Michigan State University Federal Credit Union is headquartered in East Lansing and is the 2nd largest credit union in the state of Michigan. It is also the 44th largest credit union in the nation. It was established in 1979 and as of September of 2022, it had grown to 1,092 employees and 336,117 members at 21 locations. Michigan State University Federal Credit Union has an A health rating.
Membership in Michigan State University Federal Credit Union is open to anyone through a $10 donation to the Desk Drawer Fund (joining MSUFCU and making the $10 donation can be done simultaneously using the MSUFCU's online application). Anyone who lives, works, worships, goes to school, or owns a business in Oakland, Genesee, Lapeer, Livingston, or Macomb Counties in Michigan is also eligible to join.
Membership is also open to faculty, staff, or students of Michigan State University. Employees/members of more than 250 Select Employee Groups, including all State of Michigan employees, are also eligible to join.
See current membership details
Many years ago I traveled to Key West with a few friends. As I was leaving an establishment, I was handed the debit card from someone else -- and it appeared that the establishment gave my card to the wrong person. I immediately called MSUFCU and explained the situation. They cancelled the charge from the establishment and had a new card on it's way to me, no questions asked. The card arrived the next day by noon, hand delivered by FedEx. I was taken aback at how quickly the credit union took action and solved the situation. What could have turned out horrible was handled perfectly! Even though I have moved from Michigan to Chicago, I stay with MSUFCU and will not change to a local credit union or nationwide bank. The member service staff at MSUFCU are unparalleled in their work and have secured me as a member for life.
I have had an account with MSUFCU for 9 years, including a credit card account with very reasonable interest rates. At one point a fraudulent charge showed up on the credit card and I contacted MSUFCU. They immediately removed the charge and I had a new card with new number in 3 days. I was also recently trying to obtain quotes for personal lines of credit, and MSUFCU's website was one of the few websites among many that made this easy. Also well-designed and understandable is the web-site, with ability to essentially never have to physically visit the bank. Would absolutely recommend.
The credit union currently has good rates. However, beware if you are NOT a Michigan resident. MSUFCU will put a non-resident through the equivalent of a security investigation. They have incomparable applicant requirements in terms of identification and transfer of funds for non-Michigan customers. It may not be worth the hassle for anyone outside of Michigan.
Walked into the Credit Union during my first week of my freshman year to only be treated with no respect like I was a 6 year old boy. That was the beginning to my problems then later turned into random charges that have taken months at a time to get back, to having NO ATM within my 1 mile radius of my apartment which is less than 1.5 miles away from campus. Every time I walk into the store there is only 1-2 people working and it has a bad, puke like, smell to it.
|Return on Assets - YTD||1.34%|
|Return on Equity - YTD||14.14%|
|Annual Interest Income||$172.3MM|
|Assets and Liabilities|
|Assets||Q3 2022vs Q3 2021||$6.94B$6.53B|
|Loans||Q3 2022vs Q3 2021||$5.37B$4.55B|
|Deposits||Q3 2022vs Q3 2021||$5.85B$5.57B|
|Equity Capital||Q3 2022vs Q3 2021||$650.1MM$625.2MM|
|Loan Loss Allowance||Q3 2022vs Q3 2021||$23.8MM$18.4MM|
|Unbacked Noncurrent Loans||Q3 2022vs Q3 2021||$18.5MM$8.0MM|
|Real Estate Owned||Q3 2022vs Q3 2021||$0$1.2MM|
Rates for Michigan State University Federal Credit Union are currently being reviewed.