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  • 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.

  • Community First Federal Credit Union

    Community First Federal Credit Union in Michigan Membership

    • Community First Federal Credit Union in Michigan is headquartered in Lakeview, MI, and has been serving members since 1985.
    • Manages over $126.8 million in assets and serves over 12,900 members.

    Membership: Lives, works, goes to school, volunteers, or worships in select Michigan townships.

  • Southern Teachers & Parents FCU

    Southern Teachers & Parents FCU Membership

    • Southern Teachers & Parents FCU is headquartered in Baton Rouge, LA and has been serving members since 1937.
    • Manages $29.8 million in assets and serves over 4,300 members.

    Membership: Alumni, Employees, Parents & Students of Southern University.

  • Southwest Louisiana Credit Union

    Southwest Louisiana Credit Union Membership

    • Southwest Louisiana Credit Union is headquartered in Lake Charles, LA and has been serving members since 1952.
    • Manages $176.3 Million in assets and serves over 18,800 members.

    Membership: Live, work, or worship in Calcasieu, Cameron, or Beauregard Parish.

  • St. Tammany Federal Credit Union

    St. Tammany Federal Credit Union Membership

    • St. Tammany Federal Credit Union is headquartered in Slidell, LA, and has been serving members since 1957.
    • Manages $48.1 Million in assets and serves over 7,500 members.

    Membership: Lives, works, worships, or attends school in St. Tammany Parish, Louisiana.

  • Total Choice Federal Credit Union

    Total Choice Federal Credit Union Membership

    • Total Choice Federal Credit Union is headquartered in Hahnville, LA, and has been serving members since 1976.
    • Manages $59.6 Million in assets and serves over 5,100 members.

    Membership: Lives, works, or worships in select Louisiana Parishes.

  • University of Louisiana Federal Credit Union

    University of Louisiana Federal Credit Union Membership

    • University of Louisiana Federal Credit Union is headquartered in Lafayette, Louisiana, and has been serving members since 1958.
    • Manages $57.9 Million in assets and serves over 6,700 members.

    Membership: Faculty, staff, current students, and alumni of the University of Louisiana at Lafayette.

  • UNO Federal Credit Union

    UNO Federal Credit Union Membership

    • UNO Federal Credit Union is headquartered in New Orleans, Louisiana, and has been serving members since 1972.
    • Manages $35.8 Million in assets and serves over 4,200 members.

    Membership: Students, faculty, staff, and alumni of the University of New Orleans.

  • WBRT Federal Credit Union

    WBRT Federal Credit Union Membership

    • WBRT Federal Credit Union is headquartered in Port Allen, Louisiana, and has been serving members since 1959.
    • Manages $2.6 Million in assets and serves over 1,100 members.

    Membership: Employees of West Baton Rouge Parish School Board and their immediate family.

  • Pelican State Credit Union

    Pelican State Credit Union Membership

    • Pelican State Credit Union is headquartered in Baton Rouge, Louisiana and has been serving members since 1956.
    • Manages $737.8 Million in assets and serves over 76,000 members.

    Membership: Live in Rapides, St. Landry, or St. Tammany Parish.

  • Ouachita Valley Federal Credit Union

    Ouachita Valley Federal Credit Union Membership

    • Ouachita Valley Federal Credit Union is headquartered in West Monroe, Louisiana, and has been serving members since 1955.
    • Manages $382.9 Million in assets and serves over 35,200 members.

    Membership: Live, work, worship, or attend school in select Louisiana parishes.

  • OnPath Federal Credit Union

    OnPath Federal Credit Union Membership

    • OnPath Federal Credit Union is headquartered in Metairie, Louisiana, and has been serving members since 1961.
    • Manages over $632.2 Million in assets and serving over 54,200 members.

    Membership: Live, work, or attend school in one of the eligible fields of the membership community.

  • New Orleans Firemen's Federal Credit Union, The

    New Orleans Firemen’s Federal Credit Union Membership

    • New Orleans Firemen’s Federal Credit Union is headquartered in Metairie, Louisiana and has been serving members since 1934.
    • 11th largest credit union in Louisiana, managing $275.4 Million in assets and serving over 28,900 members.

    Membership: Any active or retired New Orleans firefighter.

  • Financial Plus Credit Union in Michigan

    Financial Plus Credit Union in Michigan Membership

    • Financial Plus Credit Union in Michigan is headquartered in Flint, MI, and has been serving members since 1952.
    • Manages over $1.3 billion in assets and serves over 81,900 members.

    Membership: Anyone who lives in the State of Michigan.

  • Frankenmuth Credit Union

    Frankenmuth Credit Union Membership

    • Frankenmuth Credit Union is headquartered in Frankenmuth, MI, and has been serving members since 1964.
    • Manages over $1.3 billion in assets and serves over 69,600 members.

    Membership: Lives, works, worships, or was educated in Michigan.

  • Lake Huron Credit Union

    Lake Huron Credit Union Membership

    • Lake Huron Credit Union is headquartered in Saginaw, MI, and has been serving members since 1959.
    • Manages over $76.9 million in assets and serves over 6,700 members.

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