Preferred Credit Union (MI) is headquartered in Grand Rapids and is the 68th largest credit union in the state of Michigan. It is also the 1,174th largest credit union in the nation. It was established in 1968 and as of December of 2018, it had grown to 73 employees and 24,449 members at 6 locations. Preferred Credit Union (MI)'s CD rates are 11% higher than the national average, and it has an A health rating.
Field of Membership Restrictions
Membership is open to anyone through becoming a member of the Co-Optical Service ($2 sign-up fee). Membership is open to those who live, work, attend school or worship in Barry, Allegan, Branch, Berrien, Cass, Calhoun, Clinton, Clare, Gratiot, Eaton, Ionia, Kalamazoo, Isabella, Lake, Kent, Manistee, Mecosta, Mason, Missaukee, Muskegon, Montcalm, Newaygo, Oceana, Osceola, Ottawa, St. Joseph, Van Buren and Wexford Counties in Michigan.
See current membership details
Great customer service
My experience with this bank has been good for the most part. I had issues with payments in the past, and customer service has always been helpful and professional. Even with a mistake on my end, they are willing to go out of the way to help fix the issue. My only complaint is that their fees are a bit too high. They seem to go overboard with the fees over small things. While I understand they do this to make money and prevent errors, it feels too punishing then what it is worth. I also had a problem on enabling my account to be used with other branches. So I had to go through some loopholes on that as well. Even though I requested for it to be enabled when I first created my account.
Data as of Q4 2018
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 62340 |
| Year Chartered | 1968 |
| Employees | 73 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.19% |
| Return on Equity - YTD | 7.98% |
| Annual Interest Income | $7.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2018vs Q4 2017 | $169.2MM$167.4MM |
| Loans | Q4 2018vs Q4 2017 | $114.2MM$108.8MM |
| Deposits | Q4 2018vs Q4 2017 | $140.7MM$139.6MM |
| Equity Capital | Q4 2018vs Q4 2017 | $25.4MM$23.7MM |
| Loan Loss Allowance | Q4 2018vs Q4 2017 | $753.00K$963.00K |
| Unbacked Noncurrent Loans | Q4 2018vs Q4 2017 | $943.00K$1.0MM |
| Real Estate Owned | Q4 2018vs Q4 2017 | $0$46.00K |
Always verify rates and promotions with the bank or credit union. We are not Preferred Credit Union (MI); we are a rate comparison website and cannot provide official rates or promotions.
* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
Preferred Credit Union (MI) Savings Account Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
|---|---|---|---|---|
| 0.50% | $100 | - | Christmas Club | |
| 0.35% | $100 | - | IRA Savings | |
| 0.25% | $100 | - | Vacation Club | |
| 0.25% | - | - | Health Savings Account | |
| 0.15% | $100 | - | Share Savings |
Preferred Credit Union (MI) Money Market Rates
| APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
|---|---|---|---|---|---|
| 0.45%* | $50k* | - | Preferred Money Account | ||
| OTHER TIERS: 0.25% → $500 - $2.5k | 0.30% → $2.5k - $10k | 0.35% → $10k - $25k | 0.40% → $25k - $50k | |||||
Preferred Credit Union (MI) CD Rates
Preferred Credit Union (MI) IRA Rates
| Preferred Credit Union (MI) Locations | ||
|---|---|---|
| Branch Office | 7473 Storey Rd | Belding, MI 48809-9360 |
| Branch Office | 534 N Lafayette St | Greenville, MI 48838-1167 |
| Branch Office | 329 N Michigan Ave | Hastings, MI 49058 |
| Branch Office | 4245 S Westnedge Ave | Kalamazoo, MI 49008-3207 |
| Branch Office | 266 N Jebavy Dr | Ludington, MI 49431 |
| Branch Office | 3767 Sparks Dr SE | Grand Rapids, MI 49546 |