Intro – Chicago Municipal Employees Credit Union Reviews & Ranking
Chicago Municipal Employees Credit Union was recently ranked and reviewed by AdvisoryHQ as a top rated credit union. Firms on our top rated lists were selected after they successfully passed AdvisoryHQ's groundbreaking, four-step banks and credit unions selection methodology.
Click here for a step-by-step breakdown of the methodology and selection process used during our Chicago Municipal Employees Credit Union review: AdvisoryHQ’s Methodology for Selecting Top Banks and Credit Unions.
The review below provides a detailed assessment, including some of the factors used by AdvisoryHQ News in its ranking and selection of Chicago Municipal Employees Credit Union.
Chicago Municipal Employees Credit Union Review
With a history that spans more than 85 years, Chicago Municipal Employees Credit Union is well-established and respected in Chicago. It was officially chartered in City Hall in 1926, making it the oldest active credit union in Illinois.
CMECU defines its mission as giving members the ability to “control their own financial destiny.” This credit union in Chicago strives to offer the means that will help members feel comfortable doing business there, leading many long-term relationships. All deposits are federally insured up to $250,000 by the National Credit Union Administration.
Image Source: Chicago Municipal Employees Credit Union
Key Factors Leading Us to Rank This Firm as One of This Year’s Top Credit Union Firms
Upon completing our detailed reviews, Chicago Municipal Employees Credit Union was included in AdvisoryHQ’s ranking of this year’s best credit unions based on the following factors.
CMECU Review: Skip-A-Pay Program
The Skip-A-Pay Program is a valuable convenience offered to members of CMECU. Through this program, members can possibly skip one loan payment up to twice in a twelve-month period, including auto loans, signature loans or lines of credit.
In order to participate, members simply have to download the Skip-A-Pay form, or they can visit a credit union in person to pick it up. After completing the application, they must then return it to the credit union.
The most common time for members to utilize Skip-A-Pay is during the summer and holidays, but it can’t be done during consecutive months. To be eligible, members should be in good standing, can’t be delinquent on any loan in the last year, and can’t have gone 30 days past due on their loan during that period.
CMECU Review: Business Accounts
Many would-be members of a credit union want to find a place where they can manage both their personal and business accounts. This simplifies financial management, and CMECU is one of those credit unions that offers personal products as well as business options.
Business products and services available from this CMECU include:
- Business Share Accounts and Savings
- Business Share Draft/Checking
- Business Certificates of Deposit
- Business Money Market
- Business Platinum Credit Card
Additional benefits available to business members include free notary public service, courtesy pay, and free investment planning.
CMECU Review: Stretch Pay
An exclusive offering from Chicago Municipal Employees Credit Union is the Stretch Pay Loans, which offer an alternative to traditional payday loans.
Recipients can gain access to short-term cash advances to cover small but significant and unexpected expenses. Participants have to meet certain criteria, such as being in good standing at the credit union for at least three months and having been employed at their current job for at least 12 months.
Applicants also can’t have a negative balance in any share account at CMECU, and there is one payday loan available per any one member at one time. The loan amounts are $500 or $1000, and the repayment period is 30 days.
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CMECU Review: Checking Accounts
There are three checking account options available from CMECU, including:
- E-Checking: This account requires no minimum balance to open, and with direct deposit or a $3,000 balance, there is no monthly service fee. Even without those requirements, the service fee is only $6. This account includes unlimited check writing and a free ATM card with Rewards Points.
- Basic: This fundamental checking account requires direct deposit or a $3,000 balance to waive the service fee, but with just a $1,000 average daily balance, account holders earn interest. This account includes overdraft privilege options and rate discounts on loan products.
- Universal: This account requires no opening minimum balance, the monthly service fee can be waived if certain criteria are met, and there are also dividends paid as well as rate discounts on loans offered from CMECU.
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Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
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