FAQs

Michigan First offers business checking and money market accounts, along with online and mobile banking, business debit cards, and additional services designed to help businesses manage their finances. Available features vary by account.

Yes. Michigan First offers business term loans, lines of credit, commercial real estate financing, equipment financing and other borrowing options for eligible businesses. The appropriate option depends on the purpose of the financing, the amount needed and the business’s financial qualifications.

Yes. Michigan First offers checking account options with no monthly maintenance fee, including Premier Checking and First Gear Checking. Account features and eligibility requirements vary, so review each option before opening an account.

Yes. Michigan First offers SavingsPlus, a high-yield Savings account that allows qualifying members to earn bonus dividends based on their balance. To qualify for the higher dividend rate, members must meet monthly account activity and relationship requirements. View current checking and savings rates for current APYs.

Yes. Michigan First offers two options that may help cover transactions when your checking account does not have enough available funds. Overdraft Transfer Service transfers available money from a linked savings account, while MoneyNow is an overdraft line of credit available to qualifying members. Fees and eligibility requirements may apply.

Michigan First deposits are federally insured by the National Credit Union Administration (NCUA) for up to $250,000 and privately insured by Excess Share Insurance for up to an additional $250,000. Together, this provides up to $500,000 in coverage for qualifying deposits based on account ownership category. Coverage applies to eligible checking, savings, money market, and certificate accounts.

Michigan First offers Premier Checking, Classic Checking, and First Gear Checking. Premier Checking is designed for convenient everyday money management, Classic Checking provides a straightforward option for members establishing their banking relationship, and First Gear Checking is designed for young adults ages 17-25. Compare Michigan First checking accounts to find the option that fits your needs. 

A savings account provides flexible access to your money and allows you to make additional deposits over time. A certificate account, sometimes called a certificate of deposit or CD, holds your money for a set term and typically provides a fixed dividend rate in return. Withdrawing money from a certificate before it matures may result in an early-withdrawal penalty.

Both savings and money market accounts can help your money grow while keeping it accessible. A traditional savings account generally has a lower opening deposit and is suited to everyday saving, while a money market account may offer higher, tiered dividend rates based on your balance. Michigan First Money Market Accounts also provide access to funds through digital banking, branches, ATMs, and a debit card.

Michigan First offers savings options for different goals and stages of life, including a traditional Michigan First Savings Account, SavingsPlus, Money Market accounts, Certificates, IRAs, and savings accounts for children and teens. Features, dividend rates, balance requirements, and access to funds vary by account.

Yes. Eligible members can use Mobile Check Deposit to deposit personal checks and paychecks using the camera on an Apple or Android device. Follow the instructions in the Michigan First Mobile App and retain the original check until you confirm that the deposit has been accepted.

Yes. Michigan First members can use Online Banking and the Michigan First Mobile App to view balances and transactions, transfer money, pay bills, deposit checks, access statements, create account alerts, and manage eligible debit and credit cards. The mobile app is available for Apple and Android devices.

Yes. Zelle^® is available through the Michigan First Mobile App and Online Banking. Eligible members can use it to send or receive money with people they know and trust using an email address or U.S. mobile number.

A Michigan First auto loan preapproval can help you understand how much you may be able to finance before you begin shopping. Your approved amount, rate, and term will depend on your application and credit qualifications. Contact Michigan First or apply for an auto loan to learn about your financing options.

Yes. You can apply to refinance an eligible auto loan from another lender with Michigan First. Refinancing could help you lower your interest rate, change your monthly payment, or adjust your repayment term - although actual savings and available terms depend on your current loan and approved offer.

Yes. A Michigan First personal loan or home equity line of credit may allow you to combine multiple eligible debts into one monthly payment. The best option depends on the types of debt you have, the amount you need to borrow, available home equity, and the rates and terms for which you qualify. Compare the total borrowing cost carefully, because consolidating debt does not eliminate it and using home equity can place your home at risk.

Yes. You must become a Michigan First member before applying for a consumer loan. Membership is open to anyone who lives, works, or worships in Michigan and begins by opening a Michigan First Savings Account with a minimum $10 deposit.

Yes. Michigan First offers financing for new and used motorcycles, boats, jet skis, motor homes, campers, ATVs, snowmobiles, and other recreational vehicles. Available rates, loan amounts, and repayment terms depend on the vehicle and your qualifications. Refinancing options are also available.

Michigan First offers home equity lines of credit with financing up to 100% of your home’s value, minus the balance of your mortgage and any other loans secured by the property. For example, if your home is worth $250,000 and you owe $200,000, you may be eligible to borrow up to $50,000. The amount you qualify for will also depend on factors such as your credit, income, existing debts, and ability to repay.

Home equity financing can be used for many significant expenses, including home improvements, major repairs, education costs, large purchases, and debt consolidation. Because your home serves as collateral, consider the costs and repayment terms carefully before borrowing.

A Michigan First personal loan can be used for many planned or unexpected expenses, including weddings, medical procedures, auto repairs, travel, home updates, and debt consolidation. Michigan First offers fixed-rate Life Event Loans, savings secured loans, and personal lines of credit - so the right option will likely depend on how much you need and how you plan to use it.

Michigan First offers two Mastercard® credit cards. The Michigan First Rewards Mastercard® earns rewards on eligible purchases and has no annual fee. The Secured Mastercard® is backed by funds in a Michigan First Savings Account and is designed to help cardholders establish or rebuild credit. Compare our Credit Cards.

Michigan First does not use one minimum credit score for every loan. Approval and available rates depend on factors such as the type of loan, your credit history, income, existing debts, and ability to repay. Applying is the best way to learn which options and rates may be available to you.

A home equity loan generally provides a one-time lump sum that is repaid through regular payments, usually at a fixed interest rate. A home equity line of credit, or HELOC, allows you to borrow from an approved credit limit as needed and pay interest only on the amount you use. HELOCs commonly have variable interest rates.

Yes. Eligible applicants can open a Michigan First checking, savings, or other deposit account through our secure online application. You can review available accounts, choose the products that fit your needs, and provide the information needed to establish your membership. Join Online Today

Yes. Michigan First participates in the CO-OP Shared Branch network, giving members access to participating credit union locations beyond Michigan First’s own branches. Services vary by location, so check the location details and bring a valid government-issued ID before visiting.

To become a Michigan First member, open a Michigan First Savings Account online or at one of our branches. A minimum opening deposit of $10 establishes your membership and gives you access to Michigan First accounts, loans, digital banking services, and a variety of member benefits.

To open an account, you will need to provide personal information that allows Michigan First to verify your identity, such as your name, address, date of birth, Social Security number, and a valid government-issued ID. You will also need at least $10 to fund your Michigan First Savings Account. Additional information may be required depending on the account and how you apply.

Michigan First Credit Union is a member-owned, not-for-profit financial institution serving individuals, families, and businesses across Michigan. Founded in Detroit in 1926, Michigan First offers checking and savings accounts, loans, mortgages, business banking, and other financial services to more than 160,000 members.

Credit unions and banks offer many of the same financial services, but they have different ownership structures. A credit union is a not-for-profit financial cooperative owned by its members, while a bank is generally a for-profit institution owned by shareholders. As a credit union, Michigan First is able to return profits to our members in the form of lower loan rates, higher savings rates, and more.

When choosing a local credit union, consider membership eligibility, branch and ATM access, digital banking capabilities, account fees, deposit rates, loan options, and the availability of personalized support. Michigan First offers a broad range of personal and business banking, lending and financial services, along with locations throughout Michigan and access to a nationwide network of surcharge-free ATMs.

Michigan First members have access to approximately 30,000 surcharge-free ATMs nationwide through the CO-OP ATM network, including more than 1,600 in Michigan. Use Michigan First’s location finder or the Michigan First mobile app to find a participating ATM near you. The owner of an ATM outside the network may charge a fee.

Michigan First has branches throughout Metro Detroit, West Michigan, and mid-Michigan, including locations in the Detroit, Grand Rapids, and Lansing areas. Members also have access to shared branches and more than 1,600 surcharge-free ATMs across Michigan through the CO-OP Network.

Michigan First membership is open to anyone who lives, works or worships in the state of Michigan. Once you join, your membership remains active as long as you maintain the required membership account, even if you later move outside Michigan.

You may be able to qualify for a mortgage even if your credit is not perfect. Michigan First offers mortgage programs with different credit requirements, including FHA and Turning Point Home Loans, which may provide more flexible qualification options. Approval still depends on your complete financial profile, including your income, debts, credit history, down payment, and the mortgage program you choose.

Yes. Michigan First offers mortgage refinancing options that may help you change your interest rate, monthly payment or loan term, pay off your home sooner, or access available home equity. Whether refinancing is beneficial depends on your current mortgage, financial goals, closing costs, and the new loan terms for which you qualify.

Yes. Michigan First works with several down payment assistance programs that may help eligible homebuyers cover a down payment, closing costs, and certain other homebuying expenses. Program availability and requirements may depend on factors such as income, location, property type, and whether you are a first-time homebuyer.

Yes. Michigan First offers several mortgage options for first-time homebuyers, including conventional, FHA, VA, USDA, and MSHDA loans. Some programs offer low or no down payment options, more flexible qualification requirements, or assistance with down payment and closing costs. A Michigan First loan officer can help you compare the programs for which you may qualify.

To get preapproved, complete a mortgage application and provide information about your income, employment, assets, debts, and credit history. A lender will review that information to determine how much you may be eligible to borrow and provide a preapproval letter if you qualify. 

The amount you need for a down payment depends on the mortgage program, purchase price, and your qualifications. Some Michigan First mortgages require as little as 3% or 3.5% down, while eligible VA and USDA borrowers may qualify with no down payment. You should also plan for closing costs and other homebuying expenses unless an assistance program or seller contribution covers them.

A MSHDA loan is a mortgage offered through the Michigan State Housing Development Authority to help eligible Michigan homebuyers purchase a primary residence. Depending on the program, borrowers may receive assistance with their down payment, closing costs, or certain prepaid expenses. Eligibility may depend on credit score, household income, home price, property location, and whether the home will be owner-occupied.

Michigan First offers fixed-rate and adjustable-rate mortgages, along with FHA, VA, USDA, MSHDA, jumbo, bridge, construction, renovation, manufactured housing, DSCR, ITIN, and other specialized home loans. Available options depend on the property, how you plan to use it, and your financial qualifications.

Yes. Michigan First Wealth Management Group offers assistance with retirement planning, investments, college savings, estate planning, and other long-term financial goals. Members can meet with a financial professional to discuss their needs and develop a personalized strategy.

Yes. Michigan First offers financial education through one-on-one Financial Exploration sessions, online learning, seminars, articles, and financial calculators. Topics include budgeting, credit, saving, homeownership, and planning for future goals. Available programs and eligibility may vary.

Michigan First Insurance Agency can help individuals compare coverage for auto, home, renters, life, health, pet, and other insurance needs. Business insurance options are also available. Insurance products are provided through third-party insurance carriers and are not deposits or federally insured by the NCUA.

Michigan First will never unexpectedly call or text you asking for your login credentials, full card number, account number, Social Security number, or other sensitive information. Caller ID can be spoofed, so do not rely on the displayed number alone. If you are uncertain, do not respond or click a link. Contact Michigan First directly at 800.664.3828.

Contact Michigan First immediately at 800.664.3828 if you notice an unauthorized transaction or believe your account information has been compromised. You can also use the Michigan First Mobile App to turn an affected debit or credit card off while you contact the credit union. Change compromised passwords and continue monitoring your accounts for unfamiliar activity.

Yes. Michigan First offers debit card access through eligible youth accounts. Finley is available for children ages 6–17 and gives parents tools to view purchases, set spending limits, freeze or unfreeze the card, and help their child manage money responsibly.

Finley is Michigan First’s youth banking and financial education experience for children ages 6–17. It combines a real account and debit card with age-appropriate lessons, quizzes, challenges, and rewards. Parents can monitor purchases, set spending limits, manage the child’s card, and use chores and allowances to help their child practice managing real money.

Michigan First offers youth banking options designed for different ages and stages. MoneyKids Savings Accounts help children begin saving, while MoneyTeens Checking Accounts give teenagers experience managing a checking account and debit card. Finley combines a real youth account and debit card with age-appropriate financial education and parental controls.