Consumers Credit Union

Consumers Credit Union is a state-chartered credit union headquartered in Gurnee, Illinois. It is notable among credit unions for offering an open-membership model, meaning almost any adult in the United States can join. It was founded in 1930 and has grown to serve members nationwide.

Consumers Credit Union is a member-owned, not-for-profit financial cooperative insured by the National Credit Union Administration up to $250,000 per depositor. Like all credit unions, it operates differently from banks in that it is owned by its members rather than outside shareholders, and it is not structured to generate profits for investors.

Membership is available nationally through a straightforward process. Any person who joins the Consumers Cooperative Association, which requires a small one-time fee, becomes eligible for membership. This makes Consumers Credit Union one of the more accessible credit unions for Americans who do not qualify for membership at employer-based or community-based credit unions.

Consumers Credit Union commonly offers checking and savings accounts, auto loans, mortgages, personal loans, and credit cards. Its checking account, which can earn a competitive interest rate when certain usage conditions are met, is frequently cited as one of its standout products. Its auto loan rates are also commonly noted as competitive. The credit union reimburses ATM fees up to a monthly limit, which is useful for members who do not live near its Illinois branches.

Branch locations are primarily in the northern Illinois area around Lake County. Most members outside Illinois manage their accounts through online and mobile banking. A shared branching network allows in-person transactions at thousands of credit union locations across the country.

Consumers Credit Union is worth considering for Americans seeking a credit union membership who do not qualify through an employer or geographic connection.