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  Lake of Michigan Credit Union Checking Account

Lake of Michigan Credit Union Checking Account

in Checking Accounts from Lake Michigan Credit Union · ncua

Unaffiliated

Lake of Michigan Credit Union Checking Account

Unaffiliated

in Checking Accounts from Lake Michigan Credit Union · Insured by NCUA

Net Recommendation Score +100

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
Community Rating

Rating not yet determined  

Monthly Fee $0 - $20
ATM Fee: Out-of-Network $1
Minimum Balance to Avoid Monthly Fee N/A
APY (Annual Percentage Yield) 0.25% - 3%

Lake of Michigan Credit Union Checking Account Review

Lake of Michigan Credit Union Checking Account is offered by Lake Michigan Credit Union, a credit union founded in 1933 and based in Grand Rapids, MI. Lake of Michigan Credit Union Checking Account is available in 1 state across the USA.

Key Takeaways
  • Very high APY. This account offers an annual percentage yield of up to 3%, which is much higher than the average for a checking account.
  • $0 monthly Service Charge available. This account charges a monthly service fee of up to $20.
  • Small minimum initial deposit. You only need $5 to open an account.
  • No ATM fees. Lake of Michigan Credit Union Checking Account does not charge fees on ATM transactions within its network but there is a fee of up to $1 for out-of-network ATM transactions.
  • Bill pay. Pay your bills to practically anyone in the United States through Lake Michigan Credit Union.
Lake of Michigan Credit Union Checking Account Pros & Cons
Pros Cons
  • Monthly service fee waived (see terms for requirements).
  • High-interest yield.
  • Insured by NCUA.
  • Access to physical branches.
  • Free debit card
  • Only available in one state.
  • Higher than average wire transfer fees.
  • Monthly service charge.
  • Charges a fee on out-of-network ATM transactions.
Lake of Michigan Credit Union Checking Account FAQ

Are checking accounts from Lake Michigan Credit Union federally insured?

Yes, your Lake Michigan Credit Union checking accounts are insured up to $250,000 per share owner for each account ownership category. The National Credit Union Administration (NCUA), a federal agency, administers the insurance fund and regulates federally insured credit unions. The fund is backed by the full faith and credit of the U.S. Government.

What APY does Lake of Michigan Credit Union Checking Account offer?

Lake of Michigan Credit Union Checking Account offers an APY starting at 0.25% and ranging up to 3% (APY stands for annual percentage yield, rates may change).

Lake of Michigan Credit Union Checking Account Rates and Terms
Rates Amount
APY (Annual Percentage Yield) 0.25% - 3%

What are the account minimums for Lake of Michigan Credit Union Checking Account?

Lake of Michigan Credit Union Checking Account requires a minimum initial deposit of $5 to open an account.

Lake of Michigan Credit Union Checking Account Minimums
Description
Minimum Opening Deposit Starting at $5

What fees does Lake of Michigan Credit Union Checking Account charge?

The good news is that this account does not have a monthly Service Charge.

Lake of Michigan Credit Union Checking Account Fees
Description
ATM Fee: In-Network $0
Check Copy $2
Debit Card Replacement Fee $5
Early Account Closure $5
Foreign Transaction Fee (Debit Card) 1%
Monthly Fee $0 - $20
NSF Fee $30
Online Bill Pay Fee $0
Overdraft Item Fee $30
Overdraft Protection Fee (per transfer) $5
Paper Statement Fee $5
Returned Deposit Fee (Domestic) $5
Returned Deposit Fee (International) $5
Stop Payment Fee $25
Wire Transfer Fee - Domestic (Incoming) $5
Wire Transfer Fee - Domestic (Outgoing) $25
Wire Transfer Fee - International (Incoming) $10
Wire Transfer Fee - International (Outgoing) $50
ATM Fee: Out-of-Network $1

Does Lake of Michigan Credit Union Checking Account charge overdraft fees?

Yes, Lake of Michigan Credit Union Checking Account charges a $30 fee for every overdraft.

Lake of Michigan Credit Union Checking Account offers overdraft protection at a cost of $5 per transaction.

What features and perks does Lake of Michigan Credit Union Checking Account offer?

This account includes the following features:

  • Check images with statement - Reconciling your accounts and complying with document retention standards is easier when you have access to a copy of your checks.
  • Online Bill Pay - Online Bill Pay allows you to pay bills easily from your account.
  • Mobile Banking Services - Lake of Michigan Credit Union Checking Account allows you to manage your money online or with a mobile app. This includes depositing checks in your account with a mobile app on your smartphone.
  • Nationwide ATM network - Conveniently transact at a nearby ATM.

What is the customer support email for Lake of Michigan Credit Union Checking Account?

The customer support email for Lake of Michigan Credit Union Checking Account is communityrelations@lmcu.org.

How do people rate the customer service and user experience of Lake of Michigan Credit Union Checking Account?

Overall, Lake of Michigan Credit Union Checking Account is strongly recommended based on community reviews that rate customer service and user experience.

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Message From Lake of Michigan Credit Union Checking Account

With our checking accounts, LESS is MORE. A lot of banks seem to have a fee for everything. Fortunately, we’re not a bank. We want to help you pay less, so we provide our members with a free debit/ATM card, free online banking and mobile banking, direct deposit with free automatic transfers, and unlimited check writing. Less interest, less in fees — and a lot less hassle.

Not only do we want to help you pay less for checking services, we want to help you earn more. Which is why Money magazine called our 3% Max Checking account, “The Best Checking Account in America.” So whether you’re opening your first account to help make the most of your hard-earned dollars or looking for an account that grows with your investments, we have the perfect account for you.

Availability

  Available in 1 state
Michigan
Availabile in all of Michigan

Feature Breakdown

Minimum Opening Deposit Starting at $5
ATM Fee: In-Network $0
Online Bill Pay Fee $0
Check Copy $2
Debit Card Replacement Fee $5
Early Account Closure $5
Foreign Transaction Fee (Debit Card) 1%
Monthly Fee $0 - $20
NSF Fee $30
Overdraft Item Fee $30
Overdraft Protection Fee (per transfer) $5
Paper Statement Fee $5
Returned Deposit Fee (Domestic) $5
Returned Deposit Fee (International) $5
Stop Payment Fee $25
Wire Transfer Fee - Domestic (Incoming) $5
Wire Transfer Fee - Domestic (Outgoing) $25
Wire Transfer Fee - International (Incoming) $10
Wire Transfer Fee - International (Outgoing) $50
ATM Fee: Out-of-Network $1
Account Features
  • Bauer Financial A+/A Rating
  • Branch Access
  • Check Images with Statement
  • Check Writing
  • Debit Card
  • Free Bill Pay
  • Interest Bearing Account
  • IRAs
  • Mobile Banking
  • Mobile Check Deposit
  • Nationwide ATM Network
  • Insured by NCUA
  • No ATM Fees
  • No Monthly Maintenance Fee
APY (Annual Percentage Yield) 0.25% - 3%

Lake of Michigan Credit Union Checking Account Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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