I have had a rewards checking account for years. I have never had a problem and their web site is the best of all my accounts. My POS sale registers immediately. I am out of state and use them online and at my local ATMs. No problems. I even use them to pay all my credit card bills. I wish I could find more banks with $15,000 caps. I am surprised to hear people have problems with other types of accounts. They should have only 5 stars for the rewards checking accounts.
8/17/2017 Things are still going well.
This Credit Union is worse than a bank. I am a former banker, and they have several things they do poorly. First of all they have a terrible Online banking website and app, that is difficult to understand, and easy to overdraw your account with. I still do not understand it fully, and I have a BA in accounting, an MBA in business administration and 15 years experience in banking. It seems they allow pending transactions to overdraw your account, and then when they receive the "receipt" for the transaction, they send it through again as "posted" and allow that to overdraw the account as well. I paid more than $100 dollars in NSF fees monthly while I banked there, and now that I have switched, I have paid none in six months at the bank I now use. The staff is nice, and want to help, but the administration and management really do not know what they are doing in terms of banking. I also had a credit card, and due to a loss of my job could not pay it. Every other Bank and credit card company worked with me, reducing my interest rate to 0%, allowing me to not pay anything at all for several months until I found work etc....everyone but LMCU. They called family members, including my ex-wife whom I had a PPO order against, looking for money, and after just 6 months, filed to take me to court. Even banks that are known for their fees, and poor customer service treated me better than this Credit Union. I wanted a credit union barbecue I heard they were local, part of my community and cared about me as a person, as opposed to a bank that is just out for my money. Perhaps that is true of some other credit unions, but not this one. Despite their not-for-profit tax status, profit is all they care about, and even more so than the typical nasty banks so many of us dislike. Stay far away from them if you ever fall on hard times, because they could care less about you.
Beware of this crooked company. One month after opening my HSA account with them they slashed the interest rate in half from 2% to 1%. Then when I transferred my HSA funds to a better provider, they charged my account $35. Then for good measure they took out another $5 from my savings account with them. Sorry I even considered these crooks.
Up until April of this year, I would have gladly recommended Lake Michigan Credit Union to anyone. When I was setting up my HSA two and half years ago they were very helpful and the process was absolutely pain free. At the time their HSA interest rates were nearly unbeatable, if not totally. Lake Michigan has two tiers: under $5,000 and above 5,000. When I opened my account the interest rate for the lower tier was 1.5% and the higher tier was 2%. During 2015 I maxed out my contribution limit and then in 2016 I quickly got my account to $5,000 in order to get the higher interest. Some time after the end of the first quarter, Lake Michigan unceremoniously reduced the HSA interest by half. Now the rates are a pathetic .50% for the lower tier and 1% for the high tier. All of that effort and sacrifice gone when I could have spread out the contribution throughout the year.
As a result of this, I obviously had no choice but to look at my options. I was able to find an institution that at least got me back to the 1.5% interest rate. However, Lake Michigan had one more middle finger to shoot at me. When I submitted my transfer request and despite clear intentions otherwise and lack of authorization (I left a small amount in the account just in case sanity would be restored to Grand Rapids), Lake Michigan elected to close my account. In doing so they are gave themselves a $35 fee for closing the account (once again without my authorization).
In total, but minus the costs of establishing the new account, Lake Michigan has cost me at least $85 (the $35 fee and approximately $50 in interest for the year). So yes avoid this credit union at all costs.
I joined primarily for the 3% reward checking account and since then added an HSA which used to pay 2% but is now down to 1%. That bothers me.
I have also opened a couple of short term CDs with some kind of bonus rates.
Their system for tracking requirements for the 3% rate is the best of any bank or credit union I have used. You log in and click on a link that tells you if you completed your requirements or not.
I have been having a little issue with their 3rd party security...Every month near the first of the month, I try to knock out my 10 required transactions and I run into declines after 2-3 transactions. It makes it harder for me to knock out the required 10 in a day like I would prefer. With other places, all it takes is a call to explain this is normal for my account and it doesn't happen. With LMCU, their 3rd party security just doesn't get it.
The lack of ach from their site is bothersome too.
Opening the CDs required me to send the money in to my checking account before I could open the CDs. More cumbersome than other places.
Overall, I cant see where all these low 1 star rankings are coming from. Customer service people have that Michigan accent which might sound snarky to those who don't live around there. I was born there but have been in the deep south my entire life.
EDIT, I found out, several years late, that I could open CDs within my HSA so that helps mitigate the low 1% rate. The only downside is now that I have done so, its not really obvious from looking at the CDs that its an HSA CD.
Another edit regarding the security, I had gotten in the habit of calling them every month in advance so that my card wouldn't be turned off after 3 small gas transactions. They recently switched to visa and while last month was the first month, when I called, they said they couldn't set it like they used to....however, I knocked out all 12 in a day at the same gas station and it didn't shut me down. When I got home, I see that they called, an automated system asking if they were my transactions. I said yes and that was that.
We have been members since the 70's and are very disappointed in how our son's mortgage and closing of his home are being handled. While a sale is pending with this same financial institution they filed a foreclosure notice while they are approving the loan for the would be buyer. Someone in upper management made the decision which threatens his being able to close on the home as anyone going to the real estate website will see the home is being foreclosed. A very sad day for our family as they gave him time to sell the home and are now pulling the rug out from underneath him. We are trying to help him by finding money to support him so he doesn't lose everything because of someone making this decision without all of the facts. A very sad day indeed as a 45 year relationship is about to end. I write this because based on the number of Number 1 star reviews I am sure no one at this institution will even read it but will just list it as another dis-satified complaint to add to the growing list of 1 Stars.
Several months ago my husband and I decided to switch from 5/3 bank to Lake Michigan Credit Union. I had heard great things about this institution as it was recommended highly by a family and friends. We were able to sit down with a customer service representative who was very pleasant and knowledgeable. She discussed the details of all of our options, and helped us choose a savings and checking plan that would be most beneficial to our family. We were particularly thrilled with the Max checking account for multiple reasons. This particular account had a very low deposit amount, and no minimum balance. The best part about the Max Checking account is the 3% interest per month! I have never seen that high of an interest rate at any other banking institution. Another great perk to Lake Michigan Credit Union is that they will reimburse any fee's incurred when using an ATM other than that of LMCU. We are both able to have direct deposit from our employer which is also a great feature of this type of account. Online banking is extremely simple and convenient. So far I have been extremely happy with the customer service I have received through this institution and look forward to banking at Lake Michigan Credit Union for many years to come.
I went in to the Lake Michigan Credit Union on Leonard and Plymouth in Grand Rapids a few months ago to open a savings account. I specifically disclosed that I wanted to use it to cash checks. I made an initial deposit if $10. It was just fine for about three months, until last Friday, I tried to cash a check at the drive thru, and was informed that my account had been closed. That $5 was collected, twice, two days apart (two separate months, of course) for the "minimum balance fee". I fully understand that I have no legal recourse for this action, as I read the list of fees brochure and, of course it is there, but this requirement is no place in my actual account paperwork, nor was it mentioned on the 15 minutes of discussion I had with the banker, as I had fully disclosed my needs and purpose for the account. I will never open another account with them.
Signed up for the 3% on up to $15k on rewards checking a couple years ago. Been smooth sailing since.
> Get display online of whether you've met monthly requirements. So you never have to count POS debits or guess or forget something silly (like to sign on 4 times.)
> Direct Deposit of $250 works for me. Worked with $50 one month too.
> No external bank ACH ability. You can pull and push by going to your other bank and doing it there. It will go through. From the LMCU side, they don't offer it. (Last I checked.) Without free ACHs, I consider it a place to put money and that's about all. They may have a billpay or other way that works well enough.
I've only had a couple reasons to contact them. I remember them as pleasant events, and otherwise the details are not memorable. I wasn't asking for anything to be waved nor any of that significance. I haven't run into any fees.
The $5 sign up fee for some organization to become a CU member because I'm completely out of state, has been worth it.
I began to work with Lake Michigan Credit Union (LMCU) on a new construction loan package in July 2015 per recommendation from a work acquaintance.
What started off smoothly abruptly turned to a rocky road of opaqueness, miscommunications, and delays - ultimately ending up with me withdrawing my loan application almost 90 days from the date of submission - what I consider an unreasonably long time to complete and close on a new construction loan package.
We submitted our formal loan application at the beginning of August. At approx. 30 days - the first week of September - we hit the first major bump in the road when we received an appraisal from a 3rd party appraiser contracted through LMCU that came in $15,000 short of our contract price to build. After several requests to see the appraisal they finally delivered it to me - a full 30 days after the appraisal had been completed! It was immediately obvious that the appraisal was based off of home specifications that were erroneous. While the appraiser recommended a 2nd appraisal was what was needed to remedy the appraisal the LMCU instead ordered up an adjustment to the 1st appraisal. After more delays regarding the adjustment - I found out through the appraiser that LMCU had not filed the proper request form for the adjustment, costing us a full week - the appraisal then had to be reviewed by the LMCU credit committee, who questioned the new adjusted value. However a branch manager (Troy, MI) was able to convince the committee the adjustment was good and that we should proceed.
So almost 3 weeks later they finally accepted the adjusted appraisal and my loan officer took my account out of suspension (allegedly due to inactivity) and began preparing the file for final underwriting.
We were now at the end of Oct. and my file finally gets to the underwriters desk for final underwriting and approval. The final underwriter immediately flagged the adjusted appraisal and said they could not give us the adjusted value based on the adjustment (it was a written description of the adjustment) and that they needed a grid of comparables in the form of a 2nd appraisal to adjust the value! Unbelievable!
Because this would have presented another significant delay towards reaching a closing date I had finally had enough and as of 10-28-15 withdrew my loan application from LMCU.
I cannot recommend that anyone ever proceed with LMCU as their lender for any loan. The entire process from the 1st appraisal onward has been nothing but opaque and stressful. I often felt completely in the dark about where we were at in the process. I also felt like the trio of loan officer, to loan processor, to underwriter - and any other parties involved (a branch manager, a credit committee, appraiser, who knows who else...) was a complete circus of individuals who barely communicated to each other - truly a case of the left hand not talking to the right if there ever was one. What should be one of the most exciting times of my life - building a home - became one of the most stressful and wrought with frustration experiences I have ever dealt with. If this is how lending institutions operate in 2015 then we have not come far enough along since 2008. A frightening proposition.
Stay far, far away from this bank if you are looking for a mortgage for an existing home or to build a new one. There are better lending institutions out there who will help you achieve your goals without all of the stress and hassle.
Do yourself a favor and continue to look for another option. LMCU rates may be okay but they are a fee heavy institution. Mortgage rates were decent but found better rate elsewhere without points and with lower closing fees. Over course of relationship with them received fees for inactivity in savings and overdraft fee for checking when money was available to cover in my savings. Other financial institutions I use automatically transfer funds between accounts without fees in these circumstances.... I prefer to spend less time micromanaging my accounts and have transactions like this occur seamlessly.
I used to think highly of the bank back in 2007 but since I widowed 4 years ago, I have received more and more rude customer service. I was recently charged 3 fees for a paypal account I was unaware of trying to pull money from my savings. I wrongfully thought my overdraft protection would cover it, now I owe $90 plus the original $30 for the charge.
The gotcha fees are so frustrating but the snarky attitude from customer service makes it worse.
They also approved us for a home loan in 2009 and then said opps, we can't after all once we found our home. Thank god we found another one and closed on the home eventually. Too bad the stress helped put me into early labor.
I was excited to open a checking account with them in order to quality for the 3% reward. The banker told me its just soft pull that won't affect my credit score, so I go for it, I signed the papers and didn't read through it. Because I believe her. It's a Big mistake. Later that day, I got a alert from Creditkarma states that I have a hard inquiry which is from LMCU. It brings my credit score down by 9 right away. I talked and explained to them, they won't do anything, they said I sign the paper. I'm so disappointed that they lied to customers like this. I went there with my friend, he can be proof the banker said it's a soft pull, yet the bank won't responsible for anything. No hope, I just withdraw my money back and close the account.
Lake Michigan Credit Union is a well known credit union here on the west coast of Michigan, and they're one I've been happy to do business with. At my old bank, I had constant issues with odd fees, overdraft exploitation, and difficulty in dealing with my accounts, and I was getting tired of it. LMCU made it very easy for me to transfer my funds over, and within about two days I had my account opened and usable. There's been no weird fees, no account issues, and a very reliable interface to work with.
Thus far, the only real issue is their lack of ATMs; it can be difficult to find one in a given area unless you happen to be lucky. There are a few, and there's of course the local branch to deal with deposits and withdrawals too. Thankfully, to a certain extent they'll reimburse fees from other ATMs. I highly recommend them.
I did business with LMCU for many years and they are wonderful! Always very friendly when you visit a branch and very willing to work with you for different situations such as a line of credit, even if your credit score is not at it's best. LMCU is definitely all about their customers and going out of their way to help them out. I absolutely recommend opening an account here and going to them if you have any lending needs.
Lake Michigan Credit Union is a very friendly, customer service oriented credit union. I have used them for insurance, banking, investment, and loan purposes and they have always responded in a professional and courteous manner. I would highly recommend Lake Michigan Credit Union to my friends and family and anyone who is sick of the ridiculous fees imposed by regular banks.
I used to have an account with this credit union, but got rid of it. BEWARE. Do not use this credit union if you want documents lost, errors made constantly on your account, deposits made to other people's accounts, mysterious withdrawals made, poor service, dishonest customer service agents. I had to report them to the NCUA for fraud and corruption. If you want a terrorist credit union, go to LMCU.
This bank has a lot of requirements to meet for the high interest rate. I can handle the ridiculous 15 transactions and the crazy $500 direct deposit, but the $100 in purchases every month is hard for me when I buy $1 items just to meet the requirements. I opened this account six months ago to save money and get the best rate for whats in the account. They keep changing the requirements to weed out people like us that just want the interest.
I made my interest and closed the account, ~ there are better banks with less hoops to jump through
I have an auto loan, max checking, and a visa credit card with LMCU. I live in South Carolina and have never even set foot in the state of Michigan. All of my accounts have been handled professionally and on the rare occasion when I call in to customer service, I have been very satisfied with the help I received.
Recently had money vanish out of my account and it showed on online banking next day everything was erased tried calling, online chatting talking nope it can't vanish like that thats all it's being said i wasn't born yesterday and know how much i had know what i seen they need to check accounts and there employes it's a shame that they don't even look into it take som time and check it out why would anyone make something like that up .I heard from other people they had it happen to them too i will not hide it.
Really enjoy this credit union. The staff is helpful and knowledgable. Rates are way better than anything in my area. They have a five star promise and fulfill it every time I have needed anything. I was having trouble logging into my home banking because I forgot my password and the teller took the time to walk me through everything and show me how to use it to its full potential. Would most definitely recommend it to anyone looking for a place that will take care of you.
I don't do all of my banking with LMCU, just my auto loan, which I acquired 5 months ago. I have had nothing but trouble with LMCU since then, unfortunately. About 3 months into my loan, LMCU suddenly mailed me a document stating they were charging a $300+ fee to my loan due to insufficient insurance. My insurance was exactly up to their code and they had been given the proper information from day one, as proven by my insurance provider, but they claimed to never receive it (odd that they'd wait a whole 3 months to pursue that if it WERE truly the case, though!). Once this had been sorted out, I requested proof that this was resolved, which LMCU did promptly mail me. However, about a month later, I received yet another notice, once again suggesting that I had insufficient insurance, even though it had now been provided to them twice. After much wasted time and a lot of frustration, I was assured this was resolved again and so far (a month later) I have not gotten any more notices about that. I did, however, just receive a late payment notice today for a payment that I had made well before the due date, but which LMCU claims not to have gotten until 16 days later. Despite having my bank's statement to prove the payment was on time, they refused to work with me on this and would not remove the late fee, saying there is no way to override or waive it at this point (which is completely untrue) and either I would have to pay the fee myself, or have my primary banking institution pay the fee for me, since LMCU claims it was the fault of my bank, not LMCU. I've banked with my bank (Huntington) for a decade and have never once had a problem with my bill pay and considering my only experiences with LMCU so far consists of them repeatedly losing pertinent information on my account, I know that this is an error on the part of LMCU, and not my mistake, nor my bank's mistake (Huntington). I am now contacting an attorney, because I refuse to let their lack of professionalism ruin my great credit history. I would never recommend LMCU to anyone.
I recently moved into the area from another state, the bank facility is right across the street from where I work, and I wanted to get a relationship with a local bank. First visit picked up the ppwk, they made a copy of my license. Teller seemed a bit sarcastic to me. Second visit had all the ppwk made out, but they didn't like that my drivers license was out of state (been here less than a month). They told me to bring in the lease to my apartment. Third trip brought in lease. Opened account. Then when at home I was going to order some checks, discovered that I don't have sample checks and dont have a routing number. Thought that sample checks were omitted by mistake. Fourth trip asked for sample checks, was told that I had to have $100.00 in the checking account. I have $750.00 in the account which is a retirement check from the State of Florida. Was told the check was on hold for a week and so there is no money in checking account. Asked for routing number which is what they gave me. Have a checking account with no checks. Not satisfied. I have $$$$ to deposit into a local bank, but if they can't handle $750.00 how will they do with 20K? Not good. Looked online lots of complaints on this bank in the 'dont like services' category, also with the BBB. Do not plan to follow this relationship up any further. Have been with a Credit Union in Fla for 17+ years and am extremely happy with them, there are other credit unions in Kalamazoo. I will be with one of them (and so will my money)
i think you are very unproffesional by taking this money when we never were served papers about garnishment. deosited check on 12/7/2012. went to the atm machine right afterwards and the acoount was o. i don't think you should have taken this money with out notifying us. shame on you.
This bank has been nothing but a pain in the butt. Not only has this bank taken the maximum in closing our loan but has asked us basically everything but who my mom is. I will never bank with them again. I have also heard through several other people I have talked with since our encounter that they are extremely unhappy with lmcu as well. Statitics say for every one person's complaint there are 10 people behind them just as unhappy. Public beware that this Bank or "credit union" is very poorly run and to which they do not care about you or your concerns! I have also talked with several other Banks to which they are suprised in how long it has taken lmcu to conduct our loan. So this tells me really, how poor of business this is. But who cares right?! Business's this big making as much money as they do don't care about some one like us or me unless we have lots to offer them, like them not making oddles of money off of our loans is not enough!! What has happend to America and her intergrity and honor in businesses? Becuase I can't find it any where I look. Shame on you lmcu, shame on you for being one of those companies! They get only 1 star but really should get none!
Very easy to monitor whether you will qualify for their rewards interest for the month because they have a "Status" link on the checking. You can see how many transactions you've had processed. That makes everything so much smoother. :) I love that. I love the online chat feature as well.
Great bank. I don't live in MI but it is super easy to bank with them! :) Love them!
I opened my account with LMCU two years ago and have seen great improvements from my previous institution. Fees are less, I get paid interest for my checking, and the service is friendly. I just purchased a home and recieved my mortgage from LMCU, and have even purchased a car from their lot in Hudsonville. Great rates, great savings, quality products. I also priced my homeowners insurance with four different providers and Lake Michigan Insurance Agency provided me with the best rate/policy by far. All in all, LMCU is a great value for your dollar, and I love it.
I have been a member since 1995, and I can say in the last two years have been a nightmare! No one should have to deal with a customer service overflow that doesn't speak English and also have to wait 15-20 Min to cash a check. They have this system that they look over all the notes of your account prior to cashing your check. I had an issue one time and then they would not let me make my payments. I have nothing good to say about this bank!
Just thought people looking for a bank would like to hear this about LMCU. We have bought two cars and had a line of credit open through lake michigan credit union. Recently I returned to school and we entered a debt consolidation program. We completely paid off the car loans with never missing a payment and almost finished the line of credit when we entered the program. It took a month for LMCU to start recieving payments and apparently they charged late fees and interest on top of this. We were unaware until recently but every month for a year they have been charging interest and late fees on that gap and now we owe $500.00 in a back payment! We now owe a total of $830 almost the same although they have been recieving $124 a month from the consolidation agreement. On top of taking that they have been reporting it to credit agency every month. They are the only one of the eight creditors we have on our consolidation program and will do nothing to stop the fees and the late reporting. Shameless robbery of their own clients!
I grew up with this credit union when they were Grand Rapids Teachers Credit Union. They were nice then, and are now. I spent a time away from them when I traveled and moved around a lot for work. I got a real education at the ways banks work. My most recent experience was with Chase. In my opinion, LMCU is vastly superior. When I visit, the tellers are friendly, and any time I have a question, I can call an get someone on the phone, usually within two minutes. Plus, and most important, they pay the most interest on my money, and I LOVE THAT, too.
I moved to the Grand Rapids area and needed to transfer my accounts to a local CU. For my auto loan, faxed documents were lost on 3 occasions cauysing the closing of the loan to take 3 weeks. My debit card was also "lost" in the mail on their first attempt to send it. It took over a month to receive the debit card. Their 24x7 customer service only seems to apply to weekdays. If you lose your online banking account info, you must call in to the call center to have it reset. Overall I regret switching, it would have been less hassle to just drive the 2 hours round trip to do business with my old CU.
I have been with this bank over 10 years and their service continues to decline while their fees continue to climb.
No longer a fan! Potential customers beware!! Their fees will rake you over the coals and their client service representatives are anything but friendly.
Yes, I know that I defaulted on a loan,however, I was in the process of working it out with loss prevention to pay back the balance due. We had another truck loan through them and during the process of working it out they repossessed our truck! A loan we have never missed a payment on. Be careful because even if you think that your loans are not secured by each other LMCU will tell you that they are because you are a LMCU member. The bad thing is they never even gave me a chance to make it right and I wanted too.
I am not a member of Lake Michigan CU, but they have an ATM in close proximity to my home. Before Lake Michigan took over that location, it belonged to another credit union. The previous credit union's ATM was a member of the CREDIT UNION CO-OP NETWORK. For some reason, Lake Michigan Credit Union is not. This has proved to be a major inconvenience for me, as I now have to drive out of my way every time I need to use an ATM...because none of the other co-op ATMs are anywhere near where I frequent. It's just annoying, and I'm wondering why a credit union would not be a part of the credit union co-op network. Certainly will not be joining Lake Michigan anytime soon.
LMCU will steal hundreds of dollars unjustly from you. If you overdraft from checking, they charge you 30 dollars per transaction. Instead of pulling money from your savings account, they charge you 30 dollars for each transaction after a negative balance in checking. I have just over 6 thousand in savings. My checking account went to a 0 balance. My fault, but they charged 430 dollars over a course of 3 days while I was using my debit card at gas stations, fast food joints, coffee shops, and a movie. They were unwilling to return the money. What should have been 300 dollars in debits turned to over 700 dollars. If you have the money, why not pull it from savings like most banks? I can see a 30 dollar charge for your account going negative, but if you have money in savings????? Think about it, you get a little lax about transferring money, think you have plenty, and the next thing you know you are spending hundreds of dollars for simple transactions. Ya, I am a little pissed off at them.
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.
Lake Michigan Credit Union is a wonderful bank with excellent customer service, and very efficient handling my money. From direct deposit to the bill payment system, I am very satisfied with their high yield Max Checking account. I switched from one of the larger commercial banks, and have never looked back.
I have been with this bank for over 15 years and it has been my best experience in banking. I don't live near the bank anymore but I still bank with them. Direct deposit and online banking make it easy. They pay the interest every month I have not had any major problems banking here. I would recommend them to anyone.