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 66th largest credit union in the state of Michigan. It is also the 1,149th largest credit union in the nation. It was established in 1968 and as of March of 2018, it had grown to 72 employees and 24,396 members at 6 locations. Preferred Credit Union (MI) 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.
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Reviews (1)

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.



Health

Health Grade Components

Overall
NCUA #62340
Year Chartered1968
Employees72
Primary Regulator
Profit Margin
Return on Assets - YTD0.93%
Return on Equity - YTD6.69%
Annual Interest Income$1.7MM
Assets and Liabilities
AssetsQ1 2018vs Q1 2017$174.7MM$169.9MM
LoansQ1 2018vs Q1 2017$110.6MM$99.1MM
DepositsQ1 2018vs Q1 2017$146.8MM$144.5MM
Equity CapitalQ1 2018vs Q1 2017$23.8MM$22.8MM
Loan Loss AllowanceQ1 2018vs Q1 2017$1.1MM$647.00K
Unbacked Noncurrent LoansQ1 2018vs Q1 2017$654.00K$1.0MM
Real Estate OwnedQ1 2018vs Q1 2017$72.00K$0
Rates
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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

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%$100-Christmas Club
0.35%$100-IRA Savings
0.25%$100-Vacation Club
0.25%--HSA
0.15%$100-Share Savings

Preferred Credit Union (MI) Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.45%*$50k*-Preferred Money Account
OTHER TIERS: 0.25% $500 - $2,500 | 0.30% $2,500 - $10k | 0.35% $10k - $25k | 0.40% $25k - $50k

Preferred Credit Union (MI) CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.61%*$10k*-60 Month CD
OTHER TIERS: 1.46% $500 - $10k
1.26%*$10k*-48 Month CD
OTHER TIERS: 1.11% $500 - $10k
1.06%*$10k*-36 Month CD
OTHER TIERS: 0.90% $500 - $10k
0.80%*$10k*-30 Month CD
OTHER TIERS: 0.65% $500 - $10k
0.75%*$10k*-24 Month CD
OTHER TIERS: 0.60% $500 - $10k
0.65%*$10k*-12 Month CD
OTHER TIERS: 0.50% $500 - $10k
0.60%*$10k*-9 Month CD
OTHER TIERS: 0.45% $500 - $10k
0.50%*$10k*-6 Month CD
OTHER TIERS: 0.35% $500 - $10k

Preferred Credit Union (MI) IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
1.81%*$10k*-60 Month IRA
OTHER TIERS: 1.66% $500 - $10k
1.46%*$10k*-48 Month IRA
OTHER TIERS: 1.31% $500 - $10k
1.26%*$10k*-36 Month IRA
OTHER TIERS: 1.11% $500 - $10k
1.00%*$10k*-30 Month IRA
OTHER TIERS: 0.85% $500 - $10k
0.95%*$10k*-24 Month IRA
OTHER TIERS: 0.80% $500 - $10k
0.85%*$10k*-12 Month IRA
OTHER TIERS: 0.70% $500 - $10k
0.80%*$10k*-9 Month IRA
OTHER TIERS: 0.65% $500 - $10k
0.70%*$10k*-6 Month IRA
OTHER TIERS: 0.55% $500 - $10k
Locations


Preferred Credit Union (MI) Locations
Branch Office7473 Storey RdBelding, MI 48809-9360
Branch Office534 N Lafayette StGreenville, MI 48838-1167
Branch Office329 N Michigan AveHastings, MI 49058
Branch Office4245 S Westnedge AveKalamazoo, MI 49008-3207
Branch Office266 N Jebavy DrLudington, MI 49431
Branch Office3767 Sparks Dr SEGrand Rapids, MI 49546

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