Membership Benefits

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What is a credit union?

A credit union is a non-profit cooperative financial institution. It is a business like any other business, but it belongs to the people who use it and operates only for the benefit of its members. Credit unions are owned by the people who use them, and their stated purpose is to serve their members, not to make a profit.

A credit union is a safe place to save and borrow at reasonable rates. In essence, members pool their money to make loans to one another. Because they're not for profit, they can offer members things like higher interest rates on savings and lower interest rates on loans.

How can I become a credit union member?

Credit unions are for everyone, but no one can belong to every credit union. Every credit union has a "field of membership," and a common bond that members have to share. Fields of membership can be defined by place of employment, church membership, or residence in a community, to name just a few ways.

Chances are, there's a credit union near you that you are eligible to join. To find one:

Ask us - Check out our eligibility section to see if you are eligible for membership at SCECU. If not, you can:

Ask your boss - Does your company sponsor a credit union? Does it belong to a select employee group that is served by a credit union? Is there a local credit union for members of your trade or profession? If not - your company can join SCECU.

Ask your friends - You might be eligible to join a credit union because you belong to a union or other organization.

Ask your family - SCECU allows credit union members' families to join. Check with your family they may be able to help you join the credit union. And, even if your relatives are not members, as long as they are eligible for membership, you are too!

Ask your neighbors - Community credit unions serve members united by geography. Your town, neighborhood, or county might have a credit union.

What if I'm not eligible to Join SCECU?

Check out the Michigan Credit Union League's list of Michigan credit unions to find one near you, then give them a call. Or call the Michigan Credit Union League at 1-800-474-JOIN. We'd be happy to point you toward a credit union or two that might be right for you.

If you live outside of Michigan, call the Credit Union National Association (CUNA) at 1-800-358-5710. The automated phone system there will give you the phone number for your state credit union organization. Or Click Here look up your state credit union organization on the CUNA Web site.

Why should I join a credit union?

Service

Consumer surveys show that credit union members are consistently more satisfied with the service they receive than the customers of banks or savings and loans are.

SCECU, like most credit unions, follows the creed, "Once a member, always a member." That means you're not a faceless customer - you have a relationship with the credit union, and it's a long-term relationship, at that. Your credit union will go the extra mile to help you with your needs, whether you need a small service like an available notary, or a larger service, like help getting a loan.

Numbers

Credit unions offer very good returns on investments and lower interest rates on loans.

Rewards

As a member of a credit union, you reap the rewards of good financial years. When the credit union comes out ahead, it can offer lower loan rates or even cash bonuses to its members.

Security

In bad years, banks tend to either raise loan interest rates or close shop altogether. Credit unions rely on financial reserves to absorb unexpected losses, so members are protected when times get tough.

Community

Credit unions benefit their members. Formed for service, not profit, credit unions exist to help their members.

Credit unions benefit everyone. Because credit unions offer lower rates on loans and higher rates on savings, banks and other for-profit financial institutions have to keep their rates low enough to be competitive. This market pressure is good for all consumers, not just credit union members.

Are credit unions safe?

Yes. Credit unions are among the most secure financial institutions around. Every credit union in Michigan is insured by the National Credit Union Share Insurance Fund (NCUSIF), which is administered by a federal government agency. No member of a federally insured credit union has ever lost even a penny of any insured savings.

In addition, SCECU and other credit unions are insured by the National Credit Union Administration.