Zeal Credit Union is headquartered in Livonia and is the 25th largest credit union in the state of Michigan. It is also the 475th largest credit union in the nation. It was established in 1954 and as of December of 2021, it had grown to 150 employees and 67,230 members at 13 locations. Zeal Credit Union has an A+ health rating.
Membership in Zeal Credit Union is open to anyone through a one-time membership fee ($2) to CSI Support and Development Services.
See current membership details
I have been with Zeal for nearly ten years and I have never been dissatisfied. There were moments in my life where I had two dollars in my checking account and they never once gave me a surcharge. They aren't out for your money, they're out to make you their customer. Of course, there are a few annoyances with their security, but the complaint pertains to how overly secure they are with giving access to my accounts. Overall though, I'd rather have a more secure bank than a less secure one. I use them for my Savings and checking and both are flawless and I've never had to pay a single cent in fees or surcharges. I also have a secured credit card though them and it is helping me build my credit back to what it used to be. I will probably use my credit union when I need a car loan or a mortgage.
I have been a Co-Op services member for almost 20 years, and in general have always been happy with all services offered and the execution of these services........
I have recently decided to close all accounts and shift service to another bank based on one
reason..... and this happens once every year to 2 years.
They refuse to offer any draft protection that draws from you savings account. The offer a service
(so they call it ) that if you over draft they pay it anyway and merely charge you 30.00. Well this
is how that service really works ( mostly for them ). Your over draft goes through and places your account in the negative ( for good reason, you over drafted ) and now every charge or withdraw you make until you figure out you have over drafted gets its own 30.00 fee. So you can easily rack up 100-200.00 in fees over a week end until you figure it out, and the charge may have been a bunch of 5.00, 15.00 charges, each one still gets a 30.00 fee.
The old way was they would not put it through, you would be charged by them and the business (okay two charges) but at least your small charges are still covered. In other words they allow you to drain your account through honest mistake , and take advantage of it. (my cases were automatic yearly withdrawals that I missed)
When asked to go to savings protected over draft, I have been told each year for 4 years, " we don't have it, they are working on getting that instituted"......REALLY! 4 YEARS and can't institute a savings protection? Oh but wait... they did institute a LINE OF CREDIT protection this year, you can apply for a line of credit and that will protect your over draft.....again REALLY! Do you think we are total idiots? They are manipulating us into getting lines of credit that they hope we will run up for all kinds of reason other then overdraft, and this is possible but not savings overdraft?
I am very disappointed in Zeal Credit Union. First their wait times to get to a representative are extremely long. Then they are quick to charge you an overdraft fee and wont give you any time to correct it before the fee kicks in. Most banks give you at least 24 hours to make a deposit to correct your overdraft but not Zeal. Within a couple of hours you are hit with a $30 fee even if you are overdrawn by a penny! The only recourse they give you is offering to remove a one-time overdraft fee as a courtesy.
|Return on Assets - YTD||1.23%|
|Return on Equity - YTD||9.53%|
|Annual Interest Income||$21.9MM|
|Assets and Liabilities|
|Assets||Q4 2021vs Q4 2020||$848.7MM$749.8MM|
|Loans||Q4 2021vs Q4 2020||$438.9MM$388.8MM|
|Deposits||Q4 2021vs Q4 2020||$710.1MM$616.1MM|
|Equity Capital||Q4 2021vs Q4 2020||$108.1MM$99.8MM|
|Loan Loss Allowance||Q4 2021vs Q4 2020||$5.2MM$5.8MM|
|Unbacked Noncurrent Loans||Q4 2021vs Q4 2020||$2.6MM$2.7MM|
|Real Estate Owned||Q4 2021vs Q4 2020||$0$111.00K|
Rates for Zeal Credit Union are currently being reviewed.