Preferred Credit Union (MI)

Overview / Commentary

616-942-9630

3767 Sparks Dr SE
Grand Rapids, MI 49546

Preferred Credit Union (MI) is headquartered in Grand Rapids and is the 64^th largest credit union in the state of Michigan. It is also the 1,081^st largest credit union in the nation. It was established in 1968 and as of June of 2022, it had grown to 72 employees and 24,460 members at 6 locations. Preferred Credit Union (MI) has an A+ health rating.

Field of Membership Restrictions

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.
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Reviews (1)

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Great customer service

Posted by: brandonhensley | Jan 24, 2018

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.

Comment

Health

A+

Data as of Q2 2022

Learn why bank health matters

Health Grade Components

Overall
NCUA #	62340
Year Chartered	1968
Employees	72
Primary Regulator

Profit Margin
Return on Assets - YTD	0.96%
Return on Equity - YTD	10.09%
Annual Interest Income	$3.9MM

Assets and Liabilities
Assets	Q2 2022vs Q2 2021	$262.0MM$247.0MM
Loans	Q2 2022vs Q2 2021	$141.8MM$121.1MM
Deposits	Q2 2022vs Q2 2021	$232.5MM$212.0MM
Equity Capital	Q2 2022vs Q2 2021	$25.1MM$31.0MM
Loan Loss Allowance	Q2 2022vs Q2 2021	$1.4MM$1.4MM
Unbacked Noncurrent Loans	Q2 2022vs Q2 2021	$148.00K$115.00K
Real Estate Owned	Q2 2022vs Q2 2021	$0$0

Rates

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Savings
Money Market
Checking
CD
IRA

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* 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
1.00%^*	$10k^*	-	Health Savings Account
OTHER TIERS: 0.25% → $100 - $1k \| 0.50% → $1k - $5k \| 0.75% → $5k - $10k
0.30%	-	-	IRA Savings
0.20%	-	-	Vacation Club
0.20%	-	-	Christmas Club
0.10%	-	-	Share Savings

Preferred Credit Union (MI) Money Market Rates

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) Checking Account Rates

APY	MIN	MAX	ACCOUNT NAME
0.25%^*	$1.5k^*	-	Premier Interest Checking
OTHER TIERS: 0.15% → Up to $1.5k
0.25%^*	$5k^*	-	Business Interest Checking
OTHER TIERS: 0.15% → Up to $5k
0.15%	-	-	50 Plus Interest Checking
0.15%	-	-	Direct Interest Checking

Preferred Credit Union (MI) CD Rates

APY	MIN	MAX	ACCOUNT NAME
1.16%^*	$10k^*	-	60 Month CD
OTHER TIERS: 1.06% → $500 - $10k
1.06%^*	$10k^*	-	48 Month CD
OTHER TIERS: 0.95% → $500 - $10k
0.80%^*	$10k^*	-	36 Month CD
OTHER TIERS: 0.70% → $500 - $10k
0.70%^*	$10k^*	-	30 Month CD
OTHER TIERS: 0.60% → $500 - $10k
0.60%^*	$10k^*	-	24 Month CD
OTHER TIERS: 0.50% → $500 - $10k
0.45%^*	$10k^*	-	12 Month CD
OTHER TIERS: 0.35% → $500 - $10k
0.30%^*	$10k^*	-	9 Month CD
OTHER TIERS: 0.20% → $500 - $10k
0.25%^*	$10k^*	-	6 Month CD
OTHER TIERS: 0.15% → $500 - $10k

Preferred Credit Union (MI) IRA Rates

APY	MIN	MAX	ACCOUNT NAME
1.26%^*	$10k^*	-	60 Month IRA
OTHER TIERS: 1.16% → $500 - $10k
1.16%^*	$10k^*	-	48 Month IRA
OTHER TIERS: 1.05% → $500 - $10k
0.90%^*	$10k^*	-	36 Month IRA
OTHER TIERS: 0.80% → $500 - $10k
0.80%^*	$10k^*	-	30 Month IRA
OTHER TIERS: 0.70% → $500 - $10k
0.70%^*	$10k^*	-	24 Month IRA
OTHER TIERS: 0.60% → $500 - $10k
0.55%^*	$10k^*	-	12 Month IRA
OTHER TIERS: 0.45% → $500 - $10k
0.40%^*	$10k^*	-	9 Month IRA
OTHER TIERS: 0.30% → $500 - $10k
0.35%^*	$10k^*	-	6 Month IRA
OTHER TIERS: 0.25% → $500 - $10k

Locations

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

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