Lake Michigan Credit Union has been providing checking accounts, home and refinance loans and saving accounts for the citizens of Michigan since October 1933. To gain membership, there are a few criteria, but those who live, work or play in the Lower Peninsula Michigan area. While there aren’t many LMCU ATMS to choose from, the credit union does refund ATM fee charges at the end of each month, up to $15.00 per account. Currently, there are 575 employees throughout the various 11 branches within Michigan. Competitive rates for a variety of loans, and other benefits such as discounts to a few businesses such as Sprint and Lifelock.

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Rank Chart
Total Assets
Number of Locations
Our Score
$8.32 Billion
$17.84 Billion
$66.82 Billion
$3.71 Billion

The Good

Interest rates for checking accounts, auto loans and home loans are published upfront, on the company home page for easy viewing. View the credit card and loan rates, along with CD specials and share rates. All the various loan interest rates can be easily accessed under the “rates” tab at the top of the Lake Michigan Credit Union website.

For questions, Lake Michigan Credit Union has provided an online chat option. During typical business hours, there are online agents available for live chat.

Accounts can be open via the Internet. Checking accounts offer all the new standard features including online and mobile banking.

The Bad

Though most of LMCU’s website, services and company appears positive, there is always room for improvement. For instance, while there are ATMS at each branch, installing their ATMS in other locations might be helpful. Perhaps in a grocery store or gas station, someplace convenient for the members of the credit union.

Additional membership benefits could be provided as well. Currently, there is just a discount provided through Sprint, Lifelock and local theme parks within Michigan.

The Bottom Line

Lake Michigan Credit Union makes it a point to be upfront on all services offered, rates, costs and fees. Everything is provided to allow for an educated decision for home and auto loans, checking and money market accounts as well as credit cards. Accounts for businesses can also be opened and maintained.

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2 Lake Michigan Credit Union Reviews

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  1. User Score


    September 20th, 2016 Dallas, TX

    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.

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  2. User Score


    May 10th, 2016 Muskego, WI

    After 4 banks in 4 years, LMCU has held my business for 6 yrs with no intentions of switching.

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