Zeal Credit Union is headquartered in Livonia and is the 27th largest credit union in the state of Michigan. It is also the 497th largest credit union in the nation. It was established in 1954 and as of September of 2022, it had grown to 133 employees and 67,041 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.
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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 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.
This place sucks. They have no network at all like other credit unions have. I moved to Ann Arbor and since there are no branches here I thought I could make deposits somewhere else. They never answer their phones. They closed my branch down 2.5 years ago which made zeal pretty much useless to me. Now that Im in AA they are impossible. You know after writing this I don't even think they're a 2.
|Return on Assets - YTD||1.34%|
|Return on Equity - YTD||10.9%|
|Annual Interest Income||$19.6MM|
|Assets and Liabilities|
|Assets||Q3 2022vs Q3 2021||$841.4MM$827.5MM|
|Loans||Q3 2022vs Q3 2021||$499.8MM$424.6MM|
|Deposits||Q3 2022vs Q3 2021||$724.9MM$692.3MM|
|Equity Capital||Q3 2022vs Q3 2021||$104.1MM$105.9MM|
|Loan Loss Allowance||Q3 2022vs Q3 2021||$4.5MM$5.6MM|
|Unbacked Noncurrent Loans||Q3 2022vs Q3 2021||$6.5MM$2.1MM|
|Real Estate Owned||Q3 2022vs Q3 2021||$0$26.00K|
Rates for Zeal Credit Union are currently being reviewed.