Lake Michigan Credit Union
Headquarters
Po Box 2848
Grand Rapids, MI 49501
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Phone 1-616-242-9790
2024 Overview
General Credit Union Information
Lake Michigan is an NCUA insured institution located in Grand Rapids, MI. It was founded in 1933 and has approximately $13373.59 millions in assets.
Who can join?
To qualify for membership with us, you must meet and select one of the following membership criteria:
I live, work, worship or attend Post-secondary school in one of the following counties: Allegan, Antrim, Barry, Benzie, Berrien, Branch, Calhoun, Cass, Charlevoix, Cheboygan, Clare, Clinton, Eaton, Emmet, Grand Traverse, Ingham, Ionia, Isabella, Kalamazoo, Kalkaska, Kent, Lake, Leelanau, Manistee, Mason, Mecosta, Missaukee, Montcalm, Muskegon, Newaygo, Oceana, Osceola, Ottawa, St. Joseph, Van Buren or Wexford.
I am a person who is or will become a donor to the Amyotrophic Lateral Sclerosis (ALS) Association of Michigan. Please click here for a donation form. (Donation form from: https://lending.digital-dialogue.com/NMNAApplication.aspx)
I am an immediate family member of a current Lake Michigan Credit Union member.
| NCUA Insured | Yes / State-Chartered |
| Charter Number # | # 62514 |
| Date Established | 1933 |
| Assets | $13,373.59 million |
| Loans | $11,643.79 million |
| Deposits | $11,259.87 million |
| Capital | $1,526.72 million |
Field of Membership Restrictions
Membership is open to those who live, work, worship, or attend school in Allegany and Garrett Counties, Maryland; Somerset County, Pennsylvania; or Mineral County, West Virginia.
Deposit Rates - April 27, 2024
Your Current Location: Ohio, OH 43085
| Savings and Money Market Rates (Share Account Rates) | APY | MIN | MAX | |
|---|---|---|---|---|
| Max Savings
|
0.10% | $100 | $99,999 |
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|
| Max Savings
|
1.00% | $100,000 | $249,999 |
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|
| Max Savings
|
1.25% | $250,000 | $499,999 |
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|
| Max Savings
|
1.50% | $500,000 | $999,999 |
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|
| Max Savings
|
2.25% | $1,000,000 | - |
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|
|
Money Market
|
0.30% | $2,500 | $9,999 |
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|
|
Money Market
|
0.40% | $10,000 | $24,999 |
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|
Money Market
|
3.30% | $25,000 | $49,999 |
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|
Money Market
|
3.30% | $50,000 | $99,999 |
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|
|
Money Market
|
4.00% | $100,000 | $249,999 |
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|
|
Money Market
|
4.00% | $250,000 | - |
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|
|
Money Market
|
4.15% | $1,000,000 | - |
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|
| CD Rates (Share Certificate Rates) | APY | MIN | MAX | |
|---|---|---|---|---|
| 3 Month Vip Bonus
|
5.00% | $500 | - |
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|
| 6 Month Vip Bonus
|
5.05% | $500 | - |
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|
| 9 Month Vip Bonus
|
5.00% | $500 | - |
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|
| 12 Mo CD
|
5.15% | $500 | - |
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|
| 18 Mo CD
|
5.00% | $500 | - |
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|
| 24 Mo CD
|
3.00% | $500 | - |
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|
| 36 Mo CD
|
3.25% | $500 | - |
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| 48 Mo CD
|
3.50% | $500 | - |
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| 60 Mo CD
|
3.75% | $500 | - |
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|
| Int Checking Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| INTCK
|
0.15% | $2,500 | $4,999 | Learn More |
| Checking Rates | APY | MIN | FEE | |
|---|---|---|---|---|
| Max Checking | 3.00% | $0 | $0.00 | Learn More |
Loan Rates - April 27, 2024
Your Current Location: Ohio, OH 43085
| Home Equity Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| Line of Credit See Table |
5.24% | 5.24% | Varies | |
Compare with 7.49 RATE Line of Credit from Third Federal Savings and Loan
See All Home Equity Rates |
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| Auto Loan Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 3 Year | 3.99% | 3.99% | $737.99 | |
| 4 Year | 3.99% | 3.99% | $564.36 | |
| 5 Year | 3.99% | 3.99% | $460.30 |
| Refinance Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 7 Year Adjustable Conforming See Amortization Table |
7.94% | 7.25% | $2,182.96 | |
| 15 Year Fixed Conforming See Amortization Table |
7.03% | 6.88% | $2,853.93 | |
| 20 Year Fixed Conforming See Amortization Table |
7.36% | 7.25% | $2,529.20 | |
| 30 Year Fixed Conforming See Amortization Table |
7.48% | 7.38% | $2,210.16 |
| Purchase Mortgage Rates | APR | Rate | Monthly Payment | |
|---|---|---|---|---|
| 7 Year Adjustable Conforming See Amortization Table |
7.94% | 7.25% | $2,182.96 | |
| 15 Year Fixed Conforming See Amortization Table |
7.03% | 6.88% | $2,853.93 | |
| 20 Year Fixed Conforming See Amortization Table |
7.36% | 7.25% | $2,529.20 | |
| 30 Year Fixed Conforming See Amortization Table |
7.48% | 7.38% | $2,210.16 | |
Compare with 6.787% APR and 6.750% 30-Year Fixed RATE from District Lending
See All Mortgage Rates |
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Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.
Branches
Below are Lake Michigan branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
Climate Policy and Initiatives
LAKE MICHIGAN is encouraged to provide us with this information. When we receive this information from the credit union, we will provide it here.
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Financial Details
Lake Michigan Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Lake Michigan. The data is provided by the NCUA. All credit unions on BestCashCow, except those specified as not NCUA-insured in the overview section above, are NCUA-insured. Depositors should be careful to remain within NCUA insurance limits.
Texas Ratio
| Lake Michigan | U.S. Average |
|---|---|
| 2.86% | 6.97 |
The Texas Ratio compares the amount of loans at risk and assets repossessed with the amount a credit union has on hand to cover any losses. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a credit union has to absorb its loan losses.
As of December 31, 2023, Lake Michigan had $43,722,471 in non-current loans and $637,292 in owned assets. To cover these potential losses it had $1,526,723,744 in net worth and $22,289,364 in loans loss reserves. That gives it a Texas Ratio of 2.86%.
Net Worth
| Lake Michigan | U.S. Average |
|---|---|
| 11.38% | 13.62% |
Lake Michigan FCU has a net worth of 11.38% versus the BestCashCow average of 13.62. Net worth measures how much total assets exceed total liabilities. The higher the net worth number the more secure a credit union is considered.
Customer Reviews for Lake Michigan
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