Credit Unions are financial institutions that offer a wide variety of banking products and services. Unlike traditional banks, Credit Unions are founded by groups of people that share common interests. Usually based around communities, associations, or employees of large corporations, Credit Unions are owned and operated by their members. This provides a level of service and that is unsurpassed within the banking industry.

How Credit Unions Operate

Credit Unions are chartered under federal law as non profit institutions. As a result, annual earnings are returned to members as either dividends or other types of benefits. The tax exempt status of Credit Unions provides members with interest rates that are typically higher than banks on interest bearing accounts, and lower than banks on loans. Every aspect of a Credit Union revolves around the concept that members are partners and that financial products should be tailored to help people achieve their financial goals.

Joining a Credit Union is a very simple process. Most importantly, a person must reside within the defined geographic boundaries where a community chartered Credit Union operates. A $5 minimum deposit will establish a regular savings account, and a $20 deposit is required for opening a checking account. When visiting a Credit Union, it is important to bring a valid Michigan driver’s license or Michigan I.D card as well as a Social Security card. A friendly Member Services Representative can help explain the details of the process and all the benefits membership provides.

Credit Union Services

Local Credit Unions offer many traditional banking products as well as unique and innovative services. They also work to establish a variety of professional partnerships that provide planning and educational benefits for their members. Some of the many available services include:

• Savings Accounts: Credit Unions offer several savings account options, including a Standard Savings Account, a Youth Savings Account, and a Christmas Club Savings Account.
• Checking Accounts: This includes a Standard Checking Account with a $20 minimum and no per charge check fee, a Lifestyle Checking account for those who write 50 checks or less per year, and a Corporate Check Cashing account.
• Loans: Credit Unions offer loans for a variety of purposes, including auto purchases, home improvement, and personal loans. Credit Unions are usually able to offer their members superior terms and interest rates and will make every effort to ensure the member is approved for the loan amount they need.
• Money Market Accounts and CDs: For those looking for a superior return on their money, Credit Unions offer Money Market investment opportunities that carry various interest rates and have different deposit maintenance requirements. CDs are also available with an assortment of terms and associated interest rates.

Explore Your Local credit Union

While banks continue to eliminate incentives, raise fees, and reduce services, Credit Unions look for ways to help their members achieve their financial goals. For those looking to join a Credit Union, Michigan offers exceptional choices in nearly every geographic area.