Genisys Credit Union Review 2022: Financial Services and Customer Satisfaction

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Genisys Credit Union Overview

Genisys is a Michigan-based credit union with more than 200,000 members. It operates 32 branch locations, offers 30,000 fee-free ATMs, and has mobile and online banking functionalities. Genisys members have access to several services including:

• Debit and credit cards
• Mortgages and home improvement loans
• Auto and boat loans
• Personal and student loans
• Debt consolidation
• Savings and checking accounts
• Retirement planning
• Life and auto insurance
• Investment services

How Genisys Earned Its Scores

Here’s a breakdown of the categories that were rated by GOBankingRates.

CD Rates

Genisys has a share savings certificate program for its members to earn interest. The certificate of deposit rate is the interest that is accrued and becomes redeemable following a set period. 

Genisys offers CD rates for four categories: certificate specials, term certificates, jumbo certificates and flex certificates. For term certificates and certificate specials, a $500 minimum is required.

The certificate special is promotional and non-renewable. It has one of the most attractive rates for a 25-month period.

Flex certificates start from as little as $100, but a penalty is incurred for early withdrawal. Customers can make additional deposits during the term for flex certificates.

The more conventional option is a term certificate. Genisys offers terms between six months and five years with varying rates — the six-month CD offers an APY of and the one-year CD offers a APY, with rates generally increasing as the term lengthens.

The final CD option is jumbo certificates, also known as IRA certificates. These are CDs for deposits of $100,000 or more. The rates for jumbo certificates for each term are generally slightly higher than those for typical term CDs.

Savings Accounts

Genisys offers several different savings accounts, including Share Savings — their basic savings account — High Yield Youth Savings, Holiday Savings and You Name It Savings. The Share Savings account offers an APY of and requires a minimum balance of $5 — the other savings accounts do not require a minimum balance. All four of these savings accounts pay out dividends quarterly.

For the Youth Savings account, interest is only accrued on the first $500 deposited. It’s a great starting point for children and teenagers to learn about managing finances, and Genisys also has a number of financial education resources for young people.

Checking Accounts

The Genius High Yield Checking account allows customers to earn up to APY on the first $7,500 in an account. To qualify, users need to do the following:

1. Open a checking account and upgrade to Genius High Yield Checking.
2. Enroll in e-statements.
3. Get a Genisys Debit Mastercard.
4. Use the debit card for a minimum of 10 transactions worth at least $5 monthly.

This checking account makes Genisys worthwhile for users with balances of $7,500 and under. Genisys High Yield customers will earn a much lower APY on balances beyond $7,500. Its also offers a lower interest checking account and a basic checking account with no APY.

If a customer is looking to earn more from balances that are larger than $7,500, traditional banks may offer more attractive rates overall.

Banking Experience

The banking experience for most Genisys customers is positive. Based on more than 11,000 App Store reviews and more than 1,800 Google Play reviews, the mobile app has received 4.8 stars and 4.7 stars, respectively.

Some members have complained about the user interface, but the combination of local branches and 24/7 digital support has led to a satisfactory experience for the majority.

Overdraft Fees

Customers pay overdraft fees in the event that there aren’t sufficient funds available to cover a transaction. Genisys Credit Union will authorize overdrafts for checks, ACH and automatic bill payments. It does not authorize overdrafts for debit card transactions unless instructed to do so.

The fee structure works as follows:

• If the transaction amount is less than $5, no overdraft charge applies.
• If the account is overdrawn by less than $5, no overdraft fees apply.
• All other transactions that result in Genisys paying an overdraft will incur a $28 charge.
• Genisys will pay a maximum of five overdraft charges per day.

Genisys Credit Union vs. Competitors

It’s always a good idea to weigh how other credit unions in the area perform. Here’s a quick look at some competitors:

Lake Michigan Credit Union

Lake Michigan Credit Union has an APY for its Max Checking account of — lower than the on the Genisys Genius Checking, but LMCU applies that APY to the first $15,000 in the account, significantly more than Genisys’ $7,500. However, Genisys performs better when it comes to CD rates.

Credit Union One

Credit Union One has credit cards with no annual fees, as well as more well-rounded solutions for investment services. However, it lacks the debt consolidation services that Genisys provides.

Community Choice Credit Union

Community Choice Credit Union gives a $50 bonus for new members and a $500 closing costs credit for home equity loans. Genisys, on the other hand, offers life insurance products, whereas Community Choice does not.

Final Take

Genisys is a good option for citizens of Michigan and the surrounding states. However, there may be cheaper alternatives available with lower overall fees with traditional banks and online-only neobanks. For high net worth individuals in particular — due to the $7,500 cap on its high-yield checking account — Genisys may not be the best choice for servicing all financial needs.

Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of July 7, 2022.

Editorial Note: This content is not provided by Genisys Credit Union. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by Genisys Credit Union.

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