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Michigan Credit Union League

Lake Michigan Credit Union Named Among Top 10 Credit Unions in Nationwide Study

Lake Michigan Credit Union (LMCU) was recently named among the top 10 “all-access” credit unions in a nationwide study. Kiplinger, the publisher of business forecasts and personal finance advice, partnered with Informa Research Services to evaluate 16 such institutions as well as Navy Federal Credit Union, which reaches “a large number of customers despite its membership limitations.”

To arrive at its list of 10 outstanding credit unions, Kiplinger weighed factors including fees, minimum-balance requirements and interest rates on checking, savings and certificate of deposit (CD) accounts.

In most cases, the selected institutions also participate in the CO-OP shared branch network, allowing members to use the services of 3,500 credit unions with more than 5,000 branches and 30,000 surcharge-free ATMs.

LMCU was named fourth in the study. The Grand Rapids-based credit union debuted in 1933 as the Grand Rapids Teachers Credit Union. After merging with Encore Bank in Florida earlier this year, the credit union now has 51 total branches — 41 in Michigan and 10 in Florida.

Membership is open to anyone who lives, works, attends school or worships within Michigan’s lower peninsula or one of 14 counties in southwest Florida, as well as family members. To join the credit union, members donate $5 to the ALS Foundation and deposit $5 into a member savings account.

While the credit union is not a member of the CO-OP Network, members can earn points through the MORE rewards program for using LMCU’s services, which are redeemable for perks such as free out-of-network ATM transactions or complimentary checkbooks.

The full report, including other outstanding credit unions, can be found here.

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2018-09-26 00:00:00