American 1 Credit Union is headquartered in Jackson and is the 39th largest credit union in the state of Michigan. It is also the 664th largest credit union in the nation. It was established in 1980 and as of June of 2023, it had grown to 241 employees and 62,825 members at 15 locations. American 1 Credit Union's CD rates are 4X the national average, and it has a B+ health rating.
Field of Membership Restrictions
American 1 Credit Union is open to anyone through joining the Community 1 Cooperative ($3 membership fee).
See current membership details
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New Member Of American 1 Credit Union
I’m a new member of American 1 Credit Union, and I opened an IRA with a long term CD.
Tracey Olson (E Service Specialist) did a great job of getting my account set up and my funds transferred from another CU.
They Make You Work Hard For The Extra Yield!
Of all the CDs I've opened recently this one seems the most complicated. First, you can't just open / fund an acc online. Someone needs to call you, go over the conditions, and do a hard credit pull. You are then sent a document to sign via email, which strangely also includes some loan documents, your loan number, loan terms & conditions, with your name listed as the borrower! Exactly why a person applying for a CD needs to sign a loan document is beyond me. To make matters worse, they won't initiate a transfer from their end to fund the acc. You need to either mail a check, or do a wire transfer, which is costly. And you have only until September 08 to do all these! And good luck understanding the early redemption terms! I'll wait for the next 6% CD from a more easy-going bank/CU.
Hard Credit Pull
They do a hard credit pull just to join and open a CD. Hard pass. Otherwise I would join.
Odd EWP On Cds
Wording from the web site on EWP. Appears you pay 90 days of interest plus the interest on the amount withdrawn.
"The penalty we may impose will equal 90 days dividends on the amount withdrawn plus the amount of dividends earned on the amount withdrawn in excess of the amount of dividends that would have been earned at the Savings/Share account rate."
Great Customer Service
I’m a new member of American 1 Credit Union and Byron Rose who helped setup my membership and open a CD was so helpful. He went above and beyond for me. Unfortunately their rates have dropped significantly since I opened the CD but nonetheless Bryan’s customer service was excellent.
Updated review 12-22-22: I should have been more careful and read the previous review by mountain52 about the strange EWP on this credit union’s CDs. On a $235,000. 5 yr. CD earning 2.00% I was told my EWP would be $9,000. I wanted to close out the old CD, open a new CD at American 1 with their now higher rate and transfer that same money to the new CD. Lesson learned the hard way. Even if their rates are way above every other credit union or bank in the world, when the CD matures I will close the CD and saving account and go elsewhere. Again it’s my fault and should have read the fine print but regardless I’m really disappointed especially since I didn’t even want to take the money out of the credit union even though their new rates are not as good as othe FI’s I’m also using.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 65595 |
| Year Chartered | 1980 |
| Employees | 241 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.28% |
| Return on Equity - YTD | 8.68% |
| Annual Interest Income | $16.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $592.6MM$586.2MM |
| Loans | Q2 2023vs Q2 2022 | $429.8MM$368.8MM |
| Deposits | Q2 2023vs Q2 2022 | $489.5MM$486.2MM |
| Equity Capital | Q2 2023vs Q2 2022 | $87.2MM$85.8MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$4.9MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $7.6MM$4.8MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |
