Consumers credit union mobile deposit funds availability

It's Me 247 Mobile Check Deposit 

Deposit your checks with It's Me 247 Mobile App:

1. Sign the check
2. Snap a photo of the check and
3. Send the image.

How to Endorse a Check for Mobile Deposit

• All payees must sign their name on the back of the check
• All checks must have the following phrase under signatures 

   "For Mobile Deposit Only OneUnited FCU"

Making a Mobile Deposit

• Be sure check is properly endorsed (see above)
• Log into Mobile App
• Tap "Deposit"
• Select "Deposit a check"
• Select the checking account to credit the deposit
• Enter check amount
• Take photos
•       Take a picture of the front of the check
•       Use or retake photo
•       Repeat for the back of the check
• Tap "Make deposit"
• The check will be credited to your account within two business days

Mobile Deposit Limits:

Maximum per check limit:   $1,800.00

Maximum daily limit:   $4,000.00

Maximum number of checks per deposit:   1

Maximum items per day:   15

Maximum Rolling 30 Day Dollar Amount:   $10,000

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Consumers Credit Union, based in Gurnee, Illinois, operates 11 branches in the Chicago suburbs. The credit union, founded in 1930, offers an array of products for consumers, including checking accounts, savings accounts, certificates (CDs), home loans, auto loans, credit cards, IRAs and business banking services.

Perhaps the most notable aspect of Consumers Credit Union’s products is the APYs (annual percentage yields) for its rewards checking accounts. They are among the highest interest rates available for checking accounts in the U.S., although there are some strings attached.

While it maintains branches only in Illinois, Consumers Credit Union (CCU) welcomes customers from throughout the nation. The required membership in the Consumers Cooperative Association is available to all for a $5 membership fee.

In September 2020, CCU reported $2.46 billion in assets and 173,354 members. By comparison, the credit union had 124,499 members and $1.33 billion in assets in December 2019. That means its membership rose by 39% in just nine months and its assets grew by more than 80%.

Two recent mergers have helped propel CCU’s growth. In June 2020, CCU merged with Schaumburg, Illinois-based Andigo Credit Union, formerly known as Motorola Employees Credit Union. In 2019, CCU merged with Waukegan Municipal Employees Credit Union in Waukegan, Illinois.

This review focuses on CCU’s personal banking products and services. Here’s a look at CCU and how it compares with other financial institutions.

Account Basics

Savings

CCU offers four regular savings accounts: Membership Share, Special Share, Smart Saver and Holiday Savings Club. Each requires a minimum initial deposit of $5 (which covers your membership fee). The Membership Share and Special Share accounts currently pay 0.05% APY, while the Holiday Savings Club pays 0.25% APY.

To join CCU and take advantage of its products and services, you must open a Membership Share account.

The Smart Saver account offers a higher APY of 1.50% if you meet certain requirements. If you don’t meet those requirements, the APY is 0.25%.

The requirements include:

• Deposits totaling at least $50 a month
• Maximum aggregate deposit amount of $1,000 per month, with no restriction on the total balance
• ACH direct deposits or remotely deposited checks totaling at least $500 a month into any non-IRA checking account with the same primary owner
• Enrollment in e-statements

For Holiday Savings Club accounts, the entire balance is transferred to another account held at CCU on or after November 1, but the account remains open. You can’t make withdrawals from a holiday account at any other time.

One other savings option is the IRA Savings account, available for traditional, Roth and educational IRAs. It pays 0.25% APY and requires a minimum initial deposit of $10. Preauthorized, automatic and telephone transfers aren’t allowed at any time from these accounts.

For the Membership Share, Special Share and Smart Saver accounts, an account holder can’t make more than six monthly transfers and withdrawals from their account to another account or a third party via a preauthorized, automatic, internet or telephone transaction, or by check, draft or debit card. If you exceed these limits, a fee may be charged or your account may be closed.

Checking

If you’re looking to stash up to $10,000 in an interest-bearing checking account, CCU supplies several appealing options. The credit union’s basic no-fee checking account offers no interest, yet no minimum balance. Its rewards checking accounts do provide interest. The rewards accounts require a minimum initial deposit of $5 (to maintain your membership).

Depending on which requirements you meet, a CCU Rewards Checking account pays 0.01% to 4.09%. The top three tiers of this type of account offer APYs exceeding many competing savings accounts and checking accounts. The APYs for the top three tiers apply to balances of $10,000 or less. Above $10,000 up to $25,000, the APY for all three tiers is 0.20%. If the balance is higher than $25,000, the APY for those three tiers is 0.10%.

The basic requirements for Rewards Checking accounts include:

• 12 debit card purchases per month
• ACH deposits, direct deposits or mobile check deposits totaling at least $500 each month
• Enrollment in eDocuments

Meeting these basic requirements will result in monthly ATM fees’ being refunded.

To qualify for 4.09% APY, an account holder must meet the basic requirements and make at least $1,000 in purchases per month on a CCU Visa credit card. At the 3.09% level, the requirements are the same, except the threshold for monthly credit card purchases is $500. To earn the 2.09% APY, you must meet only the basic requirements.

For a rewards account that fails to meet even the basic requirements, the APY is 0.01%.

Student Choice Checking is geared toward students ages 13 to 17 is available as well. It requires a minimum balance of $5 but does not pay interest.

Certificates

The APYs for the credit union’s regular and IRA certificates, or CDs, range from 0.35% to 2.80%. Some of these APYs are lower than what you’d find at a number of other banks and credit unions. Each certificate, no matter the term length, requires a $250 minimum deposit.

To earn higher APYs for jumbo and super jumbo traditional and IRA certificates, minimum deposits of $100,000 and $250,000 are required, respectively. The top jumbo certificate currently pays 3.30% APY and the top super jumbo certificate pays 3.60%.

Money Market Account

CCU offers a traditional money market account and an IRA money market account.

APYs for the traditional and IRA money market accounts currently range from 0.55% to 0.75%, with a $5 minimum initial deposit (to maintain your membership). To earn 0.55% APY, the minimum balance is zero. The minimum balance is $25,000 to earn 0.40% APY and $100,000 to earn 0.75% APY.

Distinguishing Features

In addition to checking, savings, certificates and money market accounts, CCU offers home loans, home equity loans, personal loans, auto loans and several Visa credit cards. This is a more generous menu of financial products than many online banks offer.

Access on the Go

CCU enables customers to sign up for online banking. Online banking customers can use the credit union’s mobile app. On the App Store, the app receives a rating of 3.9 stars out of 5. On Google Play, it earns 4.0 stars out of 5. Features of the app include bill pay, funds transfer and mobile check deposit.

Customers with debit and credit cards also have access to a mobile wallet that can be used with Apple Pay, Google Pay and Samsung Pay.

Although CCU branches are located only in Illinois, you can take advantage of services in other states. The credit union provides surcharge-free access to a nationwide network of more than 30,000 ATMs and access to more than 5,000 shared credit union branches.

CCU also enables customers to check balances and transactions via text at no charge.

Pros

• Open to consumers nationwide for a $5 membership fee
• High APYs for Rewards Checking
• Access to more than 5,000 shared credit union branches
• Access to more than 30,000 ATMs

Cons

• Must meet requirements to earn APY for Rewards Checking
• Relatively low APYs for savings accounts
• Higher minimums for money market accounts

How Consumers Credit Union Stacks Up

For every type of account except checking, Consumers Credit Union sits in the middle of the road among financial institutions. But CCU shines when it comes to the APYs for its Rewards Checking account. If you’re willing to meet the requirements, such as minimum numbers of monthly debit card purchases and monthly deposits, CCU’s Rewards Checking account may mean more money in your pocket.

Frequently Asked Questions (FAQs)

Is Consumers Credit Union insured by the NCUA?

Yes, CCU deposits are insured by the National Credit Union Administration (NCUA) up to $250,000 per depositor, for each account ownership category, in the event of a credit union failure.

How are members of Consumers Credit Union connected?

All members of CCU are members of the Consumers Cooperative Association. Under state law in Illinois, credit unions must have what’s known as a membership “common bond.” For CCU, the association serves as that bond. For other credit unions, a bond might be working at the same company or living in the same community.

When did Consumers Credit Union start offering online banking?

CCU introduced online banking in 1999. Four years later, it recorded more than 3.7 million online banking transactions.

Why would I choose a credit union over a traditional or online bank?

Credit unions and banks can offer similar products and services. However, credit unions tend to offer additional perks, like better customer service, competitive interest rates and financial education offerings. Understanding the differences between banks and credit unions can help you make the right decision for your family.

Are mobile deposits available same day?

How long until mobile deposit funds are available?

What is a consumer mobile deposit credit?

How Long Does Consumer credit union take to approve?