FreeStar Financial Credit Union
FreeStar Financial Credit Union is headquartered in Clinton Township and is the 57th largest credit union in the state of Michigan. It is also the 977th largest credit union in the nation. It was established in 1957 and as of September of 2022, it had grown to 74 employees and 22,293 members at 7 locations. FreeStar Financial Credit Union has a B+ health rating.
Field of Membership Restrictions
FreeStar Financial Credit Union is open to those who live, work, worship, or attend school in anywhere in Michigan. All military members (active or veteran) who live in Michigan also qualify for membership.
See current membership details
A credit union is better than pre paid debit cards!!
I choose my credit union because of frustrations from prepaid debit card fees. At CMCCU their are no monthly maintenance fees to eat up your balances and it is nice to have a savings option too. My credit union has convenient deposit options and you can take your balance down to 0 with no penalty. I appreciate the simplicity of the website access of CMCCU very helpful.
Never Again!
I refinanced 2 of my auto loans with them and got a consolidation loan. They mailed the credit card payoff to the wrong address. Even through I gave them the correct one. Took a month to resolve. I sold one of my cars and paid off the loan with them. When I applied for another auto loan to replace the car I sold, I was denied. Which was strange because I paid $20/$30 extra on all 3 loans every single month and my credit score was higher than when I original got the loans. I was told it was because I always paid a week or 2 late. Whatever. Theres a credit union on every corner.
Freestar Is No CMCCU
When I started banking through them they were CMCCU and they were awesome. Since they turned into Freestar I have had many problems. They turn your card off without notice and this time which WILL be the last they did it after they closed on the 3rd of july which means I will not be able to fix my account until the 5th because of the holiday. They claim it's fraud protection but when I have real fraud problems I get little help. I have been using them for several years and I only seem to have problems when my bank account is low. They never turn my account if I have thousands of dollars on it but If I have less than $500 it's only a matter of time. One time to avoid over drafting I transferred money from my savings into my checking and later found out they put the money into my dad's account so I over drafted and had to contact my father to have him ok the transfer back into my account. I feel like the employee's try to fix the problems but apparently theirs nothing they can do to keep you from having your card turned off in the worst times. I am currently expecting a seriously important call today and my phone is off because I can not pay the bill because my card got turned off yesterday. Yesterday I had a bill to pay also extremely important and I found out my card was off and obviously the bank was closed so I got screwed over. Luckily I was able to pay someone cash to use their card but that was the last of the cash I have because the rest of my money is in my bank account for which I do not have access too. Freestar is not CMCCU, I miss CMCCU and I can not stand Freestar. If you order things on line a lot of things will not go through and If you want to make that purchase you have to contact them and ok that single trasfer each and every time. That part does not bother me that much but turning my card off without notification very often does, especially when they turn it off after hours and the day before they go on holiday.
Data as of Q3 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 60406 |
| Year Chartered | 1957 |
| Employees | 74 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.2% |
| Return on Equity - YTD | 2.87% |
| Annual Interest Income | $7.3MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2022vs Q3 2021 | $309.1MM$278.7MM |
| Loans | Q3 2022vs Q3 2021 | $202.3MM$172.4MM |
| Deposits | Q3 2022vs Q3 2021 | $277.4MM$241.8MM |
| Equity Capital | Q3 2022vs Q3 2021 | $21.4MM$26.2MM |
| Loan Loss Allowance | Q3 2022vs Q3 2021 | $1.3MM$1.5MM |
| Unbacked Noncurrent Loans | Q3 2022vs Q3 2021 | $818.00K$961.00K |
| Real Estate Owned | Q3 2022vs Q3 2021 | $0$177.00K |