Lake Trust Credit Union (LTCU) is one of Michigan’s go-to credit unions for the local communities it serves. And, they have an interesting business offer, including checking, credit, loans, and more. So, is this the right credit union for you?
If you want to do your business banking with a credit union instead of a big bank (there are several perks to doing so), then keep reading to learn everything I know about their small business financial products.
This is what’s in store:
- What is Lake Trust Credit Union?
- Business Financial Products and Services
- Lake Trust Customer Service
- Lake Trust Community Involvement
- Frequently Asked Questions
- Final Takeaway
Now, let’s dig in!
What is Lake Trust Credit Union?
So, LTCU is basically a financial hub in Michigan, especially if you’re running a small business. First off, they offer all the usual banking stuff—savings accounts, mortgages, you name it. But what’s really cool is their focus on small businesses.
They’ve got specialized banking solutions tailored just for small business:
- Need a business interest checking account? They’ve got you covered.
- Want to manage your finances online? They’ve got free online banking anytime, anywhere.
- Into earning some perks? Check out their Visa® Platinum Business Credit Card. No cash advance fees? Yes, please!
But it’s not just about the products; it’s about the support they provide. They understand the hustle because they’re right there with you, living and working in the same communities. They’re all about building relationships and helping local businesses thrive.
So, if you’re a small business owner in Michigan looking for a financial partner that’s got your back and is invested in your success, you might want to give Lake Trust Credit Union a serious look.
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Locations Served
LTCU serves several locations in Michigan, including Brighton, Howell, Ann Arbor, Chelsea, Plymouth, Lansing, DeWitt, Dimondale, Monroe, Hastings, and Mt. Pleasant. They have branches conveniently spread out across these areas, making it easy for members to access in-person services.
Additionally, they offer ATMs and Virtual Teller Machines (VTMs) at various locations, providing convenient options for banking transactions. So whether you’re in need of assistance in Brighton, Howell, Ann Arbor, or any of the other areas they serve, Lake Trust Credit Union has got you covered.
Including shared branches and Co-op ATMS, LTCU has over 100 points of contact for in-person transactions in the Michigan area.
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LTCU Membership & Eligibility Requirements
Becoming a member of LTCU is like joining a community that’s all about improving financial wellbeing in Michigan—They’re pumped to have you onboard because, together with their members, they’re making a difference in neighborhoods across the state.
To get started, here’s what you’ll need handy:
- A $5 membership share (this is like your stake in the credit union)
- Your driver’s license or state ID
- Your Social Security Number
Now, to qualify for membership, you gotta be connected to Michigan in some way—whether you live, work, worship, or go to school there. It’s all about keeping it local and supporting the Michigan community.
And when it comes to getting an LTCU business loan, there’s no strict credit score requirement. But, you do need to be a Lake Trust member or eligible for membership to apply.
If you meet any of the eligibility criteria listed below, you’re likely good to go:
- Live, work, worship, or attend school in any Michigan county
- Retire from a legal entity in Michigan
- Be part of a legal entity with similar membership as Lake Trust
- Be an immediate family member of a member
- Be the spouse of a deceased member
When Lake Trust Credit Union mentions being part of a legal entity with similar membership, they’re referring to organizations or groups that share characteristics or connections with the credit union’s membership base.
Essentially, this means that if you are affiliated with a group or organization that mirrors the demographics or interests of Lake Trust members, you may be eligible for membership—This broadens the eligibility criteria to include individuals who may not directly live, work, worship, or attend school in Michigan but have a connection to a group or entity that does.
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Business Financial Products & Services
Lake Trust has a pretty full suite of business financial products and services, from basic banking, to credit cards and treasury services. Explore the full offer below.
1. LTCU Business Banking/Checking
LTCU offers a few different business checking accounts designed to meet the needs of different stages and types of businesses:
- Business/Municipal/Government Basic Checking is ideal if you’re starting a business or managing finances for a local government or municipality. It has no interest earnings and requires a minimum of $50 to open.
- Premier Business Checking is suited for growing businesses needing a scalable checking account. It offers up to 0.00% APY and also requires a minimum of $50 to open.
- Business Interest Checking is perfect if your business maintains higher balances and you want to earn interest. It offers 0.10% APY and, like the others, requires a $50 minimum to open.
To open any of these accounts, download the application from the LTCU website, fill it out, and bring it to a branch with the required documentation. Each account supports different stages of business growth, with benefits tailored to your specific needs.
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2. LTCU Platinum Business Visa® Credit Card
The Lake Trust Credit Union Platinum Business Visa® Credit Card is designed to help you manage business expenses efficiently while offering various rewards and perks. With this card, you can make purchases on the go and enjoy benefits such as travel, baggage, and car rental perks.
The purchase APR for this card is as low as 14.40%, which also applies to balance transfers. This rate is variable and depends on the market based on the Prime Rate, as well as your credit history and other factors.
Unique perks for business card holders include:
- Rewards for every purchase
- Benefits like travel assistance, baggage insurance, and car rental discounts
- Protection against unauthorized transactions
To apply for the Platinum Business Visa® Credit Card, you can complete the process online, visit any Lake Trust branch, or call 888-267-7200. This card offers a convenient and secure way to manage your business finances while earning rewards and enjoying additional perks.
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3. LTCU Business Loans
LTCU offers a range of business lending solutions tailored to meet the diverse needs of small businesses:
- Business real estate mortgage
- Business term loans
- Business line of credit
- Small Business Administration (SBA) loans
- Small business microloans
Whether you’re purchasing, refinancing, or expanding your business space, Lake Trust provides personalized service and locally made loan decisions—They offer flexible terms and competitive rates for various types of real estate, including industrial, retail, apartments, offices, parking, and storage units.
Their term loans are ideal for significant one-time purchases like vehicles or equipment. With fixed or floating rate options, flexible borrowing limits, and repayment plans, Lake Trust helps businesses acquire what they need while preserving cash flow.
For businesses with fluctuating expenses, a line of credit offers flexibility. It helps cover payroll or payments during periods of cash flow uncertainty, with funds becoming available again as the balance is paid down.
Lake Trust supports startups and less established businesses through SBA loans with flexible terms and low-interest rates—These loans are backed by the SBA, which provides additional flexibility and support for new ventures.
Designed for business expenses under $50,000, Lake Trust’s microloans provide quick access to funds for startups, freelancers, or established businesses. The lending process is typically shorter than traditional loans.
For loans over $50,000, Lake Trust offers various types of fast loans, including:
- Business vehicles
- Signature loans
- Revolving lines of credit
- Secured loans
Overall, their business loan products have competitive rates and flexible terms to support the diverse needs of small businesses.
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4. LTCU Business Savings & Investment Opportunities
LTCU offers a range of business savings accounts designed to help you save for future business expenses and reach your financial goals.
- Business/municipal/government saving accounts
- Business money market savings accounts (MMAs)
- Business premium MMAs
- Group health saving accounts (HSAs)
- Business certificates of deposit (CDs)
Business/municipal/government savings accounts are the foundational account to start your business membership with Lake Trust. With a minimum opening deposit of $5.00, you earn 0.05% APY.
Designed to help you save more effectively, the business MMA offers up to 1.06% APY with a minimum opening deposit of $1,000. It’s perfect for saving up for future business needs. And, if you’re looking to maximize your savings, a business premium MMA offers a higher rate of up to 4.25% APY with a minimum opening deposit of $1,000.
In partnership with HealthEquity, Lake Trust offers Group HSAs for business members with high-deductible health plans. These accounts provide a tax-free way for you and employees to save for future medical expenses.
A business CD can help you save for short or long-term business goals with terms that suit your needs—It offers up to 4.07% APY with a minimum opening deposit of $500.
To open any of these accounts, download the application, fill it out, and bring it to a Lake Trust branch along with the required paperwork.
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5. LTCU Treasury Services
Managing your business accounts is simple withLTCU’s Treasury Services—You can handle everything right from your office, saving time and avoiding trips to the branch.
Here’s a rundown of the services you can add to a Lake Trust account:
- Remote deposit capture –- Deposit checks directly to your account using a desktop scanner. You’ll be able to view check copies and deposit details online.
- ACH origination – Send and receive payments easily, perfect for handling direct deposit payroll, taxes, and vendor payments. You can even create templates for frequent transactions.
- Wire transfer service –- For those time-sensitive transactions, wire transfers allow you to send same-day funds securely, whether domestically or internationally.
- Positive pay fraud monitoring – Protect your account from fraud with Positive Pay, which monitors ACH and check transactions. Get alerts, set blocks or filters, and have more control over approved or denied transactions.
With these Treasury Services, you can manage your business finances more efficiently and securely, giving you more time to focus on growing your business—Note that fees apply, and I believe you’ll need to enlist a third-party payment processor, as they don’t advertise any in-house options to accept payments.
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6. The LTCU Mobile App
The LTCU Mobile app is available for free on the iOS App Store and Google Play, and allows you to:
- Check balances and transaction history
- Deposit checks
- Pay bills and credit cards
- Transfer money between accounts
- Find branches and ATMs
- Send messages
In all, it gets good user reviews, rated 4.8 stars with 8.2K ratings on the iOS App Store and 4.5 stars with 4.94K reviews and 50K+ downloads on Google Play. The app is reported to be fast, secure, and user-friendly, making it easier to manage your accounts anytime, anywhere. To use the app, you must be a LTCU member and enrolled in their online banking service.
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Lake Trust Customer Service
While LTCU is known for being friendly and helpful toward businesses, there are some downsides to the level of customer support provided. Let’s get those out of the way first.
First, business members can reach out via LTCU’s website forms, but the forms are limited and the site can be a little wonky to navigate.
Next, their fraud response team is outsourced, so you might not get the same level of service as you would for other products if your financial information is stolen—This is a common complaint, but issues like this are nonetheless often resolved within a week.
With that said, you can use the website’s live chat, reach out online via a form, call in via phone, or stop at a branch for help with anything you need. Getting in touch with LTCU is easy, with various options available to suit your needs.
You can give them a call for account and general information at 888.267.7200, with service hours from:
- Monday to Friday, from 7 AM to 7 PM
- Saturday from 9 AM to 1 PM
For credit card activation and information, they’re available 24/7 at 855.671.0078. In case of fraud, report it promptly at 877.445.0728 for debit cards and 855.671.0078 for credit cards, available round the clock. And, if you’re outside the U.S., reach us for international debit or credit card services at 973.682.2652, also available 24/7.
You can easily locate LTCU’s 27 points of contact, including branches and ATMs, using the online locator tool. Finally, if you prefer traditional mail, send correspondence to Lake Trust Credit Union, 4605 S. Old US Highway 23, Brighton, MI 48114.
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Lake Trust Community Involvement
LTCU is deeply involved in supporting the local community, particularly through philanthropy and gifts to businesses and organizations. LTCU actively contributes to the wellbeing of Michigan residents by offering financial products, educational programs, and substantial philanthropic efforts.
For instance, during their annual Powered by Good Day, they donated $63,000 to various local organizations such as the Howell Nature Center and Gleaners Food Bank of Howell. LTCU also provided 500 winter coats to students and partnered with Scholastic to distribute books to local schools.
Additionally, LTCU has established the “Downtown Brighton Small Business Relief Fund” to aid businesses affected by construction projects. This fund offers up to $2,000 per business to help cover costs like electric bills and supplies. Through these initiatives, LTCU not only supports financial wellbeing but also fosters community development and resilience.
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Frequently Asked Questions
Where does Lake Trust Credit Union 1099-INT come from?
The 1099-INT form from Lake Trust Credit Union is issued for tax purposes to report any interest income you earned on your accounts throughout the year. You will receive this form if you earned $10 or more in interest from your accounts. The form is typically sent out by the end of January, either by mail or electronically, depending on your communication preferences.
What is Lake Trust Credit Union’s routing number?
Lake Trust Credit Union’s routing number is 272078204. This number is used for various financial transactions such as direct deposits, electronic payments, and wire transfers.
Final Takeaway
LTCU)offers several advantages for your business—You’ll find tailored banking solutions, personalized support, and convenient financial tools like remote deposit capture and ACH origination. Their strong community involvement can also benefit you if you value local impact.
However, there are some drawbacks, such as limited customer support for fraud issues and a website that’s not always user-friendly.
To leverage LTCU for your business growth, maximize savings with their business accounts, use treasury services to streamline operations, engage in community initiatives to build connections, and optimize mobile banking for efficient financial management—This can help you effectively manage and grow your financial well-being with LTCU.
Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!