Michigan Educational Credit Union
Headquarters
9200 N Haggerty Road
Plymouth, MI 48170
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2024 Overview
General Credit Union Information
Michigan Educational is an NCUA insured institution located in Plymouth, MI. It was founded in 1942 and has approximately $1016.21 millions in assets.
Who can join?
All people who reside, work or worship within the counties of Wayne, Washtenaw, Oakland, Macomb, Livingston, or Jackson, Michigan, are eligible to join MECU.
Immediate family members of someone who is already a member are also eligible to join, including relatives by blood or marriage.
| NCUA Insured | Yes / State-Chartered |
| Charter Number # | # 60931 |
| Date Established | 1942 |
| Assets | $1,016.21 million |
| Loans | $496.30 million |
| Deposits | $921.66 million |
| Capital | $121.06 million |
Field of Membership Restrictions
Michigan Educational Credit Union is open to those who live, worship or work in Wayne, Washtenaw, Oakland, Macomb, Livingston, and Jackson Counties in Michigan.
Deposit Rates - November 7, 2024
Your Current Location: Ohio, OH 43085
| Savings and Money Market Rates (Share Account Rates) | APY | MIN | MAX | |
|---|---|---|---|---|
| Savings
|
0.15% | $2,500 | $4,999 |
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|
| CD Rates (Share Certificate Rates) | APY | MIN | MAX | |
|---|---|---|---|---|
| 6 Mo CD
|
0.30% | $10,000 | $14,999 |
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|
| 6 Mo CD
|
0.30% | $100,000 | $199,999 |
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|
| 12 Mo CD
|
0.50% | $10,000 | $14,999 |
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|
| 12 Mo CD
|
0.50% | $100,000 | $199,999 |
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|
| 18 Mo CD
|
0.50% | $10,000 | $14,999 |
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|
| 18 Mo CD
|
0.50% | $100,000 | $199,999 |
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|
| 24 Mo CD
|
0.70% | $10,000 | $14,999 |
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|
| 24 Mo CD
|
0.70% | $100,000 | $199,999 |
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|
| 30 Mo CD
|
0.70% | $10,000 | $14,999 |
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|
| 30 Mo CD
|
0.70% | $100,000 | $199,999 |
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|
| 36 Mo CD
|
0.90% | $10,000 | $14,999 |
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|
| 36 Mo CD
|
0.90% | $100,000 | $199,999 |
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|
| 48 Mo CD
|
1.10% | $10,000 | $14,999 |
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|
| 48 Mo CD
|
1.10% | $100,000 | $199,999 |
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|
| 60 Mo CD
|
1.20% | $10,000 | $14,999 |
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|
| 60 Mo CD
|
1.20% | $100,000 | $199,999 |
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|
| Int Checking Rates | APY | MIN | MAX | |
|---|---|---|---|---|
| Int Ckg
|
0.05% | $1 | $99 | Learn More |
| Int Ckg
|
0.05% | $2,500 | $3,499 | Learn More |
Loan Rates - November 7, 2024
Your Current Location: Ohio, OH 43085
There are currently no loan rates available for Michigan Educational
Please contact the bank for questions about their loan products. In the meantime you may wish to consider these offerings:
Featured - Ohio 30 Year Fixed Mortgage Rates 2024
| Lender | APR | Rate (%) | Points | Fees | Monthly Payment |
Learn More |
|---|---|---|---|---|---|---|
NMLS ID: 2262032 License#: RM.804810.000 |
6.391% | 6.250% | 1.00 | $4,800 | $1,971 | Learn More |
NMLS ID: 2578474 |
6.596% | 6.500% | 0.63 | $3,210 | $2,023 | Learn More |
NMLS ID: 1025894 |
6.993% | 6.875% | 1.00 | $3,852 | $2,103 | Learn More |
NMLS ID: 3030 |
7.313% | 7.250% | 0.63 | $2,000 | $2,183 | Learn More |
Featured - Ohio Home Equity Line Of Credit Rates 2024
| Lender | APR (%)? | Monthly Payment? | Learn More |
|---|---|---|---|
Third Federal Savings and Loan See Table |
Intro APR 7.490 % After Intro: 7.490 % |
$0 |
Learn More
More Info |
Note to Michigan Educational
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Branches
Below are Michigan Educational branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.
Your Location:
Columbus,Ohio
Michigan Educational Locations around zip code 43085
| Branch | Distance | Map | View Lobby Hours |
|---|---|---|---|
| 166.22 | A | View Lobby Hours | |
| 167.15 | B | View Lobby Hours | |
| 169.10 | C | View Lobby Hours | |
| 176.00 | D | View Lobby Hours | |
| 181.95 | E | View Lobby Hours | |
| 185.59 | F | View Lobby Hours |
Climate Policy and Initiatives
MICHIGAN EDUCATIONAL is encouraged to provide us with this information. When we receive this information from the credit union, we will provide it here.
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Financial Details
Michigan Educational Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Michigan Educational. The data is provided by the NCUA. All credit unions on BestCashCow, except those specified as not NCUA-insured in the overview section above, are NCUA-insured. Depositors should be careful to remain within NCUA insurance limits.
Texas Ratio
| Michigan Educational | U.S. Average |
|---|---|
| 2.84% | 5.83 |
The Texas Ratio compares the amount of loans at risk and assets repossessed with the amount a credit union has on hand to cover any losses. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a credit union has to absorb its loan losses.
As of June 30, 2024, Michigan Educational had $3,334,036 in non-current loans and $170,480 in owned assets. To cover these potential losses it had $121,061,752 in net worth and $2,405,829 in loans loss reserves. That gives it a Texas Ratio of 2.84%.
Net Worth
| Michigan Educational | U.S. Average |
|---|---|
| 11.91% | 13.93% |
Michigan Educational FCU has a net worth of 11.91% versus the BestCashCow average of 13.93. Net worth measures how much total assets exceed total liabilities. The higher the net worth number the more secure a credit union is considered.
Customer Reviews for Michigan Educational
gdellcdell@aol.com
July 3, 2021
Question, what is the suffix I use when making a deposit? Is it 03?
Is this review helpful? Yes:0 / No: 0
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