Central Minnesota Credit Union Review

Central Minnesota Credit Union is my focus here for you today. We’ll be going over things like what services they offer and some of the pros/cons with keeping your money at this financial institution.

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Like other Minnesota CU’s, this one was also started in the ’30s. They were chartered in Melrose under the Philosophy of ‘people helping people’.


You can live, work, worship, volunteer, attend school or conduct business in a few different Minnesota or North Dakota counties to be eligible for Central Minnesota Credit Union.

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For Minnesota, you can be in Anoka, Becker, Benton, Carver, Chisago, Clay, Dakota, Douglas, Grant, Hennepin, Kandiyohi (first I’ve heard of that one), McLeod, Meeker, Morrison, Otter Tail, Pope, Ramsey, Scott, Sherburne, Stearns, Todd, Wadena, Washington, Wilkin, or Wright.

If you’re from ND, the options are a little more limited. You can do any of those things listed above (work, worship, etc.) in either Cass or Richland to be eligible.

Central Minnesota Credit Union Offerings

CMCU offers a handful of different products for personal, loans, and business use. Within personal, you can choose from checking, savings, credit cards, and financial advisory services. If you need a loan, they offer auto, recreational vehicle, personal, mortgage and home equity loans.

In case you’re a business owner, they have a variety of business accounts. There are business loans, agribusiness accounts and loans, and SBA PPP & forgiveness services. They also have various resources like financial calculators on their website for you. Let’s dig into what they have for personal checking accounts

Personal Checking Account Offerings

You will find a few common features in all personal checking accounts at Central Minnesota Credit Union. None require a minimum balance, they all offer free mobile deposit, you get a free Visa Debit card issued at all branches, and free eStatements.

Most other credit unions tend to have minimum balance requirements with their fancier accounts. That may not be a huge deal for you, but it’s an added convenience that can help you avoid fees.

You also get digital banking with their mobile app. That is pretty standard at CU’s these days. You have digital wallet service, too.

There’s also surcharge-free access to Moneypass ATMs and direct deposit. You have four different types of checking accounts to choose from.

Central Minnesota Credit Union Youth Checking Account

Okay, not everybody has four different types of accounts to choose from. You will only qualify for Youth if you’re between 10-17 years of age and “want your first taste of freedom,” according to their site.

Couldn’t have said that better myself. It was a really good feeling back in the day when I got my first paycheck for cutting grass when I was 12. Youth sort of isn’t an account, it’s just their way of explaining how someone under the age of 18 can sign up.

If you’re in that age range, you can pick any of their other checking accounts and have a parent/guardian sign on as a joint holder. You’ll get your free debit card instantly at any Central Minnesota Credit Union branch, too.


I like the sound of that. It’s their most basic account with unlimited check clearings. The only bummer is that it doesn’t earn dividends. If you want those, consider their eChecking account.


Your eChecking account comes with a few more bells and whistles than the Free one. It earns dividends, which are .1% at the time of this writing. The annual percentage yield is also .1% at the time of this writing.

One really nice thing about this Central Minnesota Credit Union account is that it also doesn’t require a minimum opening deposit. You also wouldn’t need a minimum balance to earn their stated APY.

You get 4 free check clearings per month, then it’s $.10 per item fee for checks cleared in excess of the stated amount. They offer ATM surcharge reimbursements up to $12 per month.

I’m not sure what a “Free Ready Reserve” is but that’s included here, too. One interesting thing is that this account requires you to have a debit card, digital banking and eStatements. If you don’t have those things, its a $5 monthly fee, although I’m not sure who wouldn’t want a debit card with their checking account.

You also get free Visa gift card activation. If you really want to step things up, check out their Relationship accounts.

Central Minnesota Credit Union Relationship Checking

This account earns tiered levels of dividends. If your balance is between $0-$999, you will not earn any dividends. Having a balance between $1,000 and $4,999 will bring in .05% dividends and APY (as of this writing).

Keeping a balance of $5,000+ will get you .10% APY and dividends. Sounds like it makes more sense to do the eChecking account for the .1% on lower balances.

You also get a Free Ready Reserve, Safe Deposit Box discount, and your First box of checks are free.

Central Minnesota Credit Union – Final Thoughts

If you need a solid credit union, consider Central Minnesota Credit Union. This one will make more sense for people in the agriculture space for their business offerings.

When it comes to consumer products like checking and savings accounts, there aren’t really any fancy bells and whistles. No pro-sports team promos or drawings, although those are usually kind of gimmicky anyway. Just a reliable, community-based place to store your money.

*All information in this article was current at the time of this writing, however, it could change without notice. We do our best to keep these updated, however, there is no guarantee you will find the same information on the CU’s website or at the time of opening an account with them.

*This site is not affiliated with the Credit Union mentioned in this article.

Bob Buckley

Bob Buckley writes about food and business.