Option 1 Credit Union is headquartered in Grand Rapids and is the 41st largest credit union in the state of Michigan. It is also the 730th largest credit union in the nation. It was established in 1936 and as of March of 2014, it had grown to 95 employees and 29,642 members. Option 1 Credit Union's savings rates are 25% higher than the national average, and it has a A health rating.
Field of Membership Restrictions
Lifetime Of Great Experiences, Great Rates, Great Management, Family Friendly
I've been a member of this credit union since it was called Bell Com Credit union back in the mid-80's. They gave me my first job while in high school and have treated my family with the utmost respect and kindness.
With deep gratitude to the staff and leadership I am proud to write about my wonderful 25 years of experience with this credit union. We have since moved out of state and continue our relationship and wouldn't change it for the world.
I've personally spoken to leadership in the past couple of years and was struck with how caring they are given the new world of foreclosures and high unemployment we live in. Needless to say, we will be members for years to come and are proud to be.
Thank you Option 1 for blessing my family in so many ways for 25+ years. This kind of relationship is second to none for us.
Option 1 CU Unfair To Old Customers
Watch out if you move out of state and don't close your account. I called them today to close out my account and was told it had gone dormant and they had charged me 5.00 a month fees and exhausted my funds and then closed the account. "it was on your statements that you were being charged and the account was being closed" Now if I had read on my statement that I was being charged for NOT using my account there is no way I wouldn't have closed it right away. Also they said it had 44.00 in it. When I moved out of state it had over 100.00 in it. Of course they kept telling me it was my fault for not reading my statement. I have worked in the financial industry for over 30 years and there is no way I would not read any statement (if indeed I really got them). Very poor and condescindiing customer service. I would think in the interest of customer relations they would have given me the money they basically just took. It was not like this when it was Bell Com.
Data for Q1 2014
Institution Health
Texas Ratio
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Option 1 Credit Union had $2.95 million in non-current loans and owned real-estate with $43.6 million in equity and loan loss allowances on hand to cover it. This gives Option 1 Credit Union a Texas Ratio of 6.77% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend
The Texas Ratio for Option 1 Credit Union decreased slightly from 9.13% as of March 31, 2013 to 6.77% as of March 31, 2014, resulting in a positive change of 25.89%.This indicates that the balance sheet and financial strength for Option 1 Credit Union has improved slightly in recent periods.
Deposit Growth
In the past year, Option 1 Credit Union has decreased its total deposits by $-834,000, resulting in -0.36% 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 Option 1 Credit Union has shown is average.
Capitalization
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. Option 1 Credit Union has $280.99 million in assets with $43.6 million in equity, resulting in a capitalization level of 15.52%, which is excellent.
Institution Statistics
| Overall | |
|---|---|
| NCUA # | 60936 |
| Year Chartered | 1936 |
| Employees | 95 |
| Primary Regulator |
| Assets and Liabilities | |
|---|---|
| Assets | $280.99 million |
| Loans | $171.82 million |
| Deposits | $231.53 million |
| Equity Capital | $41.97 million |
| Loan Loss Allowance | $1.63 million |
| Unbacked Noncurrent Loans | $2.05 million |
| Real Estate Owned | $897,000 |
| Historic Data - March 2013 | |
|---|---|
| Assets | $280.53 million |
| Equity Capital | $39.72 million |
| Loan Loss Allowance | $1.87 million |
| Unbacked Noncurrent Loans | $2.05 million |
| Real Estate Owned | $493,000 |
| Profit Margin - Quarterly | |
|---|---|
| Net Interest Margin | 1.3% |
| Return on Assets | 0.63% |
| Return on Equity | 4.24% |
| Interest Income | $2.48 million |
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Option 1 Credit Union Savings Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.65% | $15k | - | Health Savings Checking (HSA) | |
| 0.50% | - | - | SPARE CHANGE Savings | |
| 0.35% | - | - | IRA Daily Account | |
| 0.10% | - | - | Regular Savings | |
| 0.10% | - | - | Special Purpose Savings | |
| 0.10% | - | - | Dollar Dog Savings | |
| 0.10% | - | - | Christmas Club |
Option 1 Credit Union Money Market Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.20% | $250k | - | Option 1 Money Market Savings |
Option 1 Credit Union Checking Account Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 0.15% | $10k | - | Option Plus Checking Account |
Option 1 Credit Union CD Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.50% | $500 | - | 60 Month CD | |
| 1.20% | $500 | - | 48 Month CD | |
| 1.00% | $25 | - | 12 Month Save Up CD | |
| 0.75% | $500 | - | 36 Month CD | |
| 0.55% | $500 | - | 30 Month CD | |
| 0.50% | $500 | - | 24 Month CD | |
| 0.35% | $500 | - | 18 Month CD | |
| 0.30% | $500 | - | 12 Month CD | |
| 0.20% | $500 | - | 6 Month CD |
Option 1 Credit Union IRA Rates
| Details | APY | MIN | MAX | PRODUCT |
|---|---|---|---|---|
| 1.50% | $500 | - | 60 Month IRA CD | |
| 1.20% | $500 | - | 48 Month IRA CD | |
| 1.00% | $25 | - | 12 Month Save Up IRA CD | |
| 0.75% | $500 | - | 36 Month IRA CD | |
| 0.55% | $500 | - | 30 Month IRA CD | |
| 0.50% | $500 | - | 24 Month IRA CD | |
| 0.35% | $500 | - | 18 Month IRA CD | |
| 0.30% | $500 | - | 12 Month IRA CD | |
| 0.20% | $500 | - | 6 Month IRA CD |
| Option 1 Credit Union Locations | ||
|---|---|---|
| Branch Office | 6025 N Hagadorn Rd | East Lansing, MI 48823 |
| Branch Office | 630 32nd St SE | Grand Rapids, MI 49548-2306 |
| Branch Office | 1240 Chicago Dr | Jenison, MI 49428-9308 |
| Branch Office | 6250 S Cedar St Suite 14 | Lansing, MI 48911 |
| Branch Office | 4211 Plainfield Ave NE | Grand Rapids, MI 49525 |
| Branch Office | 3286 Alpine Ave NW | Grand Rapids, MI 49544 |
| Branch Office | 2250 Lake Lansing Rd | Lansing, MI 48912-5668 |
| Branch Office | 6750 Kalamazoo Ave SE | Grand Rapids, MI 49508 |
| Branch Office | 2355 Health Dr SW Suite 120 | Wyoming, MI 49519 |