A credit union is a member-owned financial institution. It is usually a non-profit-making cooperative whose members can deposit and borrow from pooled deposits at low-interest rates. Unlike traditional banks that shareholders run to maximize profits, credit unions are not profit-oriented, and all profits go to the members in the form of more friendly interest rates. Today I will give you the best credit unions in Michigan so that if you intend to join one, you can decide which one suits you.
To join a credit union, you need to have a common bond with the union members. A common bond here means that you share a common worship place, profession, home area, working place, religion, and so on. Even though credit unions allow diversity in membership, the majority require you to have something in common. For your information, the core aim of a credit union is to uplift the members financially.
It is important to note that credit unions allow close family members of existing account holders to apply. That means your wife; husband and children are eligible to join a credit union that you are already a member of. That is why you find people who are not in the military being members of credit unions belonging to the military, and others who are not teachers being in credit unions that are for teachers, and so on.
How do I qualify to join a credit union
It is easy to qualify for various credit unions of your choice so long as you meet the qualification criteria. You can qualify to become a member of a credit union in the following ways.
- If you have a common bond with the existing members
- If you are a close family member of someone in a credit union
As I said earlier, having a common bond means that you share something in common with other members. If you are a banker, you can join a credit union that is meant for bankers. The same applies to a situation whereby you are an army officer. You can join a credit union that is meant for the army.
Being a close family member of someone in a credit union also qualifies you for a credit union membership. If your father, husband, or wife is in a teacher’s credit union, you can join become a member.
How to join a credit union
Joining a credit union is not something difficult. All you have to do is ensure that you have all the documents needed to join a credit union. After that, you can follow the process below to join a credit union.
i) Find the most suitable credit union
Since you understand your financial needs, you can look for the best credit union that works for you. Credit unions offer various financial services, and you will find that not every credit union can satisfy your demand. There are numerous credit cards in Michigan that you can join as we speak.
Once you are sure that you meet the credit union eligibility requirement, you can then apply to join the union. And by the way, some of the best credit unions in Michigan are also the best credit unions in California, New York, North Carolina, among other states of America.
The next step after getting a credit union that meets your needs is to apply. Most credit unions allow you to apply for an account online. You can also apply for a credit union account in-person at a local branch or over the phone. However, the most convenient and popular way to apply for a credit union is online.
When applying online, you will need to enter all the details in the fields provided. The credit union will require you to submit a valid identification such as your driver’s license, government id or passport, Social Security Number, and physical address.
Once you apply, the credit union will ask for a credit report from the credit bureaus by making a hard inquiry. Moreover, the credit union will check you’re banking history from ChexSystems. Afterward, your credit union will tell you if you qualify and, if not, what other types of accounts you can qualify for.
However, not all credit unions pull hard credit checks when applying for an account. You can easily get a no-credit-check credit union account within Michigan and other states.
iii) Pay your membership share
Since union members are the owners of a credit union, you should pay for your share as per the union’s terms and conditions. For example, when you join the 1st United Credit Union, the share is $5. You have to deposit the amount into a savings account once you become a member.
iv) Begin using the credit union’s services
Once you have paid your share, you can start enjoying the services of the credit union. You will benefit from free financial advice, low-interest loans as well as savings services, among others.
What are the best credit Unions in the State of Michigan
There are various credit unions in Michigan. They include the following.
1) Lake Michigan Credit Union
The credit union’s corporate office is at 5540 Glenwood Hills Parkway SE, Grand Rapids, MI 49512. It has been operating since 1933, and since then, it has made remarkable growth in terms of financial matters. The union provides services to more than 413,000 members.
Lake Michigan Credit Union is a member-owned financial institution and provides members banking services such as savings, loans, etc. Immediate family members of the credit union account holders can apply.
2) DFCU Financial
Being the second-largest credit unions in Michigan, the DFCU Financial credit union has assets totaling $6.27 billion. It provides banking services to more than 232,000 members. If you are a close relative of a person who has an account with the company, you can apply.
Its headquarters are in Dearborn – Fairlane. You can get various sources, including loans, savings, and other financial services. The credit union is one of the best credit unions for personal loans that you can apply for today.
3) MSU Federal Credit Union
MSU Federal Credit Union headquarters are at 3777 West Road East Lansing, Michigan. The credit union has been operating since 1979 and is the 3rd largest credit union in Michigan, providing financial services to more than 312,000 members.
It has assets totaling $6.26 billion as we speak. The MSU Federal Credit Union membership is open to family members of the existing account holders. Primarily, the credit union serves education employees.
4) Genisys Credit Union
Genisys Credit Union was formerly called the USA Federal Credit Union. It started its operations in 1964 and is the 4th largest credit union in Michigan. Genisys Credit Union occupies the 10th position of the largest credit union in the United States and has assets totaling $3.82 billion.
It provides financial services to more than 242,000 members. You can get loans and savings services according to your personal needs. You can find the closest Genisys CU branch from any of the 33 locations.
5) United Federal Credit Union
United Federal Credit Union has been running since 1949. Being the 5th largest credit union in Michigan, the union serves more than 186,000 members throughout the State. The union has assets amounting to $3.71 Billion.
Banking services provided at the institution include; loans, savings, and financial advice, among others. The primary beneficiaries of the United Federal Credit Union services are the manufacturing employees. However, membership is open to immediate family members of the current account holders.
6) Michigan Schools and Government Credit Union
The Michigan Schools and Government Credit Union main offices are at
40400 Garfield Road
Clinton Township, MI 48038
The credit union provides financial services to more than 135,000 members. The credit union has been operating since 1954 and is now the 6th largest credit union in Michigan. The total assets owned by the Michigan Schools and Government Credit Union total $2.97 billion. Membership of the credit union is open to immediate family members.
How are credit unions different from banks
Credit unions are quite different from banks in various ways. They include the following.
- Among the differences between banks and credit unions is that credit unions are not profit-oriented and aims to uplift the members financially. Banks focus on making profits as the shareholder aims to make money.
- Credit unions are member-owned. Members usually contribute some amount of money to buy their share in the institutions. Account-holders in banks do not own the institutions. For your information, this is one of the significant differences between banks and credit unions.
- Credit unions charge low-interest rates on loans, while banks charge high-interest rates.
- Members of a credit union should have a common bond, while those in a bank can join even without having a common bond with the existing members.
A credit union is a non-profit-making financial institution whose members can deposit and borrow from pooled deposits at low-interest rates. The unions are usually member-owned, where members have a more significant say on how the institutions run. To join a credit union, you should have a common bond with the current account holders. Also, immediate family members of the current account holders can join a credit union.