Michigan Educational Credit Union
Popular Accounts at this Credit Union
| APY | ACCOUNT TYPE | ACCOUNT NAME |
|---|---|---|
| 2.05% | 5-year CD | 60 Month Share Certificate 2.25% - Ally Bank High Yield 5 Year CD |
| 0.80% | 1-year CD | 365 Day Share Certificate 1.35% - Ally Bank High Yield 12-Month CD |
| 0.15% | Savings | Share Savings Account 1.05% - Ally Bank Online Savings Account |
Michigan Educational Credit Union is headquartered in Plymouth and is the 15th largest credit union in the state of Michigan. It is also the 360th largest credit union in the nation. It was established in 1942 and as of December of 2016, it had grown to 74 employees and 48,830 members at 6 locations. Michigan Educational Credit Union has an A+ health rating.
Field of Membership Restrictions
Michigan Educational Credit Union is open to those who live, worship or work in Wayne, Washtenaw, Oakland, Macomb, Livingston, and Jackson Counties in Michigan.
See current membership details
Michigan Educational Credit Union is better than banks, but sub-optimal in...
Michigan Educational Credit Union is better than banks, but sub-optimal in terms of credit unions. I have used many credit unions as I have always tried to stay away from the banks who rob us and keep us living under the bridges. The Michigan Educational Credit Union has great customer service, but the online features are lacking to say the least. Their overage charges are better than banks such as the crooks of Fifth Third Bank, but I prefer other credit unions as MECU can get a little ridiculous and can turn into a snowball that is hard to get out of it. They do offer overdraft protection loans which is very kind. The locations are what bother me and the lacking internet features only makes it worse.
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 60931 |
| Year Chartered | 1942 |
| Employees | 74 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.57% |
| Return on Equity - YTD | 4.56% |
| Annual Interest Income | $20.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2016vs Q4 2015 | $763.3MM$727.3MM |
| Loans | Q4 2016vs Q4 2015 | $429.0MM$392.1MM |
| Deposits | Q4 2016vs Q4 2015 | $666.0MM$633.8MM |
| Equity Capital | Q4 2016vs Q4 2015 | $94.2MM$90.5MM |
| Loan Loss Allowance | Q4 2016vs Q4 2015 | $2.5MM$2.7MM |
| Unbacked Noncurrent Loans | Q4 2016vs Q4 2015 | $1.5MM$938.00K |
| Real Estate Owned | Q4 2016vs Q4 2015 | $120.00K$120.00K |
Always verify rates and promotions with the bank or credit union. We are not Michigan Educational Credit Union; we are a rate comparison website and cannot provide official rates or promotions.
Michigan Educational Credit Union Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.30% | $50 | - | Individual Retirement Account | |
| 0.30% | $50 | - | Deferred Compensation Account | |
| 0.30% | $50 | - | Roth IRA Savings | |
| 0.30% | $50 | - | Coverdell Education Savings Account | |
| 0.15% | - | - | Share Savings Account | |
| 0.15% | - | - | Christmas Club | |
| 0.15% | - | - | Vacation Club |
Michigan Educational Credit Union Checking Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.05% | - | - | Share Draft (Checking) Account |
Michigan Educational Credit Union CD Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.05% | $5k | - | 60 Month Share Certificate | |
| 1.70% | $5k | - | 48 Month Share Certificate | |
| 1.30% | $5k | - | 36 Month Share Certificate | |
| 1.05% | $5k | - | 24 Month Share Certificate | |
| 1.05% | $5k | - | 30 Month Share Certificate | |
| 0.80% | $2,500 | - | 365 Day Share Certificate | |
| 0.80% | $5k | - | 18 Month Share Certificate | |
| 0.50% | $2,500 | - | 182 Day Share Certificate | |
| 0.40% | $2,500 | - | 91 Day Share Certificate |
Michigan Educational Credit Union IRA Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 2.05% | $2k | - | 60 Month IRA Certificate | |
| 1.70% | $2k | - | 48 Month IRA Certificate | |
| 1.30% | $2k | - | 36 Month IRA Certificate | |
| 1.05% | $2k | - | 24 Month IRA Certificate | |
| 1.05% | $2k | - | 30 Month IRA Certificate | |
| 0.80% | $2k | - | 365 Day IRA Certificate | |
| 0.80% | $2k | - | 18 Month IRA Certificate | |
| 0.50% | $2k | - | 182 Day IRA Certificate | |
| 0.40% | $2k | - | 91 Day IRA Certificate |
| Michigan Educational Credit Union Locations | ||
|---|---|---|
| Branch Office | 14921 Middlebelt Rd | Livonia, MI 48154-4032 |
| Branch Office | 47230 Hayes Rd | Macomb, MI 48044-5023 |
| Branch Office | 1903 Rochester Rd | Royal Oak, MI 48073 |
| Branch Office | 9200 N Haggerty Rd | Plymouth, MI 48170-4633 |
| Branch Office | 4141 Jackson Rd | Ann Arbor, MI 48103-1827 |
| Branch Office | 123 Brighton Lake Rd | Brighton, MI 48116-6721 |