Consumers Credit Union (MI) Interest Checking review 2019 | finder.com

Consumers Credit Union (MI) Interest Checking review

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Consumers Credit Union (MI) Interest Checking
  • Member perks
  • Automatic overdraft
  • Unlimited check writing

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Basic checking with minimal interest, but only for select Michigan residents.

Interest is in the name of Consumers Credit Union’s midgrade checking account. But highest balances earn only 0.4% APY. And you’ll need to live, work or study in Michigan’s Lower Peninsula to open an account.

APY0.40% on balances of $250,000+
0.30% on balances of $50,000 to $99,999
0.20% on balances of $10,000 to $24,999
Monthly fee$10 per month
To waive the feeMaintain a daily balance of at least $1,000
Minimum deposit to open$1,000
ATMs30,000+ ATMs nationwide
ATM transaction fee$0
Out-of-network ATM feeForeign ATMs - $3.00 per transaction
Foreign transaction fee2%
Overdraft fee$35
Nonsufficient funds fee$35
Deposit methods Ways to deposit
Cash
  • Cash by teller
  • Cash by ATM
Check
  • Check by teller
  • Check by ATM
  • Mobile/remote check deposit
Transfer
  • Bank transfer
  • Wire transfer
  • Direct deposit

What are the benefits of Consumers Credit Union (MI) Interest Checking?

The Interest Checking account offers nationwide ATM access, mobile check deposit and other benefits of a traditional checking account with a low APY of 0.2% to 0.4%, depending on your balance.

Extended perks include:

  • Unlimited check writing. Write as many checks as you need without incurring a fee. And get a free box of checks annually
  • Automatic overdraft. Sign up for Courtesy Pay to protect your account from declined transactions due to shortages, with 30 days to repay what you’re forwarded. Note that each incident incurs a $35 fee.
  • Member perks. Access exclusive discounts on services that skew local as a CCU member.
  • Cashback rewards. Sign up for Get Cash Back for automatic rewards when you use your debit card.

Consumers Credit Union’s ATM network and fees

Use your debit card to access cash at more than 30,000 fee-free ATMs nationwide, including 200 in CCU’s immediate service area. Search for the nearest location on Consumers Credit Union’s locations page.

While at least one CCU account reimburses you for third-party ATM fees, this one does not.

What should I look out for?

Unless you maintain a minimum balance and opt out of paper statements, you’re on the hook for fees, among other potential drawbacks:

  • Minimal interest. Even if you maintain the $1,000 minimum daily balance, you won’t earn much with an APY that tops out at 0.4% — even with a quarter-million-dollar balance. Look instead at CCU’s high-yield Serious Interest Checking.
  • Limited service area. CCU membership is limited to those who live, work or study at select schools in Michigan’s Lower Peninsula.
    Maintenance fees. You’ll need to maintain a daily balance of at least $1,000 to avoid the $10 monthly fee.
  • Paper statement fee. If you’re not quite ready to embrace digital statements, you’ll pay $5 monthly for paper.

Compare to other checking accounts

Name Product APY ATMs Fee
Access to 16,000 ATMs and nearly 5,000 branches nationwide
$12/month
(can be waived)
Get a $200 bonus when you open a new Chase Total Checking account and set up direct deposit within 60 days of opening your account. Chase's simplest checking account is easy to use and gives you access to 16,000 ATMs and nearly 5,000 branches.
1.25% on balances of $0+ with $1,000+ in direct deposits, 10 $3+ debit card transactions and 5 additional account transactions per month
ATM fees reimbursed at any ATM nationwide
$0
Earn up to 1.25% APY while enjoying a suite of digital tools for smarter money management.
Free at over 56,000 ATMs around the world
$0
A full-service account with convenient, surcharge-free access to two massive ATM networks.
0.01% on balances of $5+
Surcharge-free HSBC ATMs nationally and internationally, plus up to four rebates a month for using non-HSBC ATMs in all US states except New York
$25/month
(can be waived)
Get $350 by funding and maintaining your new account with at least $5,000 in combined checking and savings for 90 days and setting up recurring third-party direct deposits for 3 consecutive months. Offer expires December 31, 2019.
0.01%
38,000 fee-free ATMs nationwide
$0
No overdraft fees. No monthly maintenance fees. No monthly service fees. No minimum balance fees. No deposit required. No foreign transaction fees. Over 38,000+ fee-free MoneyPass ATMs.
2.00% on balances of $10,000+ or deposit $1+ each calendar month into any Aspiration cash management or investment account
Free to use anywhere worldwide
$0
A spend and save combo account with no monthly service fees, free access to every ATM in the world, unlimited cash back rewards and deposits insured by the FDIC. The Aspiration Spend & Save Account is a cash management account offering of Aspiration Financial, LLC, an SEC-registered broker-dealer. Aspiration is not a chartered bank.

Compare up to 4 providers

How do I open an Interest Checking account?

You must become a member of Consumers Credit Union to sign up for this account, which is an easy step in online signup.

  1. Go to the Consumer Credit Union website and navigate to the personal checking page. From there, click Open non-members to begin the process of becoming a member. If you’re already a member, click Open members to skip to account signup.
  2. Click Yes, I Meet The Criteria to confirm your eligibility and follow the process for membership.
  3. Enter your phone number and Social Security number where indicated to begin the process of opening Interest Checking.
  4. Follow the prompts to register and fund your checking account.

Required information

Consumers Credit Union isn’t clear about the documentation you’re required to submit to confirm that you’re eligible for membership or to sign up for checking.

Expect to submit identifying information that includes:

  • Your legal name and residential address
  • Your date of birth
  • Proof of residency, employment or study in CCU’s service area
  • The routing and account number for your funding

Eligibility

  • Legal US resident
  • At least 18 years old
  • Government-issued ID, like a driver’s license or passport
  • Valid Social Security number
  • Live, work, worship or study in select institutions in Michigan’s Lower Peninsula
  • At least $1,000 for an opening deposit

How do I deposit or withdraw money?

Consumers advertises tech-friendly tools on par with digital banks for easy access to your cash with the benefit of local branches.

  • Branch office. Deposit or withdraw your money in person at a local Consumers Credit Union office.
  • ATM. Access your money through one of 30,000+ fee-free ATMs and 1,800 shared branch networks nationwide. Search for surcharge-free ATMs through the site.
  • App. Download CCU’s free app to deposit checks, pay through three mobile wallets and manage your account on the go.
  • Wire transfer. Sign into your online account to move your money between CCU accounts or to another member for free. Transfers to other banks or credit unions may incur a fee.

What other checking options does Consumers Credit Union offer?

Interest Checking appears to be CCU’s midgrade account. Other options include:

  • Simple Checking. This basic checking account requires $25 to open with the same general benefits Interest Checking options.
  • Serious Interest Checking. This high-yield account allows you to earn from 3.09% APY to 5.09% APY on balances of $10,000 or more.
  • Student Choice Checking. Get your kids on the right financial footing with an account designed for 13- to 17-year-olds that includes a debit card, ATM fee reimbursement and more.

Bottom line

Consumers Credit Union steps up its basic checking with this interest-bearing account. But low tiered APYs top out lower than many high-yield accounts on the market. For a stronger account, compare other checking accounts for the highest APY you’re eligible for.

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