Genisys Credit Union Review 2022: Financial Services and Customer Satisfaction
Savings and Checking
- 30,000 fee-free ATMs
- High customer satisfaction
- Multiple financial products
- Branches, online banking and mobile app
- Not available nationwide
- Low APY on basic checking and savings accounts
- Overdraft fees
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.
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 6 months and 5 years with varying rates — the 6-month CD offers an APY of % and the 1-year CD offers a .00% 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.
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 0% 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.
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:
- Open a checking account and upgrade to Genius High Yield Checking.
- Enroll in e-statements.
- Get a Genisys Debit Mastercard.
- 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.
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.
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.
|Credit Union||Best For|
|Genisys Credit Union||24/7 customer support|
|Lake Michigan Credit Union||Checking accounts|
|Credit Union One||Investment services|
|Community Choice Credit Union||New member rewards|
Genisys Credit Union vs. Lake Michigan Credit Union
Lake Michigan Credit Union has an APY for its Max Checking account of .00% — 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.
Genisys Credit Union vs. 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.
Genisys Credit Union vs. 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.
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.
FAQSome of the most commonly asked questions about Genisys and its services are answered below.
- What company owns Genisys Credit Union?
- As a credit union, Genisys is not owned by a corporate entity. Instead, it is owned by its members. This model means Genisys doesn’t operate like a normal bank that aims to maximize returns for stockholders. All the benefits are given back to its members.
- Can credit unions seize your money?
- Deposits with credit unions are just as safe as they are with a bank. Credit unions are insured at a federal level by the National Credit Union Administration, which protects member funds up to $250,000 in the event of business failure. Genisys is financially strong, having been awarded BauerFinancial's highest mark — a five-star rating — for safety and soundness.
- Can you open a Genisys account online?
- Yes. Opening a Genisys account is completely free, and it has online and mobile banking compatibility for customers.
- How long has Genisys Credit Union been in business?
- Genisys has been in business since 1936. For the most part, it operates in Michigan, but people from certain regions of Minnesota and Pennsylvania can also become members.
Rates are subject to change; unless otherwise noted, rates are updated periodically. All other information on accounts is accurate as of May 25, 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.