We would be pleased to provide you with a list of credit unions in your area. Because credit unions consistently offer lower rates on loans and higher rates on savings, they create market pressures that force for-profit banks and other financial service providers to remain competitive. If credit unions disappeared, even non-member consumers would lose one of the strongest market pressures that works in their interest. Credit unions offer a large range of services depending on the services a particular credit union's members require. Many credit unions also offer checking, certificates of deposit, credit cards, ATM and debit cards, financial planning, individual retirement accounts, mutual funds, new and used auto loans, signature loans, home equity loans and home mortgage loans.
Credit unions are among the most secure financial institutions in the nation.
Every credit union in Michigan is insured by the National Credit Union Share Insurance Fund, administered by an agency of the federal government. Not one penny of any insured savings has ever been lost by a member of a federally insured credit union. Furthermore, in Michigan less than one half of one percent of credit union loans are for commercial purposes. Credit unions pay Federal excise taxes, state sales tax, Michigan unemployment tax, federal unemployment tax, FICA tax, property tax, unrelated business income tax and other fees. In that credit unions do not make profits, they do not have any profits on which to pay taxes on profits.