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  • One Detroit Credit Union

    One Detroit Credit Union Membership

    • One Detroit Credit Union is headquartered in Detroit, MI, and has been serving members since 1935.
    • Manages over $62.8 million in assets and serves over 11,800 members.

    Membership: Lives, works, worships, or attends school in select Michigan counties.

  • OMNI Community Credit Union

    OMNI Community Credit Union Membership

    • OMNI Community Credit Union is headquartered in Battle Creek, MI, and has been serving members since 1952.
    • Manages over $594 million in assets and serves over 45,500 members.

    Membership: Lives, works, worships, or attends school in the state of Michigan or select Indiana counties.

  • Muskegon Federal Credit Union

    Muskegon Federal Credit Union Membership

    • Muskegon Federal Credit Union is headquartered in Muskegon, MI, and has been serving members since 1951.
    • Manages over $72.7 million in assets and serves over 5,000 members.

    Membership: Lives, works, worships, or attends school in Muskegon County, Michigan.

  • Michigan First Credit Union

    Michigan First Credit Union Membership

    • Michigan First Credit Union is headquartered in Lathrup Village, MI, and has been serving members since 1926.
    • Manages over $1.5 billion in assets and serves over 167,500 members.

    Membership: Lives, works, worships, or attends school in the state of Michigan.

  • Members First Credit Union

    Members First Credit Union of Michigan Membership

    • Members First Credit Union in Michigan is headquartered in Midland, MI, and has been serving members since 1936.
    • Manages over $76.9 million in assets and serves over 6,700 members.

    Membership: Lives, works, worships, or attends school in any Michigan county.

  • U.P. State Credit Union

    U.P. State Credit Union Membership

    • U.P. State Credit Union is headquartered in Escanaba, MI, and has been serving members since 1955.
    • Manages over $197 million in assets and serves over 15,500 members.

    Membership: Lives, works, or worships in the 906 in Michigan.

  • CASE Credit Union

    CASE Credit Union Membership

    • CASE Credit Union is headquartered in Lansing, MI, and has been serving members since 1936.
    • Manages over $395.7 million in assets and serves over 34,700 members.

    Membership: Lives, works, worships, or attends school in any of Michigan’s 68 counites.

  • BlueOx Credit Union

    BlueOx Credit Union Membership

    • BlueOx Credit Union is headquartered in Battle Creek, MI, and has been serving members since 1936.
    • Manages over $227 million in assets and serves over 17,700 members.

    Membership: Lives, works, worships, or attends school in the entire state of Michigan.

  • Bloom Credit Union

    Bloom Credit Union Membership

    • Bloom Credit Union is headquartered in Wyoming, MI, and has been serving members since 1951.
    • Manages over $195 million in assets and serves over 13,500 members.

    Membership: Lives, works, worships, or attends school in select Michigan counties.

  • Awakon Federal Credit Union

    Awakon Federal Credit Union Membership

    • Awakon Federal Credit Union is headquartered in Onaway, MI, and has been serving members since 1951.
    • Manages over $184.6 million in assets and serves over 14,500 members.

    Membership: Lives, works, worships, attends school, or owns a business located in the Northernmost 8 counties of Michigan.

  • Astera Credit Union

    Astera Credit Union Membership

    • Astera Credit Union is headquartered in Lansing, MI, and has been serving members since 1949.
    • Manages over $198.9 million in assets and serves over 14,800 members.

    Membership: Lives, works, worships, or attends school in select Michigan counties.

  • American 1 Credit Union

    American 1 Credit Union Membership

    • American 1 Credit Union is headquartered in Jackson, MI, and has been serving members since 1959.
    • Manages over $692.9 million in assets and serves over 65,100 members.

    Membership: Open to everyone.

  • Alpena Community Credit Union

    Alpena Community Credit Union Membeship

    • Alpena Community Credit Union is headquartered in Alpena, MI, and has been serving members since 1970.
    • Manages over $32.8 million in assets and serves over 2,300 members.

    Membership: Lives, works, worships, or attends school in Northeaster Michigan.

  • Allegan Credit Union

    Allegan Credit Union Membership

    • Allegan Credit Union is headquartered in Allegan, MI, and has been serving members since 1945.
    • Manages over $157.2 million in assets and serves over 14,000 members.

    Membership: Lives, works, worships, or attends school in Michigan.

  • Community Promise FCU

    Community Promise FCU Membership

    • Community Promise FCU is headquartered in Kalamazoo, MI, and has been serving members since 2012.
    • Manages over $1.1 million in assets and serves over 300 members.

    Membership: Lives, works, worships, volunteers, or attends school in the City of Kalamazoo, Michigan.

  • Credit Union One

    Credit Union One Membership

    • Credit Union One is headquartered in Ferndale, MI, and has been serving members since 1938.
    • Manages over $1.8 billion in assets and serves over 113,900 members.

    Membership: Lives, works, worships, or attends school in Michigan.

What is Banking?

Banking is a form of money management using products and services related to savings and loans.

Different Types of Financial Institutions

Banks

Banks are what we typically associate with banking. They come in different sizes: local, national, traditional and online-only. Federal or state agencies supervise banks. The FDIC insures deposits of participating banks.

Credit Unions

Credit unions are not-for-profit financial institutions. They offer products and services similar to banks with a focus on member service, not profit. The NCUA insures deposits from participating credit unions.

Alternative Financial Services

Many fintechs are non-chartered financial services companies that offer banking services. You might think of them as an app offering checking and savings accounts, debit cards, payments, etc. They are not banks but work with partner banks or credit unions to hold your deposits.

Types of Banking Accounts

Banking accounts help make financial transactions convenient.

Savings Account

A savings account helps you save your money. You’re storing your money for future use and hopefully earning a reasonable interest rate. Interest is the money you earn for letting the bank keep your money. Some financial institutions impose minimum deposits, withdrawal limits, and fees.

Checking Account

A checking account is a transactional account that allows you to make deposits and withdrawals of your money anytime. Checking accounts is not the best place to store your money, as the goal of the account is for use, not saving.

Most checking accounts do not pay interest, but some do. Be mindful of transaction limits, minimum balance requirements, and fees.

Debit Card

Checking accounts come with a debit card enabling you to spend your money conveniently. A debit card allows for making purchases at stores and online shopping. You can only spend the money that’s in your checking account. Additionally, you can use your debit card at ATMs to make deposits, withdrawals, check balances, and transfers between accounts.

Money Market Account

A money market account is a type of hybrid savings and checking account. It tends to have higher deposit requirements but often pays more interest than a savings account.

Certificate of Deposit (CD)

A certificate of deposit, also known as a CD, helps you save money with a set interest rate for a specific amount of time. Your cash is term-locked. In exchange, you get a higher interest rate compared to a traditional savings account. Certificate terms can start at 30 days and go to 5 or more years.

How to Choose the Best Banking Service

You have many choices on the type of account to use and the variety of financial institutions available. So, shop around. Ask the following questions to help you narrow down your choices:

  • What are the products and services offered?
  • What are the fees?
  • Are there minimum balance requirements?
  • Do I need a physical location (like a branch) or prefer better mobile app services?
  • Does local banking matter or is national big bank convenient?
  • Are deposits FDIC or NCUA insured?
  • How to access your money?
  • Debit card? ATM network?
  • Can I set auto-transfers, auto-payments, and alerts?

You want to determine how the banking provider aligns with your needs, the cost of services, safety, security, and overall convenience.

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