Straits Area Federal Credit Union
Headquarters
Po Box 367
Cheboygan, MI 49721
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2024 Overview
General Credit Union Information
Straits Area is an NCUA insured institution located in Cheboygan, MI. It was founded in 1951 and has approximately $115.98 millions in assets.
| NCUA Insured | Yes / Federally Chartered |
| Charter Number # | # 7428 |
| Date Established | 1951 |
| Assets | $115.98 million |
| Loans | $49.38 million |
| Deposits | $103.29 million |
| Capital | $12.69 million |
Field of Membership Restrictions
Must live or work in Cheboygan County.
Deposit Rates - December 22, 2024
Your Current Location: Ohio, OH 43085
| Savings and Money Market Rates (Share Account Rates) | APY | MIN | MAX | |
|---|---|---|---|---|
| Savings
|
0.09% | $2,500 | $4,999 |
Learn More
|
| CD Rates (Share Certificate Rates) | APY | MIN | MAX | |
|---|---|---|---|---|
| 6 Mo CD
|
0.20% | $10,000 | $14,999 |
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|
| 6 Mo CD
|
0.20% | $100,000 | $199,999 |
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|
| 12 Mo CD
|
0.15% | $10,000 | $14,999 |
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|
| 12 Mo CD
|
0.15% | $100,000 | $199,999 |
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|
| 24 Mo CD
|
0.40% | $10,000 | $14,999 |
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|
| 24 Mo CD
|
0.40% | $100,000 | $199,999 |
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|
| 36 Mo CD
|
0.60% | $10,000 | $14,999 |
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|
| 36 Mo CD
|
0.60% | $100,000 | $199,999 |
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|
Loan Rates - December 22, 2024
Your Current Location: Ohio, OH 43085
There are currently no loan rates available for Straits Area
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: 1025894 |
6.863% | 6.750% | 1.00 | $3,705 | $2,076 | Learn More |
NMLS ID: 2592312 License#: RM.805266.000 |
6.879% | 6.750% | 1.00 | $4,432 | $2,076 | Learn More |
NMLS ID: 3030 |
7.325% | 7.250% | 0.75 | $2,400 | $2,183 | Learn More |
NMLS ID: 491986 |
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 7.240 % After Intro: 7.240 % |
$0 |
Learn More
More Info |
Rate See Table |
Intro APR 7.900 % After Intro: 7.900 % |
$25,000 |
Learn More
More Info |
Note to Straits Area
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Branches
Below are Straits Area 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
Straits Area Locations around zip code 43085
| Branch | Distance | Map | View Lobby Hours |
|---|---|---|---|
| 243.81 | A | View Lobby Hours | |
| 385.67 | B | View Lobby Hours | |
| 400.32 | C | View Lobby Hours | |
| 412.55 | D | View Lobby Hours |
Climate Policy and Initiatives
STRAITS AREA 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
Straits Area Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Straits Area. 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
| Straits Area | U.S. Average |
|---|---|
| 5.54% | 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, Straits Area had $669,402 in non-current loans and $45,540 in owned assets. To cover these potential losses it had $12,690,399 in net worth and $222,651 in loans loss reserves. That gives it a Texas Ratio of 5.54%.
Net Worth
| Straits Area | U.S. Average |
|---|---|
| 10.94% | 13.93% |
Straits Area FCU has a net worth of 10.94% 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 Straits Area
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