Is your Lake Michigan Credit Union account FDIC or NCUA insured?

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Lake Michigan Credit Union is a member owned, locally operated financial institution. That means we don’t have shareholders – we answer to you. We offer loans on new and used cars, as well as financing for boats, RVs and motorcycles.

Why should you consider Lake Michigan Credit Union?
Why should you consider Lake Michigan Credit Union?

Key Takeaways

1. If your Lake Michigan Credit Union account is at an Insured Institution, you are insured.

2. If your Lake Michigan Credit Union account is at a Noninsured Institution, you are not insured.

3. The FDIC and NCUA have placed limits on the number and amount of certain types of transaction accounts that are eligible for insurance coverage.

4. Transaction accounts are the most common type of deposit accounts, such as checking and savings accounts.

5. If the aggregate balance of your Lake Michigan Credit Union accounts exceeds these limits, the uninsured balance is the difference.

What is a credit union?

Credit unions are member-owned financial institutions. They are not-for-profit institutions, which means that they don’t operate for profit. Instead, they’re in the business of serving their members and providing financial services to them. Unlike banks, there are no shareholders. Credit unions are owned by their members, also known as “members of common bond.”

There are a variety of different credit unions. Among them are industrial, agricultural, and community development credit unions. Community development credit unions are also known as “classic” or “plain” credit unions. These credit unions are not-for-profit financial institutions that provide financial services to members.

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Credit unions that are federally insured by the National Credit Union Administration. This agency covers deposits up to $250,000. They also provide deposit insurance coverage on IRAs. For higher deposit amounts, most credit unions invest in private supplemental insurance, which cover deposits up to $1,000,000.

Lake Michigan Credit Union is a federally insured financial institution, which means that it’s backed by the full faith and credit of the United States government. This also means that your money is protected, up to $250,000 by the National Credit Union Administration, an agency of the United States government.

Who can join Lake Michigan Credit Union?

Lake Michigan Credit Union serves anyone who lives in Michigan, as well as employees of several large companies. If you live close to one of their branch locations, you can also become a member by joining the local Consumers Cooperative Credit Union.

To start banking with Lake Michigan Credit Union, you’ll need to go to a branch location with a valid ID. They will need to see proof of your address, like a recent utility bill or insurance statement, so make sure to bring that with you.

Lake Michigan Credit Union offers a variety of different types of accounts. They have checking accounts, savings accounts, certificates of deposit, and more. Their checking accounts come with free online banking and a debit card. They also have several different kinds of savings accounts, including Health Savings Accounts.

Lake Michigan Credit Union was founded in 1934 and has five branch locations. They specialize in providing financial services to recreational boat owners, which sets them apart from many other credit unions.

What is the credit union difference?

Lake Michigan Credit Union has been a trusted financial partner for more than 80 years, offering convenient, friendly, and personalized service. Unlike banks, credit unions are not for profit, which means our members are the owners and we return their profits in the form of lower loan rates and higher savings rates. We are committed to providing members with everything they need to meet their financial goals. We offer more than just great banking products.

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Lake Michigan Credit Union is a federally chartered credit union and all the accounts and services listed here are insured up to at least $250,000 by the National Credit Union Administration (NCUA), a federal agency of the United States government.

There’s always a Lake Michigan Credit Union location near you, so stop in and visit us today.

What are some unique features of MMCU?

Lake Michigan Credit Union is a locally owned and operated financial institution that has been serving Chicago and the surrounding communities for more than 40 years. One of the things that sets LMCU apart from other financial institutions is the fact that we are committed to serving the well-being of our members, not just the financial needs of our members.

This means that we have a number of unique products and services that are designed to help our members save money and plan for life events. One of the most popular features of the LMCU website is our LMCU Rate mozes tool. Using the tool, our members can get an estimate of the interest rates and monthly payments for various loans. They can also compare loan terms and estimated closing costs. Another popular feature of the website is the LMCU retirement calculator. This calculator is designed to help our members estimate how much they need to save in order to meet their retirement goals.

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LMCU offers several savings options that can help members achieve a variety of financial goals. We have money market accounts, savings accounts, and certificates of deposit, our yield on savings accounts is higher than the industry average. Our CD-Enhanced Saver account also has a higher rate.

LMCU also has a number of supplemental insurance products and discounts available to our members. These include identity theft protection, credit card replacement, and GAP coverage.

What are the benefits to joining?

Lake MI Credit Union is insured by the National Credit Union Administration, an agency of the federal government. The insurance provided by NCUA is the same type of insurance that covers bank deposits.

When you deposit money at a bank, that money is protected by FDIC insurance. Any money that you deposit into Lake MI Credit Union is safe and sound, just like the money in your bank account.

NCUA insures your savings up to $250,000, and your CDs are covered up to $250,000. Individual Retirement Accounts and Keogh accounts are covered up to $250,000.

Is your Lake Michigan Credit Union account FDIC or NCUA insured?

Lake Michigan Credit Union is federally chartered and insured by the National Credit Union Administration (NCUA), a United States Government Agency. Your savings are federally insured up to $250,000.00 as established in the Federal Credit Union Act. NCUA is the independent federal agency created by congress to regulate, charter and supervise federal credit unions.

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