Michigan Educational Credit Union is headquartered in Plymouth and is the 20th largest credit union in the state of Michigan. It is also the 374th largest credit union in the nation. It was established in 1942 and as of June of 2020, it had grown to 80 employees and 52,125 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
Should Be Five Stars
This credit union has outstanding customer service, very short wait times, no fee checking without direct deposit requirement, and expanded eligibility--allowing residents of multiple counties to join--rather than just educators. Additionally, while their CD rates are not top tier, they do have reasonable early withdrawal penalties (hopefully Ken T. will eventually post the EWP information which he has received). The two reasons for four stars rather than five is their primitive website, which, for examples requires a log out to access the credit union's home page (or you can try to find the tiny "home page" option way at the bottom of the screen, which should be at the top of the page). The second reason is the limited number of locations. While they partner with other credit unions allowing no-fee withdrawals from these partners--it is not the same as having a branch near one's home. The closest branch to my home is 25 miles away. If they update the website and add a couple branches--this credit union is will be highly deserving of five stars.
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 | 80 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.32% |
| Return on Equity - YTD | 2.58% |
| Annual Interest Income | $12.8MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $957.4MM$858.5MM |
| Loans | Q2 2020vs Q2 2019 | $506.8MM$537.7MM |
| Deposits | Q2 2020vs Q2 2019 | $835.2MM$746.7MM |
| Equity Capital | Q2 2020vs Q2 2019 | $116.3MM$106.6MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $2.3MM$2.5MM |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $1.1MM$1.4MM |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$0 |