Overview / Commentary
888-261-3355
9200 N Haggerty Rd
Plymouth, MI 48170-4633

Michigan Educational Credit Union is headquartered in Plymouth and is the 18th largest credit union in the state of Michigan. It is also the 363rd largest credit union in the nation. It was established in 1942 and as of June of 2018, it had grown to 78 employees and 51,046 members at 6 locations. Michigan Educational Credit Union's CD rates are 89% higher than the national average, and it boasts 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

Reviews (2)

Should Be Five Stars

Posted by: kcfield | Sep 9, 2018

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...

Posted by: ShannonH | Jan 11, 2015

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
A+

Health Grade Components

Overall
NCUA #60931
Year Chartered1942
Employees78
Primary Regulator
Profit Margin
Return on Assets - YTD0.49%
Return on Equity - YTD4.22%
Annual Interest Income$12.0MM
Assets and Liabilities
AssetsQ2 2018vs Q2 2017$836.6MM$798.9MM
LoansQ2 2018vs Q2 2017$495.4MM$447.3MM
DepositsQ2 2018vs Q2 2017$735.3MM$698.0MM
Equity CapitalQ2 2018vs Q2 2017$95.8MM$96.8MM
Loan Loss AllowanceQ2 2018vs Q2 2017$2.3MM$2.6MM
Unbacked Noncurrent LoansQ2 2018vs Q2 2017$1.4MM$1.5MM
Real Estate OwnedQ2 2018vs Q2 2017$0$120.00K
Rates
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Michigan Educational Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.40%$50-Individual Retirement Account
0.25%$5-Regular Share Savings
0.25%$5-Christmas Club
0.25%$5-Vacation Club

Michigan Educational Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.05%$5-Share Draft/Checking

Michigan Educational Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.85%$5k-60 Month Share Certificate
2.65%$5k-48 Month Share Certificate
2.35%$5k-36 Month Share Certificate
2.05%$5k-30 Month Share Certificate
1.95%$5k-24 Month Share Certificate
1.80%$5k-18 Month Share Certificate
1.70%$2.5k-365 Day Share Certificate
0.85%$2.5k-182 Day Share Certificate
0.65%$2.5k-91 Day Share Certificate

Michigan Educational Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.85%$2k-60 Month IRA Certificate
2.65%$2k-48 Month IRA Certificate
2.35%$2k-36 Month IRA Certificate
2.05%$2k-30 Month IRA Certificate
1.95%$2k-24 Month IRA Certificate
1.80%$2k-18 Month IRA Certificate
1.70%$2k-365 Day IRA Certificate
0.85%$2k-182 Day IRA Certificate
0.65%$2k-91 Day IRA Certificate
Locations


Michigan Educational Credit Union Locations
Branch Office14921 Middlebelt RdLivonia, MI 48154-4032
Branch Office47230 Hayes RdMacomb, MI 48044-5023
Branch Office1903 Rochester RdRoyal Oak, MI 48073
Branch Office9200 N Haggerty RdPlymouth, MI 48170-4633
Branch Office4141 Jackson RdAnn Arbor, MI 48103-1827
Branch Office123 Brighton Lake RdBrighton, MI 48116-6721

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