Financial Plus Credit Union

Financial Plus Credit Union was started in 1952, in Flint, MI. What began as a small credit union has now grown to become one of the largest banks in the US, with the following statistics;

A projected revenue of between 500-1 billion dollars per year.
Over 200 employees.
An asset base of over $520.5 million.
Deposits from members worth $379 million.
Over 55,730 members
And more than $443.7 million shares from members.

This is a member-owned institution, and without its members, the credit union ceases to exist. They differ from banks because a bank’s primary mission is to please their shareholders, but Financial Plus Credit Union’s primary goal is to ensure that their members are well taken care of, with a particular emphasis to their savings.

Joining Financial Plus is extremely easy, and all you need to do is ensure that you live, work, or worship in any of the following counties;

Alcona, Antrim Alpena, Bay Arenac, Benzie, Cheboygan Charlevoix, , Crawford Clare, Emmet, Gladwin, Genesee, Gratiot, Grand Traverse, Ingham, Isabella, Iosco Kalkaska, Leelanau Lapeer, Livingston, Midland, Macomb Montmorency, Ogemaw, Oakland Oscoda, Presque Isle, Otsego Roscommon, Shiawassee, Saginaw and Tuscola.

Products offered at Financial Plus Credit Union

Checking Accounts

Elite Checking account stats

Earn 4.15% APY* on balances up to $10,000.

Dividends	Information
Minimum Monthly Direct Deposit into Elite Checking	$2,500
Minimum Initial Deposit	None
Minimum Daily Balance Required	None
Monthly Account Fee	None
Check Orders	Ask for check pricing
e-Statements	Free (e-Statements and e-Notices required)
ATM Surcharge Reimbursement	None (Avoid ATM surcharges by using Co-Op Network ATMs)
Online Banking	Free (Required to receive e-Statements and e-Notices)
Mobile Banking & Mobile Check Deposit	Free
Debit Card	Free (Minimum requirement of 15 card purchase transactions per month)
Bill Pay	Free
Benefits Plus Our live-better-for-less checking enhancement program!	Enhance your checking account with Benefits Plus for just $6.95/month.

At Financial Plus, they have many different checking accounts, and the Elite account is one of their most popular.

This account has no minimum balance, which means you can operate it at zero, plus, they do not charge you a monthly fee to operate. This is quite rare to find in the market, and for that, Financial plus has managed to rise above the competition.

Each Account has different features and comes with checks, debit cards, direct deposit options, and mobile deposits.

The My college checking account helps college students to not only save money for their studies but also gain access to their many student loans and scholarships for needy students.

They also offer a rewards-based debit card whose benefits are not seen in most other banks, plus for every $3 you spend on your debit card, you shall earn one point.

The points can be used when traveling, buying merchandise, or for getting discounts at gas stations that participate in the system.

Saving Accounts

Again, at Financial Plus, there are numerous accounts under ‘saving,’ which you can be able to use and cultivate a saving culture. These accounts earn interest on the balance, which is a good incentive for their members.

When you become a new member of Financial Plus credit union, you shall be required to open the Regular Share Membership account as your first account. Here, you shall deposit $5, and this deposit will give you access to all other Financial Plus products and services.

The Account doesn't earn you interest, and you must also keep the minimum balance at $5 for membership.

Their special share savings account will require you to open with $5 but, the Account doesn't require you to maintain a minimum balance, and you can withdraw every last cent without facing a fee or the threat of account closure.

Both of these savings accounts are covered by the NCUA up to $250,00O. The NCAU – National Credit Union Administration is the body that governs and protects credit unions. All credit unions must be registered with this body.

Savings Rates

As of 8/6/2019

Share Certificates

Term	Dividend Rate	APY*
90-179 Days ($10,000 minimum)**	1.00%	1.00%
6 Months ($500 minimum)	1.74%	1.75%
12 Months ($500 minimum)	2.08%	2.10%
18 Months ($500 minimum)	2.13%	2.15%
24 Months ($500 minimum)	2.18%	2.20%
30 Months ($500 minimum)	2.23%	2.25%
36 Months ($500 minimum)	2.28%	2.30%
42 Months ($500 minimum)	2.33%	2.35%
48 Months ($500 minimum)	2.38%	2.40%
60 Months ($500 minimum)	2.48%	2.50%
START N GROW – 24 Months ($300 minimum – certain restrictions apply)	2.18%	2.20%
Founders Club & Benefits Plus – 18 Months ($500 minimum)	2.18%	2.20%
30-89 Days ($10,000 minimum)**	.90%	.90%
13 Months Certificate	2.28%	2.30%

Share Certificates and Smart Start Certificates

At Financial Plus, your share certificate is quite similar to any other certificate of deposit from other banks. It is a saving vehicle that will generate for you very high interest for a set period.

You have the option to buy the share certificate for seven different terms that range from 6months to 5 years. The longer the term you choose, the higher the interest rate you shall earn from your share certificates.

Whenever you commit a share certificate, you shall be committing to a long-term and lengthy-term with the credit union, and because this is an established company, it is not a risky venture, and in the future, you shall be able to make some good amount of money from your CD.

The minimum amount they require for a share certificate is $500.

All share certificates, therefore, have a minimum of 500 dollars, and the maximum deposit amount will depend on the amount insured by NCUA. This figure is $250,000. Financial Plus will allow you to choose the type of certificate you want.

This, therefore, means that you have an option to have it as part of your retirement account, or a Coverdell education saving account, or a health saving account. It is a tax advantage, and it means that you will not pay taxes on the interest it will earn for you.

Money Market account

Now, a money market account is similar to a high-yield savings account, with a slight difference. High-yield savings accounts are found in banks, while money market accounts can be found in any other investment company such as a credit union.

The FDIC insures money markets. FDIC means Federal Deposit Insurance Corporation, and it is an independent agency that was created by the US government for the primary purpose of protecting consumers while maintaining stability and public confidence.

At Financial Plus Credit Union, a money market account will earn you more interest compared to a savings account, and it is also more flexible compared to a share certificate. It is similar to a savings account, as mentioned above, which means that you can be able to deposit, withdraw and transfer funds, however, you must have a minimum initial deposit of at least $1,000.

You can be able to earn more interest using their tiered approach, which earns you more and more as you increase your deposit, e.g., if you deposit $10,000, you'd earn 0.15% interest on the first $999.99 and anything between $1,000.00 and $24,999.99, shall earn you 0.35% in interest.

These are, however, variable rates that keep changing.

Minor saving account

This is a saving account dedicated to minors. You can use it to save for their school fees.

It can also be used for saving, money markets or a checking account, and only the designated minor is allowed to withdraw funds from the Account. It is ideal for a family member, godparent, or a guardian who wants to save some money for their child.

The benefit of the Account is that only the minor can withdraw the funds in the Account, and this ensures that you don't touch the money until it's needed. It is different from the teen checking account option because both the minor and the parent can withdraw the teen account.

Loans

Financial Plus offers its members a wide range of personal and business loans, according to your needs. These have different interest rates, but they are ultimately much lower as compared to what you are likely to find in a bank. Here are some of these loans;

Auto Loan

This is the fastest and easiest loan to get at the bank, and it is normally issued for new and used cars. Financial Plus offers the lowest and most flexible terms that will fit your budget perfectly. The loan repayments shall be deducted directly from your checking or saving account.

You can either apply for this loan online or visit their branches for more details.

Personal Loans

If you are a member of Financial Plus credit union and your paycheck is usually serviced through one of their accounts, then you are eligible for a personal loan. Most people tend to take personal loans for a wide variety of reasons, and at Financial plus, they understand your needs and offer you loans at a very low-interest rate.

Their terms are also flexible, and you can be able to plan for your future, an event, a marriage, a vacation, using one of their loans.

Other loan products available at Financial Plus

Mortgages and Equity Loans.
Recreational loans.
Business loans.

Other credit unions I have reviewed include;

Conclusion

Financial Plus is a well-known and trusted credit union that you can use to save some money for the future. It is always a good idea to keep some money aside for emergencies or other events that may happen in your life, which will necessitate some money.

Developing a saving mentality should start as early as possible, and this is why they have allocated a minor saving account, which helps you to start teaching your children why they should save as early as possible.

For college students, the possibilities are limitless, and since you are just about to start your life, you should ensure that you develop yourself early in terms of financial security and keep some money aside. You may just find yourself qualifying for a student loan when you need it the most when you are already a member of a credit union.