Genisys Credit Union is headquartered in Auburn Hills and is the 4th largest credit union in the state of Michigan. It is also the 78th largest credit union in the nation. It was established in 1964 and as of March of 2024, it had grown to 481 employees and 275,071 members at 32 locations. Genisys Credit Union's money market rates are 8X the national average, and it boasts an A+ health rating.
Field of Membership Restrictions
Membership in Genisys Credit Union is open to those who live, work, worship, or attend school anywhere in the state of Michigan, the Minnesota counties of Anoka, Dakota, Hennepin, Ramsey, Scott, or Washington, or Montgomery County, Pennsylvania. Immediate family and household members of current Genisys Credit Union members are also eligible to join. If you live outside of the location eligibility or do not qualify based on family eligibility, you can still join by making a contribution to either the Arthritis Foundation or the Paint Creek Center for the Arts.
See current membership details
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Great Account
I have had an account with Genisys FCU for the past 14 months and have had no problems. Their rates are excellent and their Genius High Yield Checking account is very hard to beat. I would highly recommend.
No Online CD Applications Accepted For Retirees
I attempted to open a CD using Genisys’ online application process (designed to accept new members) and everything was moving along smoothly until I got to the employer information screen. It would not proceed without employer information, which of course does not exist for a retiree. Thus, I received a notice that manual review would be necessary. As promised, on the first business day following my (failed) application, I received the following email message:
“Thank you for your interest in Genisys Credit Union. Unfortunately, we are unable to continue your membership application online. To complete the membership process we will need the following:
1) Completed Membership Application- link below (a PDF file)
2) If requesting eStatements, please complete the consent form- link below
3) Copy of driver's license or other government issued ID
4) Send check for $10 payable to Genisys Credit Union ($5 to establish your account, this will be held in the S1 savings account and $5 for donation to PCCA - (Paint Creek Center for the Arts)
Please mail all of the above documentation to the address below:
Genisys Credit Union (etc)
Based on the Post Office’s delivery standards (five days for out of state mail)
I am not interested in dropping off this data and hoping for the best. I need a financial institution with a more robust online capability.
This Is A Scam! Do Not Get Tempted To Find Out For Yourself!
As another reviewer said, they close your account right after they get your payment. The ploy is to lure anyone to pay a "one time fee" to the charities they work with. They then write off the money they charge you under the ploy of opening an account, as THEIR tax-deductible donation even though they rip you off for it. Then, you find out there is no way to even link an external account in their account. Only internal transfers. They don't disclose this clearly on their ad. So, you're forced to initiate a large transfer from your external account. But it won't end up in your Genisys account because you wake up to a closed account with all the money disappeared. And you don't know how to get the money back that was debited from your external account that you're losing interest money on, that Genisys is getting kick back on your money that you don't have access to. They also don't refund the "membership contribution" charge they write off on their taxes!
Not Recommended
In my experience, Genisys is not an institution with integrity. I refinanced my vehicle through Genisys by way of a third party and had no previous experience with the bank.
It is clear that they go to great lengths to ensure that making principle only payments and attempting to pay off a loan early as difficult as possible.
Their online platform is lousy and their customer support was unimpressive (they have a chat feature on their site but good luck getting someone to answer a phone). I'm looking forward to jumping through the necessary hoops that will allow me to pay off my loan and be finished with Genisys.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 68536 |
| Year Chartered | 1964 |
| Employees | 481 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.88% |
| Return on Equity - YTD | 13.45% |
| Annual Interest Income | $57.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q1 2024vs Q1 2023 | $5.1B$4.6B |
| Loans | Q1 2024vs Q1 2023 | $3.62B$3.34B |
| Deposits | Q1 2024vs Q1 2023 | $4.17B$3.78B |
| Equity Capital | Q1 2024vs Q1 2023 | $694.3MM$602.5MM |
| Loan Loss Allowance | Q1 2024vs Q1 2023 | $52.4MM$47.8MM |
| Unbacked Noncurrent Loans | Q1 2024vs Q1 2023 | $19.7MM$14.1MM |
| Real Estate Owned | Q1 2024vs Q1 2023 | $0$49K |
