Preferred Credit Union (MI) is headquartered in Grand Rapids and is the 66th largest credit union in the state of Michigan. It is also the 1,120th largest credit union in the nation. It was established in 1968 and as of September of 2020, it had grown to 74 employees and 24,488 members at 6 locations. Preferred Credit Union (MI) has an A+ health rating.
Preferred Credit Union 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
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.
Overall | |
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NCUA # | 62340 |
Year Chartered | 1968 |
Employees | 74 |
Primary Regulator |
Profit Margin | |
---|---|
Return on Assets - YTD | 0.44% |
Return on Equity - YTD | 3.09% |
Annual Interest Income | $5.8MM |
Assets and Liabilities | ||
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Assets | Q3 2020vs Q3 2019 | $212.3MM$178.5MM |
Loans | Q3 2020vs Q3 2019 | $112.8MM$119.6MM |
Deposits | Q3 2020vs Q3 2019 | $178.2MM$146.7MM |
Equity Capital | Q3 2020vs Q3 2019 | $30.2MM$27.9MM |
Loan Loss Allowance | Q3 2020vs Q3 2019 | $1.1MM$691.00K |
Unbacked Noncurrent Loans | Q3 2020vs Q3 2019 | $385.00K$655.00K |
Real Estate Owned | Q3 2020vs Q3 2019 | $0$200.00K |
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS |
---|---|---|---|---|
0.30% | - | - | IRA Savings | |
0.25% | - | - | Health Savings Account | |
0.20% | - | - | Vacation Club | |
0.20% | - | - | Christmas Club | |
0.15% | - | - | Share Savings |
APY | MIN | MAX | ACCOUNT NAME | VIEW DETAILS | |
---|---|---|---|---|---|
0.40%* | $50k* | - | Preferred Money Account | ||
OTHER TIERS: 0.20% → $500 - $2.5k | 0.25% → $2.5k - $10k | 0.30% → $10k - $25k | 0.35% → $25k - $50k |
Preferred Credit Union (MI) Locations | ||
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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 |