Consumers Credit Union

Author: Kaitlyn Short

In 1930, Consumers Credit Union started its business based on the principles, "Long-term stability. Dedication to providing the finest financial services. A committed investment in our Members." It is one of the largest credit unions in Illinois with more than 83,000 members and $930 million in assets. CCU is owned and democratically operated by their members, who elect their all-volunteer Board of Directors.

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The Good

• Best checking account rates
• Eligibility open to everyone
• Technology
• Member benefits
• Auto loan rates

Consumers Credit Union has great services and options for their customers. They are a top-notch company and have perks that customers won't be able to find elsewhere. With more than 80,000 members, they are making their mark in the credit union industry.

Best Checking Account Rates

Consumers Credit Union has several different highlights to their company. One thing they should be most proud of is their high-interest rates consumers will get back with their checking account. With a 2.35% rate, Consumers Credit Union has one of the highest in the industry. Most companies only average 0.75-.95% which makes Consumers Credit Union far above any other competitors.

Eligibility Open to Everyone

Not all credit unions allow just anyone to apply for an account, most are created for people within specific occupations or organizations along with their extended family members. Consumers Credit Union is one of a handful of other companies that allow almost anyone to do business with them. The small specification is that a membership does require a $5 fee and maintaining $5 in membership share/savings account to keep the account open. It is also important to note that the $5 initial deposit fee is a great price to open an account. You can find that some companies require up to $50 as their initial deposit fee.

Technology

Consumers Credit Union thrives in the technology they offer to their customers. They have a mobile app that customers can download for free, a mobile wallet where customers can store any major cards, and a mobile check deposit so no one feels the need to drive to a branch every time they need to deposit a check. Many people think that these features would be common among credit unions, but surprisingly approximately only 50 percent of them offer all of them. Most only offer one or two of the three options. EMV, or chip, technology has several benefits, the most popular one being that it is less prone to having its data stolen. Some financial institutions have been slow to transition its cards (most importantly, debit cards) to EMV technology, but Consumer Credit Union jumped onboard quickly to the positives changes.

Member Benefits

Consumers Credit Union has great smaller perks that some customers see as valuable. For example, they offer overdraft protection which will automatically move money from a savings to a checking account when there isn't sufficient funds. This helps customers avoid possible overdraft fees which amount to $30 each time. Consumers Credit Union's overdraft protection can save their members a lot of money. Another great benefit is that Consumers Credit Union only requires a $5 initial deposit when opening an account. Even though other credit unions will only require $1, a $5 initial deposit is still a good deal.

Auto Loan Rates

If you're looking for an automobile loan, Consumers Credit Union scores pretty well in this category. Their rates range from 1.74-4.19% which is a great competitive rate in the market. You will find a few others that have better rate options, but Consumers Credit Union has one of the best.

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The Bad

• Unfavorable savings and personal interest rates
• Limited locations

Unfavorable Savings and Personal Interest Rates

Unfortunately, Consumers Credit Union's interest rates for savings accounts and personal loans are not great. Members will find that they will only earn 0.15% of their money. This is one of the lowest rates given. If you are interested in trying to earn some money through your savings account, Consumers Credit Union isn't the best option. Also, the personal loans rates are not feasible. They charge customers starting at 11.24%. This percentage is already high, and if the rates get higher then you can expect to pay a lot more back than you have to. If you're primarily looking into a personal loan, we recommend finding a credit union that has rates starting at 10.0%.

Limited Locations

Consumers Credit Union is based and serves most residents of Illinois. Because their service area is within a small perimeter, there are not a lot of locations. If you are a resident of the area, this will benefit you because there are a fair amount of location options. However, if you are on the outskirts, it could be a further drive than you would like it to be. There is not an exact number of ATMs available, but there is a handful. This is another disadvantage Consumers Credit Union has in comparison to other companies in the industry. Even if there aren't a ton of locations, typically customers can find access to an ATM close by, but this is not the case with Consumers Credit Union.

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The Bottom Line

Consumers Credit Union truly outshines many other credit unions. Especially if you live in the Chicago area, this will be the best option for you. You won't find better checking account rates better than Consumers Credit Union and their auto loans are almost as good. They offer their members great benefits that will save them money and time. Unless you are specifically looking into a credit union for savings account interest earnings or personal loans, we believe Consumers Credit Union will be a great option to serve your needs.