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  • Vapr Federal Credit Union

    Vapr Federal Credit Union Membership

    • Vapr Federal Credit Union is headquartered in San Juan, PR, and has been serving members since 1950.
    • Manages over $257.3 million in assets and serves over 19,500 members.

    Membership: Be a member of one of the following institutions to be eligible.

  • Zeal Credit Union

    Zeal Credit Union Membership

    • Zeal Credit Union is headquartered in Livonia, MI, and has been serving members since 1954.
    • Manages over $830.8 million in assets and serves over 66,800 members.

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

  • Wayne Westland Federal Credit Union

    Wayne Westland Federal Credit Union Membership

    • Wayne Westland Federal Credit Union is headquartered in Westland, MI, and has been serving members since 1948.
    • Manages over $148 million in assets and serves over 11,100 members.

    Membership: Lives, works, worships, or attends school in Wayne County, MI.

  • University of Michigan Credit Union

    University of Michigan Credit Union Membership

    • University of Michigan Credit Union is headquartered in Ann Arbor, MI, and has been serving members since 1954.
    • Manages over $1.4 billion in assets and serves over 119,00 members.

    Membership: Available to universities and nearby communities.

  • United Bay Community Credit Union

    United Bay Community Credit Union Membership

    • United Bay Community Credit Union is headquartered in Bay City, MI, and has been serving members since 1949.
    • Manages over $281 million in assets and serves over 18,200 members.

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

  • Straits Area Federal Credit Union

    Straits Area Federal Credit Union Membership

    • Straits Area Federal Credit Union is headquartered in Cheboygan, MI, and has been serving members since 1951.
    • Manages over $115 million in assets and serves over 12,300 members.

    Membership: Lives, works, worships, or attends school in Saginaw, Bay, or Midland Counties in Michigan.

  • Security Credit Union

    Security Credit Union Membership

    • Security Credit Union is headquartered in Holly, MI, and has been serving members since 1955.
    • Manages over $631.5 million in assets and serves over 53,000 members.

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

  • Route 31 Federal Credit Union

    Route 31 Federal Credit Union Membership

    • Route 31 Federal Credit Union is headquartered in Muskegon, MI, and has been serving members since 1949.
    • Manages over $94.1 million in assets and serves over 10,000 members.

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

  • Public Service Credit Union in Michigan

    Public Service Credit Union in Michigan Membership

    • Public Service Credit Union in Michigan is headquartered in Romulus, MI, and has been serving members since 1951.
    • Manages over $423.7 million in assets and serves over 32,600 members.

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

  • 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.

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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