South Bend, IN 46601-1805

Teachers Credit Union is headquartered in South Bend and is the largest credit union in the state of Indiana. It is also the 67th largest credit union in the nation. It was established in 1931 and as of June of 2018, it had grown to 669 employees and 299,062 members at 53 locations. Teachers Credit Union has an A health rating.

Field of Membership Restrictions

Membership in Teachers Credit Union is open to individuals who live or work in Indiana, or in the southwest Michigan counties of Berrian or Cass. (Membership requirements are listed in the online application)
See current membership details

Related Posts

Teachers Credit Union (IN/MI) Adds 22-Month CD Special, 3.06% APY - 8/29/2018

Teachers Credit Union (IN/MI) has added a 22-Month Share Certificate Special (3.06% APY). The minimum deposit is $2.5k, with no stated balance cap.

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Reviews (4)

A modern credit union that cares

Posted by: kerrihull | Nov 26, 2017

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.

TCU is a great bank in Indiana

I first joined Teachers Credit Union about 6 years ago, because I heard that they were a local bank in my area. I felt that it meant they would be more customer focused, since they are not a national banking company. They have very low fees compared to many national banks, and also the even have a good online website to manage your accounts. One downfall is that they do not have an app for mobile that I am aware of, or if they do, it is not well maintained or advertised. I prefer this bank for many reasons including the fact that you can keep it local and support the community. Finding atms with out fees is also very simple, considering it is a local bank. They have teamed with many banks in the area to provide fee free withdraws.

Not a very good credit union.

Posted by: Deon | Jul 1, 2015

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.

Frustrating Unprofessionalism

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.



Health

Health Grade Components

Overall
NCUA #60060
Year Chartered1931
Employees669
Primary Regulator
Profit Margin
Return on Assets - YTD0.72%
Return on Equity - YTD8.41%
Annual Interest Income$49.9MM
Assets and Liabilities
AssetsQ2 2018vs Q2 2017$3.14B$3.13B
LoansQ2 2018vs Q2 2017$2.71B$2.68B
DepositsQ2 2018vs Q2 2017$2.61B$2.45B
Equity CapitalQ2 2018vs Q2 2017$269.2MM$252.3MM
Loan Loss AllowanceQ2 2018vs Q2 2017$18.3MM$18.0MM
Unbacked Noncurrent LoansQ2 2018vs Q2 2017$2.0MM$2.2MM
Real Estate OwnedQ2 2018vs Q2 2017$192.00K$657.00K
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Teachers Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%--Health Savings Account
0.25%*$50k*-Tiered IRA
OTHER TIERS: 0.10% $1.5k - $10k | 0.15% $10k - $20k | 0.20% $20k - $50k
0.25%--IRA Share
0.20%*$10k*-Regular Share
OTHER TIERS: 0.10% Up to $2.5k | 0.15% $2.5k - $10k
0.20%*$10k*-Choice Savings
OTHER TIERS: 0.10% Up to $2.5k | 0.15% $2.5k - $10k

Teachers Credit Union Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.69%*$250k*-Premium Money Market Account
OTHER TIERS: 0.20% Up to $25k | 0.35% $25k - $50k | 0.49% $50k - $100k | 0.60% $100k - $250k

Teachers Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.15%*$50k*-World Checking
OTHER TIERS: 0.05% Up to $50k

Teachers Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
3.06%$2.5k-22 Month CD Special
2.15%$1k-13 Month CD Special
2.04%$1k-72 Month CD
1.84%$1k-60 Month CD
1.44%$1k-36 Month CD
1.26%$1k-24 Month CD
1.19%$1k-18 Month CD
0.79%$1k-12 Month CD
0.57%$1k-6 Month CD

Teachers Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.20%$1k-13 Month IRA Special
2.09%$1k-72 Month IRA
1.89%$1k-60 Month IRA
1.49%$1k-36 Month IRA
1.31%$1k-24 Month IRA
1.24%$1k-18 Month IRA
0.84%$1k-12 Month IRA
0.62%$1k-6 Month IRA
Locations

Availability



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