Cornerstone Community Financial Credit Union
Cornerstone Community Financial Credit Union is headquartered in Auburn Hills and is the 49th largest credit union in the state of Michigan. It is also the 851st largest credit union in the nation. It was established in 1951 and as of June of 2020, it had grown to 72 employees and 23,537 members at 7 locations. Cornerstone Community Financial Credit Union has an A+ health rating.
Field of Membership Restrictions
Cornerstone Community Financial CU of Michigan is open to anyone that does regular business in, business owners, residents, people maintaining employment, church members, and registered students in these Michigan Communities; Genesee, Jackson, Lapeer, Lenawee, Livingston, Macomb, Monroe, Oakland, St Clair, Washtenaw, and Wayne. Membership eligibility also extends to include the family members of CU members.
See current membership details
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Great Choice For Local Credit Union.
I've used this bank for a while now, back in the Mopar days.
Inside their branch (Auburn Hills at least), it's very well organized and calm for meeting with loan officers, getting things notarized, etc.
They almost always have good loan rates for auto, home. They usually have a good special on something like an 17 month CD, things like that.
Their app is good quality, comparable or beats all my other banking apps. A little slow to update when logging in sometimes. Messaging works great in it as they are quick to answer and can do things like change the type of checking account, open CD, have CD not autorenew with just a couple messages and maybe an email.
So many fees
I joined this bank several years ago. At first it was for a specific dollar amount deposit each week into the saving's. It earned some money so I decided to open a checking. That's when the fees really started to happen. Weekly the bank would have a computer error and I would have to call the bank to straiten it out. High fee's for transfers and the loan terms were not good either. Customer service had dropped and I was finally fed up when the bank had to refund me over 50 dollars in fees and a customer service representative had the nerve to call me crazy. I closed the account and actually saved money. The absolute best part is that my local branch was hit by a tornado when the bank was closed , Nobody was hurt and I am glad about it. It's about time mother nature took care of it .
No Access To My Account When I Am Away From Home.
I have checking/savings accounts at Cornerstone, and now that they have changed their system whereas I cannot log into my account unless I on my home computer (because I do not have a cell phone number to provide to them). Contrary to popular belief, everyone does not have a cell phone. I have a land line and cannot receive texts to give me a code to log into my account when I am away from home and on a different computer. I am a member at a different credit union, and they have the option to use an email address to get a code when you are away from home. Cornerstone's practice is biased to me because I do not have a cell phone.
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68641 |
| Year Chartered | 1951 |
| Employees | 72 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.26% |
| Return on Equity - YTD | 2.11% |
| Annual Interest Income | $6.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $324.0MM$295.8MM |
| Loans | Q2 2020vs Q2 2019 | $253.2MM$248.8MM |
| Deposits | Q2 2020vs Q2 2019 | $266.5MM$238.8MM |
| Equity Capital | Q2 2020vs Q2 2019 | $38.6MM$37.3MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $1.7MM$1.2MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $930.00K$1.2MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$0 |