Credit Union One (MI) is headquartered in Ferndale and is the 13th largest credit union in the state of Michigan. It is also the 276th largest credit union in the nation. It was established in 1938 and as of December of 2023, it had grown to 320 employees and 114,269 members at 15 locations. Credit Union One (MI)'s CD rates are 5X the national average, and it has a B health rating.
Field of Membership Restrictions
Membership in Credit Union One is open to anyone who lives, works, worships, or attends school anywhere in the state of Michigan.
See current membership details
My experience with Credit Union One
I have been a member at Credit Union One for 10 years now, and over the past 10 years my satisfaction has continued to increase exponentially. I have many experiences with customer service and all of them have been positive experiences. Once, my debit card information had been stolen and unauthorized charges had been made on my card. Credit Union One stopped my card and called me notifying my of suspicious activity. I confirmed there initial thoughts and they sent me out a new card the next day. Over the past 3 years, they have began rolling out a mobile app that allows me to do my online banking very easily from my phone and over the past 6 months they have completely revamped the mobile check deposit. The app experiences has been continuing to improve from its initial inception. The bill pay feature has worked flawlessly and overall I have been extremely satisfied with the services that they have provided and would recommend anyone to use them. The only negative I can think of is that there are not many branches near where I work so sometimes it can be difficult to get in during business hours but with the improvement of the online banking I do not need to go in nearly as much.
Credit Union One - Not for me
I had a checking account with Credit Union One and I ended up having to switch back to a bank. The main reason being, it took days before a deposit would register on the account. For me, that's a deal breaker. If I deposit funds, I expect them available the next day. That did not happen here. I don't know if they have improved this aspect of their service, but as a consumer, I would highly advise they do so. I'm still leery about trying another credit union based upon this experience.
Otherwise, in a nutshell, customer service was alright, fees were reasonable, but timeliness of deposits and withdrawals leave a lot to be desired. I did not have a savings account here, so I can't comment on that.
One good thing is they are partnered with many ATM's so you can use your card and not get an ATM fee, which is a plus.
Is It Just Me Or There Are Many Of Us?
I am new to the place and there is a credit union one bank in the place where I work, Royal Oak. So thinking it is near and "local" I opened an account there. They even offered me a credit card so called "preapproved". So as I was new and had to develop credit history I thought that was a good opportunity for me. I have waited for 2 months now just to hear that My application crossed 30 days and has expired, so I need to reapply now. I went to them couple of times within the 2 months in order to inquire about the application and got a ready made answer that it takes 4-6 weeks in order to approve and once it crossed 4-6 weeks they say I have to reapply again as it has crossed 30 days. Poor me! and I follow them blindly as I need a credit card. I now wish if only they hadn't offered me any card ,I would not have gone through this or I would have tried at other places or for a credit card with safety deposit.
Do Not Bank Here
Find a better financial institution. After being a member of Credit Union One for over 20 years, I will be closing all of our accounts. On a Saturday afternoon, my family experienced a tragedy, and we needed to admit three of our pets to a vet hospital. However, I was unable to leave a deposit because the credit union has an arbitrary spending limit and, due to their very limited hours of operation, we couldn't reach anyone by phone to resolve the issue. Our pets were unable to receive treatment because Credit Union One prevented us from accessing our money in our accounts.
Data as of Q4 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 62562 |
| Year Chartered | 1938 |
| Employees | 320 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.81% |
| Return on Equity - YTD | 9.89% |
| Annual Interest Income | $70.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2023vs Q4 2022 | $1.72B$1.76B |
| Loans | Q4 2023vs Q4 2022 | $1.22B$1.2B |
| Deposits | Q4 2023vs Q4 2022 | $1.57B$1.62B |
| Equity Capital | Q4 2023vs Q4 2022 | $140.7MM$126.5MM |
| Loan Loss Allowance | Q4 2023vs Q4 2022 | $9.7MM$3.9MM |
| Unbacked Noncurrent Loans | Q4 2023vs Q4 2022 | $4.9MM$4.3MM |
| Real Estate Owned | Q4 2023vs Q4 2022 | $0$0 |
