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Lake Michigan Credit Union Reviews: 275 User Ratings
Lake Michigan Credit Union is a Federally Insured State Chartered Credit Union with 39 branches, assets of $4,390,391,710 that is headquartered in Grand Rapids, MI. Lake Michigan Credit Union is the largest credit union in West Michigan. Lake Michigan Credit Union offers a full range of financial services. From savings and checking programs, to... show more
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Lake Michigan Credit Union Reviews
5
43%
4
27%
3
13%
2
3%
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15%
3.8
275 reviews
275 reviews
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Lake Michigan Credit Union
James Lam @fadetozero
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2 Star Rating
Our mortgage with LMCU has been a disappointment from the beginning—we wanted to use a local business. My wife and I both have accounts at LMCU, but the mortgage payment has always been from mine. When LMCU upgraded their online banking, access to the mortgage was switched from my account. Both of us would have to take time off from work to talk to someone in person to fix the problem, or submit our account numbers through email—we declined. LMCU just updated their system again and this time, LMCU switched the default account for payments to an account at another bank entirely. I attempted to make two payments against the principal, so now I'll have to contest the bank fees as well.
LMCU messed up my account and other peoples accounts. This is very unprofessional. I am currently not able to use my LMCU card because of the situation. It's been 3 days, and I still cannot use my card.
The employees need to learn how to correctly fill out a personal loan for a customer. My credit score dropped due to their inefficiency so I changed banks and closed the account.
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Product: Lake Michigan Credit Union Personal Loans
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Lake Michigan Credit Union
Ree Strayent @closeur
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1 Star Rating
I'm not sure that I can remember all the ways Lake Michigan Credit Union has screwed up my mortgage, from the initial misinformation stage through nearly blowing the closing to repeatedly messing up my additional principal payments so that I have to call most months to straighten out their errors. On the bright side, I'm paying off this loan as fast as humanly possible so that I can cancel my membership and never darken their door again.
I've been in the mortgage business for 20+ years and this is by far the worst servicing I've seen. For the last 30 days I've been trying to resolve an "issue" with my escrow account, of which was only present after LMCU sent me a check for $7100 saying I had an overage. Well, there was no overage as they in fact still have yet to pay my summer taxes, of which are no incurring late fees. On multiple occasions I have reached out, talked to a servicing manager, who all say the same thing, "let us review and we will get back with you" only for their to NEVER be a follow up call. What was a great product and great transaction with my Loan Officer a year ago, has not turned out to be a nightmare with no resolution!
After being approved for a line of credit LMCU loss prevention department decided to cancel my account as a risk decision before I even received my card. After switching my account to payment only they still treat these accounts as if they were still open visa accounts with the fees and everything although there is no open line of credit. The reason for opening this account was to pay for renovations on my second home. From 1 business owner to another I wouldn’t recommend this credit union to anyone.
I wish I could rate this a minus five stars just a horrible so called bank, used this Institution for a snowmobile loan and paid it off early just not to deal with them anymore and still calling multiple times to execute pay off . Then when I paid off loan have to jump through hoops to get title sent and have to fill out paper work to eliminate me off their yearly membership fees. I'd advise to look elsewhere.
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Product: Lake Michigan Credit Union Personal Loans
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Lake Michigan Credit Union
olaf_rasmussen374 @olaf_rasmussen374
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2 Star Rating
The experience wasn't horrible. It just felt like a numbers game like they wanted to pull my credit to fulfil a quota. I went through other lenders who said most lenders do a pre-approval with a soft pull and don't do the hard pull till we find a home. Lake Michigan Credit Union did it before common introductions were made. So just beware they will hurt your credit without any simi guarantee they will get you approved.
Beware! Details of rates & terms not clarified up front plus they try to inject unnecessary insurance policies at closing! Necessary information comes slowly (like answering your questions)
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Product: Lake Michigan Credit Union Personal Loans
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Lake Michigan Credit Union
amylandhuis28 @amylandhuis28
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1 Star Rating
Do not get a mortgage with them unless you enjoy headaches, constant credit disputes, being forced to make extra payments, and working with incompetent staff!! We have had so many issues with our LMCU mortgage over the last 5 years. They keep incorrectly marking our payments as late, so we are constantly having to submit disputes. Whenever we call, no one can tell us why it was marked late or what is causing the problems. Last year, they failed to communicate that the payment amount changed due to escrow (all the paperwork they sent had the same ampumt listed as the previous year) and then repeatedly marked our payments late since they were short of the full amount. Then they would lock our bank account, causing us to miss other payments. It took 6 months for them to inform us of the changed amount, even though we were on the phone with them multiple times each month, trying to figure out why our accounts were locked and our payments showing late. When they did, they told us we owed $2000 to bring our mortgage current, so we paid it, but they misapplied the payment and told us we had to pay another $2000 because they couldn't fix it. They won't remove the late payments from my credit last year, even though it all stemmed from their errors. They have destroyed my credit score. If it weren't for that and current interest rates, we would refinance with another institution just to be done with LMCU!
The mortgage servicing here is a joke. I bought a house in SC and LMCU apparently bought the loan to act as the servicer. Ever since then I've had issues. I had issues signing up for their separate mortgage portal. I then had issues when they changed this portal a few years later. I'm now experiencing issues again now that they have "consolidated" their websites. When I call the number for tech support, trying to get registered for the 3rd time, I'm then sent to the the mortgaging center where there is another phone tree and separate wait. Clearly these are not integrated. I also had an issue where my property tax was too high and despite sending them an updated bill from the county, they still charged the higher rate. I called about this several times and was never given a refund. Instead they applied the extra balance to my mortgage principle. If LMCU buys your mortgage, look to refiance as soon as fiscally possible.
LMCU has restricted my checking and savings account for a mortgage tied to these accounts. I am in no way legally tied to this mortgage nor am I obligated to pay it because I am not listed on the mortgage, yet they continue to violate my rights, rather than fix their own issues. My husband and I filed Chapter 7 bankruptcy. The mortgage was not included in the DISCHARGE of debts on our Chapter 7 because we did not file bankruptcy on the mortgage, and agreed to continue paying the payment via autodraft from our checking account. My husband did not sign the Reaffirmation Agreement provided to our attorney by LMCU because our attorney advised against signing it. Now, LMCU is violating Bankruptcy laws by locking us out of our account, essentially restricting all activity, including online banking. They continue to accept our direct deposit of funds, accept the house payment autodraft every month, have never received a late payment, have been informed they are violating Federal Bankruptcy Laws, and yet I have been fighting with them since March 4, 2022. LMCU knows they are violating the law, my attorney has confirmed they are violating the law, yet they continue to do so simply because they can get away with it because we do not have thousands to pay an attorney, obviously. All of this has happened, after they first screwed up our original mortgage by leaving me, THE WIFE, off the deed to the home, which we were not told about until we arrived at CLOSING! Had it not been for the professional office associate at the closing office, we could have really ended up in dire straights! She managed to fix the issue with a QUIT CLAIM signed by both my husband and I. I have lived in MI 51 years, and I've made it a point to bring my business to LMCU, and recommend them to my kids and others. I am totally dismayed by the lack of professionalism, accountability, and overall character of those leading this debacle. Sickened is what I feel thinking of the steps I've taken to remedy the shell wrought by COVID and the despicable actions of those in 'respectable' positions who have the ability to demonstrate character and integrity, and choose NOT TO. What a complete fool I have been thinking LMCU was a homegrown MICHIGAN business I could put my faith and trust in. You are pathetic! There is no excuse for blatantly breaking the law, harassing and beating your customer when they are down, when all we have done is follow the professional advice of a licensed attorney, and believed by following his legal advice we would be protected under U.S. Bankruptcy law. There couldn't be any better example of a homegrown MICHIGAN business embarrassing and harassing their customers than this. I was told that MORTGAGES were not your strength, that you are slow, and not as easy to deal with as others, and I chose to ignore the naysayers and choose you for our MORTGAGE needs,....let me tell you something, at this point I can't get far enough away from you. Your sickening, and I'm ashamed to claim you as a homegrown in my beautiful state of MICHIGAN. You are a lawbreaker, plain and simple, you are no better than those sitting in a cell waiting to see the judge. The only difference is you have the money and power to get away with your crime, yes your crime, your criminals for doing the dirty work of your corporate weasels. It will come back to you.
Very Low Interest rates on SAVINGS Accounts for years. The fed rate is about 4%, and they still keep their rate on low.!!! I will transfer out to new savings accounts.
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Lake Michigan Credit Union
terry_2739 @terry_2739
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5 Star Rating
Verified Customer
i,am one year member my branch is FARMINGTON HILLS MI. it is like working with family . every person i have ever worked with is a super star. they take care of every thing in banking from A----Z . i have moved all my money to LMCU . my car my savings my checking now after a construction loan my new mortgage. i truly care about every person in that branch. one more time FARMINGTON HILLS MICHIGAN BRANCH ALL GREAT PEOPLE !!!! TERRY !
Lake Michigan Credit Union gave us a good rate when shopping for a SUV. Their loan was about 12,000 at the time and our credit was average. Now our Credit is exceptional and we just paid the 2011 Mariner off. This is not showing yet in our credit report because only paid two weeks ago. LMCU gave us a good loan that worked great for us! Thanks Lake Michigan Credit Union.
Get answers to your questions about Lake Michigan Credit Union below. Editorial and user-generated content is not provided, reviewed or endorsed by any company. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.
In order to open an account with Lake Michigan Credit Union, you first need to become a member. You can find the membership requirement here: https://accountopening.lmcu.org/. The 3% rate is available for balances up to $15,000. However, other requirements are not mentioned on the website. Please find more details here: https://lmcu.org/banking/checking/checking_max.aspx.
Yes, you will be assigned a financial advisor. Please find Lake Michigan's list of financial advisors here: https://www.lmcu.org/investments/contact.aspx. For more details you can also visit Lake Michigan's investment services page here: https://www.lmcu.org/investments/.