Credit unions in Michigan

Credit union: In the state of Michigan, there are 219 headquartered credit unions that operate over 1000 active branch offices for their members. Those offices serve 5.5 million members. The population of the state is roughly 9.9 million, which means that over half of the state enjoys the benefits of credit union membership. The largest credit union in the state is Lake Michigan Credit Union, which serves over 370,000 members. They have been open and serving members since 1933. Membership is not restricted by employment. The bank encourages people to apply to see if they are approved for membership. 

Like most other states, there are cooperatives in Michigan that serve a variety of needs and populations. Some cooperatives serve members of certain professions, like teachers. There are cooperatives exclusive to those who work for certain employers. Others are community-based and are open for everyone who lives/works/worships in that geographic area. 

Car insurance: Car insurance in Michigan is much higher than the national average. Drivers in the state pay a whopping 82% more on their premiums. Quirks in the state’s insurance laws are thought to be the reason for this surge. When your premiums are this high, you should absolutely be on the lookout for the best rates. You have to make sure you are saving money where you can. Check with your credit union to see what discounts and specials they offer on car insurance to their members.

It does not appear that most credit unions in the state underwrite their own policies. Lake Michigan Credit Union has its own insurance agency, so they use this to offer discounted rates to their members. Those without their own agencies work with TruStage to provide discounts to their members. Also, ask if your cooperative knows of local agents who work with or offer discounts to members of that credit union. Maybe they are a member as well, and you can support a fellow credit union member!