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 66^th largest credit union in the state of Michigan. It is also the 1,120^th 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.

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 Q3 2020

Learn why bank health matters

Health Grade Components

Overall
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
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

Rates

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Savings
Money Market
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
0.30%	-	-	IRA Savings
0.25%	-	-	Health Savings Account
0.20%	-	-	Vacation Club
0.20%	-	-	Christmas Club
0.15%	-	-	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) 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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