Credit Union One (MI)


Overview / Commentary
800-451-4292
400 E 9 Mile Rd
Ferndale, MI 48220

Credit Union One (MI) is headquartered in Ferndale and is the 12th largest credit union in the state of Michigan. It is also the 274th largest credit union in the nation. It was established in 1938 and as of September of 2023, it had grown to 307 employees and 115,023 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?

Posted by: |

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

Posted by: |

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.

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Health

Health Grade Components

Overall
NCUA #62562
Year Chartered1938
Employees307
Primary Regulator
Profit Margin
Return on Assets - YTD0.85%
Return on Equity - YTD11.19%
Annual Interest Income$51.7MM
Assets and Liabilities
AssetsQ3 2023vs Q3 2022$1.72B$1.79B
LoansQ3 2023vs Q3 2022$1.22B$1.19B
DepositsQ3 2023vs Q3 2022$1.58B$1.65B
Equity CapitalQ3 2023vs Q3 2022$132.8MM$122.5MM
Loan Loss AllowanceQ3 2023vs Q3 2022$9.6MM$3.5MM
Unbacked Noncurrent LoansQ3 2023vs Q3 2022$5.1MM$2.6MM
Real Estate OwnedQ3 2023vs Q3 2022$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Credit Union One (MI); we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Credit Union One (MI) Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.15%$5-IRA Savings
0.05%--Business Savings
0.05%--Personal Savings Account

Credit Union One (MI) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.55%*$100k*-Insured Money Market Account
OTHER TIERS: 0.05% $1k - $2k | 0.10% $2k - $10k | 0.25% $10k - $25k | 0.35% $25k - $50k | 0.50% $50k - $100k
0.55%*$100k*-Business Insured Money Market
OTHER TIERS: 0.05% $1k - $2k | 0.10% $2k - $10k | 0.25% $10k - $25k | 0.35% $25k - $50k | 0.50% $50k - $100k

Credit Union One (MI) Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.01%--Business Interest Checking

Credit Union One (MI) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.12%$500-3 Month CD
5.12%$500-Business 3 Month CD
4.59%$500-6 Month CD
4.59%$500-Business 6 Month CD
4.07%$500-12 Month CD
4.07%$500-Business 12 Month CD
3.30%*$100k*-18 Month CD
OTHER TIERS: 2.53% $500 - $10k | 2.71% $10k - $25k | 3.04% $25k - $50k | 3.15% $50k - $100k
3.30%*$100k*-Business 18 Month CD
OTHER TIERS: 2.53% $500 - $10k | 2.71% $10k - $25k | 3.04% $25k - $50k | 3.15% $50k - $100k
2.78%*$100k*-48 Month CD
OTHER TIERS: 1.87% $500 - $10k | 1.97% $10k - $25k | 2.11% $25k - $50k | 2.53% $50k - $100k
2.78%*$100k*-60 Month CD
OTHER TIERS: 1.87% $500 - $10k | 1.97% $10k - $25k | 2.11% $25k - $50k | 2.53% $50k - $100k
2.78%*$100k*-Business 48 Month CD
OTHER TIERS: 1.87% $500 - $10k | 1.97% $10k - $25k | 2.11% $25k - $50k | 2.53% $50k - $100k
2.78%*$100k*-Business 60 Month CD
OTHER TIERS: 1.87% $500 - $10k | 1.97% $10k - $25k | 2.11% $25k - $50k | 2.53% $50k - $100k
2.53%*$100k*-24 Month CD
OTHER TIERS: 1.76% $500 - $10k | 1.87% $10k - $25k | 2.17% $25k - $50k | 2.27% $50k - $100k
2.53%*$100k*-36 Month CD
OTHER TIERS: 1.76% $500 - $10k | 1.87% $10k - $25k | 2.17% $25k - $50k | 2.27% $50k - $100k
2.53%*$100k*-Business 24 Month CD
OTHER TIERS: 1.76% $500 - $10k | 1.87% $10k - $25k | 2.17% $25k - $50k | 2.27% $50k - $100k
2.53%*$100k*-Business 36 Month CD
OTHER TIERS: 1.76% $500 - $10k | 1.87% $10k - $25k | 2.17% $25k - $50k | 2.27% $50k - $100k

Credit Union One (MI) IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
5.12%$500-3 Month IRA
4.59%$500-6 Month IRA
4.07%$500-12 Month IRA
3.30%*$100k*-18 Month IRA
OTHER TIERS: 2.53% $500 - $10k | 2.71% $10k - $25k | 3.04% $25k - $50k | 3.15% $50k - $100k
2.78%*$100k*-48 Month IRA
OTHER TIERS: 1.87% $500 - $10k | 1.97% $10k - $25k | 2.11% $25k - $50k | 2.53% $50k - $100k
2.78%*$100k*-60 Month IRA
OTHER TIERS: 1.87% $500 - $10k | 1.97% $10k - $25k | 2.11% $25k - $50k | 2.53% $50k - $100k
2.53%*$100k*-24 Month IRA
OTHER TIERS: 1.76% $500 - $10k | 1.87% $10k - $25k | 2.17% $25k - $50k | 2.27% $50k - $100k
2.53%*$100k*-36 Month IRA
OTHER TIERS: 1.76% $500 - $10k | 1.87% $10k - $25k | 2.17% $25k - $50k | 2.27% $50k - $100k
Locations

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