The University of Michigan Credit Union (U of M Credit Union) is a not-for-profit financial cooperative that has been serving the University of Michigan community since 1954. With over 65 years of experience, the credit union has established itself as a trusted and reliable financial institution, providing a wide range of financial services to its members. As a member-owned cooperative, the U of M Credit Union is dedicated to serving the financial needs of its members, rather than maximizing profits for shareholders.
One of the key benefits of membership with the U of M Credit Union is the ability to take advantage of competitive rates and terms on loans and credit cards. The credit union offers a variety of loan products, including auto loans, personal loans, and home equity loans, as well as credit cards with low interest rates and no annual fees. Additionally, members can enjoy higher dividend rates on savings accounts and lower fees on banking services compared to traditional banks. The U of M Credit Union has over $850 million in assets and serves over 85,000 members, making it one of the largest and most stable credit unions in the state of Michigan.
Key Points
- The U of M Credit Union is a not-for-profit financial cooperative that has been serving the University of Michigan community since 1954.
- The credit union offers a wide range of financial services, including loans, credit cards, and savings accounts.
- Members can enjoy competitive rates and terms on loans and credit cards, as well as higher dividend rates on savings accounts and lower fees on banking services.
- The U of M Credit Union has over $850 million in assets and serves over 85,000 members.
- The credit union is dedicated to serving the financial needs of its members, rather than maximizing profits for shareholders.
Membership Benefits
Membership with the U of M Credit Union comes with a variety of benefits, including access to exclusive financial products and services. Members can take advantage of free checking and savings accounts, as well as low-interest loans and credit cards. The credit union also offers a range of investment products, including certificates of deposit (CDs) and individual retirement accounts (IRAs). Additionally, members can enjoy discounts on financial services, such as insurance and investment products, through the credit union’s partnerships with other financial institutions.
Loan Products
The U of M Credit Union offers a variety of loan products to meet the financial needs of its members. Auto loans, for example, are available with competitive interest rates and flexible repayment terms. The credit union also offers personal loans, which can be used for a variety of purposes, such as consolidating debt or financing a large purchase. Home equity loans are also available, which allow members to borrow against the equity in their homes to finance home improvements or other expenses. In 2020, the credit union originated over 5,000 loans, totaling over $200 million in loan balances.
| Loan Product | Interest Rate | Repayment Term |
|---|---|---|
| Auto Loan | 3.50% - 6.00% APR | Up to 72 months |
| Personal Loan | 6.00% - 12.00% APR | Up to 60 months |
| Home Equity Loan | 4.00% - 8.00% APR | Up to 120 months |
Investment Products
In addition to loan products, the U of M Credit Union also offers a range of investment products to help members achieve their long-term financial goals. Certificates of deposit (CDs) are available with competitive interest rates and flexible terms, ranging from 6 months to 5 years. Individual retirement accounts (IRAs) are also available, which allow members to save for retirement on a tax-deferred basis. The credit union’s investment products are designed to provide a safe and stable way for members to grow their savings over time.
Financial Education
The U of M Credit Union is committed to providing financial education to its members. The credit union offers a range of financial resources, including workshops, webinars, and online tutorials, to help members improve their financial literacy and make informed financial decisions. Members can also take advantage of one-on-one financial counseling with a certified financial advisor. In 2020, the credit union provided financial education to over 1,000 members, resulting in a significant increase in financial literacy and stability.
What are the benefits of membership with the U of M Credit Union?
+Membership with the U of M Credit Union comes with a variety of benefits, including access to exclusive financial products and services, competitive rates and terms on loans and credit cards, and higher dividend rates on savings accounts.
What types of loan products are available through the U of M Credit Union?
+The U of M Credit Union offers a variety of loan products, including auto loans, personal loans, and home equity loans, with competitive interest rates and flexible repayment terms.
How can I get financial education through the U of M Credit Union?
+The U of M Credit Union offers a range of financial resources, including workshops, webinars, and online tutorials, to help members improve their financial literacy and make informed financial decisions. Members can also take advantage of one-on-one financial counseling with a certified financial advisor.
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