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Consumers Credit Union’s suite of accounts
This Illinois credit union offers competitive banking products and other services to customers across the country.
What banking products does Consumers Credit Union offer?
How do I join Consumers Credit Union?
In order to open any account at CCU, you’ll first need to become a member. Here’s how to join:
- Visit the IL branch or go to the CCU Website.
- Open a Membership Share Account and make a $5 payment to the Consumers Cooperative Association.
- Deposit and maintain a balance of at least $5 in your Membership Share Account.
What do I need to become a member of Consumers Credit Union?
To become a member, you’ll need to supply the following:
- Name and date of birth
- US address
- Social Security number
- Driver’s license or other state-issued ID
- Contact information (Email and phone number)
- $5 contribution to Consumers Credit Association
Why should I open an account at Consumers Credit Union?
This credit union operates nationwide with a handful of benefits that make it stand out from its competition:
- ATM and branch network. Get free access to over 30,000 Co-Op ATMs and 5,000 shared branches.
- Options. CCU offers a wide selection of consumer and business banking products that you might only expect from a much larger institution.
- Fee reimbursements. Get unlimited fee reimbursements for ATM use as long as you make the required deposits and withdrawals for your account .
- Low minimum deposits. Most accounts only require $5 minimum balance to become a member.
- High APY on its checking account. CCU’s Rewards checking account offers up to 5.09% APY on balances up to $10,000. Most accounts only go as high as 2.5%.
What should I look out for?
While this institution offers a number of perks, there are still a few things you should watch out for:
- Subpar rates. Besides its Rewards checking account, CCU’s savings accounts, money market accounts and certificates offer rates that start as low as 0.50%.
- High service fees. Watch out for high service charges for things like overdrafts, replacement cards and incoming wire transfers.
- Conditions and eligibility requirements. To earn advertised rates, you’ll need to meet account conditions and eligibility requirements, like making numerous debit card transactions and setting up monthly direct deposits.
- Must be a member. You won’t be able to open an account unless you become a member of the credit union first.
- Limited customer service. Customer service is only available during standard work hours during the week, plus limited hours on Saturday and no availability on Sunday.
- Phone: 877-275-2228 Monday to Thursday 9 a.m. to 5 p.m., Friday 9 a.m. to 6 p.m. and Saturday 9 a.m. to 1 p.m. CST.
- Live chat: Visit the Contact Us page on the CCU website
- Secure message: Log into your online banking account to send a secure message
How does Consumers Credit Union compare to leading banks?Consumers Credit Union is an Illinois-based credit union that was established in 1930 and aims to provide a more personal and secure alternative to traditional financial institutions. While it only has 10 official branches that are all located in Illinois, the credit union offers accounts to customers in every state.
Consumers Credit Union reviews and complaintsConsumers Credit Union is a member of the NCUA which means that deposits are insured for up to $250,000. It’s not officially accredited on the BBB website but it holds a B+ rating and a 1.5 out of 5 customer review score. Complaints from customers mention things like billing and collection issues, inaccurate information and processing delays.
Consumers Credit Union customer service
here are a few ways you can get in touch with customer service:
Bottom lineConsumers Credit Union is an Illinois-based credit union that serves the entire country with a wide range of deposit accounts and other banking products. It has low deposit requirements and almost no monthly fees.
But you’ll need to become a member before opening an account, and watch out for the high service fees. Or find another account by comparing your bank and credit union options.