South Central Credit Union

Overview / Commentary
958 W Monroe St
Jackson, MI 49202

South Central Credit Union is headquartered in Jackson and is the 116th largest credit union in the state of Michigan. It is also the 1,871st largest credit union in the nation. It was established in 1954 and as of June of 2021, it had grown to 12 employees and 7,949 members at 1 location. South Central Credit Union has an A health rating.

Field of Membership Restrictions

Membership is open to anyone who donates $5 to the American Cancer Society. Membership is also open to employees and retirees of the state of Michigan who live in Branch, Calhoun, Hillsdale, Lewanee, Jackson, or Washtenaw Counties and to employees of 20 area employee groups.
See current membership details

Reviews (1)

Me and My Credit Union

My credit union is a lot like any bank i have used in the past, I use it for a basic checking and savings account. While I tend to use their phone system for most of my account transfer activities their system seems a bit out of date. I have had a lot of trouble setting up online banking with them in the past. When I need to deposit anything directly I tend to use the deposit window because that service tends to be faster and less complicated, however their hours are limited and it is much harder to deposit or do anything after hours at the credit union.

Additional Factors: Institutions with a small asset base, a short operating history, or negative return on assets can represent an instability risk beyond what their financial ratios indicate. South Central Credit Union has a relatively low asset base.

Health Grade Components

NCUA #62143
Year Chartered1954
Primary Regulator
Profit Margin
Return on Assets - YTD0.24%
Return on Equity - YTD2.22%
Annual Interest Income$1.1MM
Assets and Liabilities
AssetsQ2 2021vs Q2 2020$93.7MM$85.6MM
LoansQ2 2021vs Q2 2020$28.9MM$33.2MM
DepositsQ2 2021vs Q2 2020$83.1MM$75.0MM
Equity CapitalQ2 2021vs Q2 2020$10.3MM$10.1MM
Loan Loss AllowanceQ2 2021vs Q2 2020$683.00K$676.00K
Unbacked Noncurrent LoansQ2 2021vs Q2 2020$375.00K$553.00K
Real Estate OwnedQ2 2021vs Q2 2020$0$0
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

South Central Credit Union Savings Account Rates

0.20%*$25k*-Platinum Plus Account
OTHER TIERS: 0.05% $1 - $3k | 0.10% $3k - $25k
0.15%--Right Start Young Adult
0.05%$100-Primary Shares
0.05%$100-Reserve Shares
0.05%$100-Growth Shares
0.05%$100-Christmas Club
0.05%--Youth Account
0.05%$100-Mortgage Escrow
0.05%$100-Insurance Escrow

South Central Credit Union Money Market Rates

1.00%--IRA Premium Money Market Account
0.20%*$25k*-Money Market
OTHER TIERS: 0.05% $100 - $2.5k | 0.10% $2.5k - $10k | 0.15% $10k - $25k

South Central Credit Union Checking Account Rates

2.00%*-$25kBonus Checking - Qualifying
OTHER TIERS: 0.05% $25k+
0.05%$100-Draft Checking

South Central Credit Union CD Rates

1.00%$500-5 Year Gold CD
0.95%$500-4 Year Gold CD
0.85%$500-3 Year Gold CD
0.75%$500-2 Year Gold CD
0.50%$500-1 Year Gold CD
0.35%$500-9 Month Gold CD
0.20%$500-6 Month Gold CD
0.15%$500-3 Month Gold CD

South Central Credit Union IRA Rates

1.00%--5 Year IRA
0.95%--4 Year IRA
0.85%--3 Year IRA
0.75%--2 Year IRA
0.50%--1 Year IRA
0.35%--9 Month IRA
0.20%--6 Month IRA
0.15%--3 Month IRA

South Central Credit Union Locations
Branch Office958 W Monroe StJackson, MI 49202-2036

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