Christian Financial Credit Union is headquartered in Roseville and is the 37th largest credit union in the state of Michigan. It is also the 700th largest credit union in the nation. It was established in 1967 and as of June of 2013, it had grown to 89 employees and 35,621 members. Christian Financial Credit Union has a B+ health rating.
Must live, worship, work or attend school in Macomb, Oakland, Wayne, or Saint Clair County. Also open to those who belong to one of the churches in their Field of Membership list. - See Details
I had a CD at Christian Financial CU -- and a very bad experience. I would recommend to just stay away from this place.
They charge a fee to join and also require that you deposit at least $5 into your share savings account, as many CUs do.
But if you decide to close your membership at any time, they will not let you have back that $5 "deposit," as most credit unions do. So, it is not really a deposit but a second fee.
But more importantly, when I wanted to close out my CD, I found insurmountable problems -- no matter how much or how vociferously I fought. They require what they call at least "10 days" notice of what to do with your CD other than let it roll over. I gave 12 days notice -- only to find out that the notice requirement was not actually "days" but "business days." The Terms of Service does NOT says "business day," merely says "days." And because I did it at the start of a 3-day holiday weekend, it meant I was only 9 "business" days in advance!
At any rate, they refused to do anything to honor my advance instructions -- despite several contacts over that time about the issue and even some heated exchanges. They said because I missed the deadline, I would not be able to even give any instructions until AFTER the CD matures. That's right, they would not even start the 10-day count at the 9 "business" days in advance that I gave the instructions, nor would they even accept those instructions; they would only start that count after I gave new instructions AFTER the CD matured. And then, they would take up to 10 days to close it and send me my money! And mind you, if you close a CD with them during the grace period, you get no interest for the time of that grace period -- meaning if they took 10 days (10 BUSINESS days), they might hold my money interest-free for two weeks!
And this they did, held it interest-free for two weeks -- and it was a substantial sum so a substantial loss of interest. Plus the loss of the $5 to the share savings.
I chose not to bother to close my membership since I could not get my $5 back anyway. I just left it on their books to chase down.
I note, even that adds another issue. They, as most places, have a policy about dormant accounts. It is dormant after a year, at which time they may start to take a fee out. Well, MOST places will alert you before they take out such a fee, giving you a chance to make a transaction to avoid the dormancy and keep your account. But not Christian Financial. They took the money out first, emptying my acount altogether, and only after the fact sent me a notice of them taking out the dormancy fee (I got it about a week and a half ago) -- which also brazenly urged me to then make a deposit to my share savings to bring it up to the minimum in order to keep my account open. That is, they were going to spend the postage and send the notice -- but they would be damned if they would do so before taking the money, because they clearly really wanted to grab the money.
This place may be called "Christian," but they violate all values of that name. Stay away from them.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of June 30, 2013 Christian Financial Credit Union had $3.98 million in non-current loans and owned real-estate with $28.13 million in equity and loan loss allowances on hand to cover it. This gives Christian Financial Credit Union a Texas Ratio of 14.15% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Christian Financial Credit Union decreased dramatically from 21.33% as of June 30, 2012 to 14.15% as of June 30, 2013, resulting in a positive change of 33.65%.This indicates that the balance sheet and financial strength for Christian Financial Credit Union has improved dramatically in recent periods.
In the past year, Christian Financial Credit Union has increased its total deposits by $21.64 million, resulting in 8.94% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Christian Financial Credit Union has shown is excellent.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Christian Financial Credit Union has $288.42 million in assets with $28.13 million in equity, resulting in a capitalization level of 9.75%, which is above average.
|Assets and Liabilities|
|Equity Capital||$23.06 million|
|Loan Loss Allowance||$5.08 million|
|Unbacked Noncurrent Loans||$3.22 million|
|Real Estate Owned||$758,000|
|Historic Data - June 2012|
|Equity Capital||$18.90 million|
|Loan Loss Allowance||$4.69 million|
|Unbacked Noncurrent Loans||$3.22 million|
|Real Estate Owned||$667,000|
|Profit Margin - Quarterly|
|Net Interest Margin||2.49%|
|Return on Assets||1.63%|
|Return on Equity||20.42%|
|Interest Income||$5.63 million|
Always verify rates and promotions with the bank or credit union. We are not Christian Financial Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|0.30%||$25||-||Save To Win Certificate|
|0.25%||$100||-||Christmas Club Account|
|0.25%||-||-||Health Savings Account|
|0.25%||$50||-||Passbook IRA Account|
|0.35%||$50k||-||Split Money Market Account|
|1.75%||$1k||-||5 Year Certificate|
|1.40%||$1k||-||4 Year Certificate|
|1.30%||$1k||-||3 Year Certificate|
|1.25%||$1k||-||2 Year Certificate|
|0.75%||$1k||-||18 Month Certificate|
|0.45%||$250||-||1 Year Youth Certificate|
|0.45%||$1k||-||12 Month Certificate|
|0.40%||$1k||-||6 Month Certificate|
|0.40%||$500||-||1 Year Super Saver Certificate|
|1.75%||$1k||-||5 Year IRA Certificate|
|1.40%||$1k||-||4 Year IRA Certificate|
|1.30%||$1k||-||3 Year IRA Certificate|
|1.25%||$1k||-||2 Year IRA Certificate|
|0.75%||$1k||-||18 Month IRA Certificate|
|0.45%||$1k||-||1 Year IRA Certificate|
|0.40%||$500||-||1 Year Super Saver IRA Certificate|
|Christian Financial Credit Union Locations|
|Branch Office||8171 E 10 Mile Rd||Center Line, MI 48015-1449|
|Branch Office||18441 Utica Rd||Roseville, MI 48066-4202|
|Branch Office||19770 Harper Ave||Harper Woods, MI 48225-1803|
|Branch Office||55834 Van Dyke Ave||Shelby Township, MI 48316-5314|
|Branch Office||13705 Lakeside Cir||Sterling Heights, MI 48313-1315|
|Branch Office||14600 Common Rd||Warren, MI 48088-3387|
|Branch Office||25450 23 Mile Rd||Chesterfield, MI 48051-1977|