Michigan Schools And Government Credit Union
Michigan Schools And Government Credit Union is headquartered in Clinton Township and is the 6th largest credit union in the state of Michigan. It is also the 122nd largest credit union in the nation. It was established in 1954 and as of December of 2020, it had grown to 347 employees and 132,699 members at 16 locations. Michigan Schools And Government Credit Union has an A+ health rating.
Field of Membership Restrictions
Membership in Michigan Schools and Government Credit Union is open to the following: (1) those who live, work, worship or attend school in Michigan’s lower peninsula; (2) employees, students, alumni, retirees, and former students of any educational institution in Genesee, Lapeer, Livingston, Macomb, Oakland, St. Clair, Washtenaw and Wayne Counties in Michigan and their families; (3) any person over age 55 receiving retirement payments and live in or belong to a retirement organization in the counties above; (4) employees or retirees of any federal, state, county, or local government department or agency in the above counties.
See current membership details
Among The Very Best Credit Unions In The Detroit Market
I've belonged to Michigan School & Government Credit Union since the 1960's and intend to remain a loyal customer. They really understand "customer service," going well beyond my rather critical standards by ALWAYS doing what's right, honest, and helpful to their members. Their interest rates on CD's rarely lead the pack, but they're always competitive.
Michigan Credit Union
It was a great place to bank. The offered nice bonuses for referring someone to them, and also when someone switched there insurance to them, the referee got a bigger bonus. Their overdraft fees were also a lot less than regular banks I've held accounts. There customer service was hit or miss though. Sometimes you'd get someone who was very kind and helpful or occasionally someone extremely rude. Overall it's my favorite bank I've held an account.
BEWARE!!! GO TO S DIFFERENT FINANCIAL INSTITUTION
BEWARE!!! GO TO A DIFFERENT FINANCIAL INSTITUTION!
I would give this credit union negative stars if I could! My husband and I both transferred our Navy Federal Accounts here when we relocated to Michigan. Both of us being Veterans (husband retired military), we thought Michigan Schools and Government was going to be a good fit for us..... Oh were we wrong!! In a five year period, we have had a minimum of 12 issues ranging from bank cards not working when plenty of funds are available to app being down for hours. If this happens on a weekend or after hours you are S.O.L. because they do not have ANYONE that you can talk to outside of regular business hours.
We will be leaving and moving to a full time financial institution, not a part time one like MSGCU!
Health Grade Components
| Overall | |
|---|---|
| NCUA # | 62049 |
| Year Chartered | 1954 |
| Employees | 347 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.16% |
| Return on Equity - YTD | 9.98% |
| Annual Interest Income | $101.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $2.77B$2.37B |
| Loans | Q4 2020vs Q4 2019 | $2.10B$1.91B |
| Deposits | Q4 2020vs Q4 2019 | $2.39B$2.02B |
| Equity Capital | Q4 2020vs Q4 2019 | $316.1MM$284.5MM |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $16.8MM$12.6MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $4.2MM$5.3MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $108.00K$434.00K |
