Consumers Credit Union Review - S'witty Kiwi (2024)

Consider Consumers Credit Union if you are looking for a credit union that pays high-interest rates on checking accounts and also has a chance to earn rewards while you run a free checking account even though the rewards on free checking are low.

Know that Consumers Credit Union does not rank high in stellar Consumer service as many of its customers always have several complaints that center on Consumer service delivery.

Here’s other relevant information you need to know:

Consumers Credit Union.

Corporate Headquarters

7200 Elm Valley Drive.

Kalamazoo, MI 49009

United States of America

Phone Number: +1-800-991-2231

www.myconsumerscu.org

Join Consumer Credit Union if you:

• Want Checking accounts with the most competitive interest rates.
• Want a credit union with large, shared branches.
• Want a credit union with no complicated requirements for joining

Look elsewhere if you:

• Want a bank that pays high-interest rates on its savings account.
• Want a bank or credit union with good consumer service.

● Checking Account

Keep money to meet your everyday need through the Consumers Credit Unions Checking account. Choose between the option of the no fee which bears no interest and the rewards checking account.

● Savings Account

Consider Consumers Credit Union if you want a financial institution that has varieties of options for your savings account. Choose from the options which include Membership Share, Special Share, Smart Saver, and Holiday Savings Club.

● Money Market Account

Open the Consumers Credit Union’s Money market when you need to run a high-interest paying account to meet a future goal or grow your interest. Choose between the traditional money market or the IRA money market.

● Loans

Consider Consumers Credit Union for all forms of need you have. The available loans include Home Equity Loan, Home Equity Line of Credit, Auto loans, Secured Loans, Mortgages, and other personal loans.

● Credit Cards

Use Consumers Credit Union Credit cards to sort out several pressing financial needs or provide a constant line of credit for any future need.

● Certificates

Consider Consumers Credit Union’s Certificates if you want a high-yielding investment account; the credit union’s certificates have the regular and the jumbo package with different minimum payments and of course different APY.

Checking Account

Open a Consumers Credit Union Checking account if you’re looking for a checking account that bears interest or a no-fee checking account that bears no interest. To enjoy the rewards on the interest-bearing account, have up to $10,000 in your interest-bearing checking account and meet other requirements. Note that it requires a minimum initial deposit of $5 to maintain your membership even when you run a no-fee checking account.

To meet the requirements for a monthly refund of your ATM fees, make 12 debit card purchases per month either through direct deposits or mobile check deposits which is at least up to $500 each month, and enroll in eDocuments.

Understand that there are different APY on different requirements you meet; a Consumers Credit Union Rewards Checking account pays 0.01% to 4.09%. Keep your balance within $10,000 or less and meet the requirements for the top three tiers of the account for the APY of 0.01% to 4.09%. Know that for the three tiers of accounts that are more than $10,000 up to $25,000, the APY is 0.20% and where the balance is higher than $25,000, the APY for those three tiers is 0.10%.

Understand that if you fail to meet any of the several requirements on your rewards account, your APY will be 0.01%. If you are a student between the ages of 13 and 17 and you want to open a Consumers Credit Union Checking account, know that the option you have is the Student Choice checking account which you can open with a minimum balance of $5 but with no interest payment.

Savings Account

Choose from the four Consumers Credit Union savings accounts which include Membership Share, Special Share, Smart Saver, and Holiday Savings Club. To open any of the accounts, pay a minimum initial deposit of $5 to cover your membership fee. Understand that you get an APY of 0.05% on both Membership Share and Special Share accounts, while you get an APY of 0.25% on the Holiday Savings

Understand that the basic APY for a Smart Saver account is 0.25% but to get a higher APY of 1.50%, meet certain requirements which include deposits of the amount totaling at least $50 a month, have a maximum aggregate deposit amount of $1,000 per month and do not place a restriction on the total balance, make direct deposits or remote checks of amounts totaling at least $500 a month into any checking account which is not an Individual Retirement Account and enroll in e-statements.

Prepare for your holidays through the Consumers Credit Union Holiday Savings Club accounts where you get to transfer the balance to another account held at Consumers Credit Union on or after November 1st while you keep the account open. Note that you can only make withdrawals from a holiday account at that time.

Start thinking about your retirement by opening, with Consumers Credit Union, the IRA Savings account; there’s the option for traditional, Roth, and educational IRAs. Know that you need an initial minimum deposit of $10 to open and the APY payable is 0.25%.

Don’t expect that with an IRA Savings Account of the Consumers Credit Union, you can preauthorize, make automatic or telephone transfers; however with Membership Share, Special Share, and Smart Saver accounts, you can preauthorize, make automatic, internet, or telephone transfers from your account to another account or a third party only six times in a month else you pay a charge for that.

Money Market Account

Choose the money market option with the Consumers Credit Union from the traditional money market account and an Individual Retirement Account Money market account.

Know that to open any of the money market accounts; you have to pay a minimum deposit of $5 to maintain your union membership while the APY for both money market accounts is between the range of 0.55% to 1.16%. To earn 0.55% APY, the minimum balance is zero, for 0.65% The minimum balance is $25,000, $100,000 earns 0.75% APY, and $250,000 gives you 1.16% APY.

Loans

If you need money for an urgent need, check through the available list of loan offers by Consumers Credit Union which include Home Equity Loan, Home Equity Line of Credit, Auto loans, Secured Loans, Mortgages, and other personal loans.

Know that it is good that you are a member of the credit union, have a good credit history, and set the term of repayment for favorable APR. Understand that as a member of the credit union, you get a 0.25% discount on the interest rate. Use the 100% Auto loan funding of Consumers Credit Union to fund your car purchase, car repairs, or augmentation of your insurance premium. Know that if you want a personal unsecured loan, you must be a member which gives you access to a loan fee of up to $100,000; the secured loan is however open to even a non-member. Realize that the APR of the Home Equity Loan and Home Equity Line of Credit depends on the terms of the loan, your credit history, and whether you are a member.

Know that to get the best APR as low as 5.54% for your Consumers Credit Union Auto Loans, keep your loan term for repayment between 0-60 months, and keep it at 36 months for 7.04% in Secured personal loans.

Credit Cards

To get credit cards that offer a line of credit that you can use for urgent purchases and transfer of balances, try the Consumer Credit Union Visa Credit cards. Know that the Credit Cards include Visa Platinum, Visa Platinum Rewards, Visa Signature Rewards, Visa Signature Cash Rebate Card, and the Student Visa.

Certificates

To properly invest your money with the Consumers Credit Union, make use of the Certificates package of the union

Understand that Consumers Credit Union Certificates pay you back at higher dividend rates, unlike other Savings Options. Know that the Credit Union insures your savings with the National Credit Union Administration to at least $250,000. Choose among the three distinct certificate offers Individual Retirement Account Certificates, Regular Certificates, and Jumbo Certificates; both the regular and the Jumbo certificates have two different term regimes of 10 months and 17 months with different APY rates.

High Interest rate in the Checking Account

Understand that the interest rates on the Consumers Credit Union Checking account trump the offer in most of the other credit unions and banks; the rates can be up to 5% APY.

Note however that to enjoy the high APY rate, there are requirements you must meet which are not so difficult to meet.

No Annual Fee on Credit Cards

Understand that all the Consumers Credit Union’s credit Card excludes payment of annual fees, and all the credit cards available on the platform also give 0% APR intro for the first 12 months.

Know however that not all the accounts of the Credit Union, exclude payment of annual fees and even minimum opening balance; check through each of the products to be sure it does not require annual payment or minimum balance.

Change of Term without Notice

Look for alternative credit cards if you prefer the fixed and determinable interest rates on a checking or loan account. Note that Consumers Credit Union reserves the right to change the interest rates of any of the products without notifying you.

To take up a Consumers Credit Union membership, pay a one-time non-refundable $5 to the Consumers Cooperative Association that sponsors Consumers Credit Union and then maintain a minimum of $5 in the Membership Share Savings Account. Include the following in your paperwork when applying for membership.

• Recent bank statements
• Financial statements
• Recent personal tax returns
• Address, social security number, SSN, etc.
• Residency information
• Date of birth
• Full name, home address, telephone

(The final list of requirements may vary based on the product you seek.)

Alliant Credit Union

Consider Alliant Credit Union if you are looking for a credit union with a superb online Mobile App; easy membership criteria and very good interest rates.

Know however that with Alliant Credit Union you don’t get to lodge a physical complaint at the bank because it has no branch office.