Welcome Welcome to Preferred Federal Credit Union, where our money is your money. Literally. We're funded by our members — people like you — over 10,000 strong. And when we show a profit, you get the return by way of extremely competitive rates and quality financial services.  And with every passing year, our goal is to exceed those expectations. Like we said, nothing like a bank. We Are A Member Owned Financial Cooperative As a not-for-profit financial cooperative, Preferred Federal Credit Union is owned by the folks who save and borrow money at their Credit Union...the members.  Unlike a bank, Credit Union profits are returned to the members in the form of higher dividends on savings, lower interest rates on loans, lower fees...and many other money saving services. If you’ve never been a member of a credit union, you’re in for a pleasant surprise. As a member, you have a voice in the actual operation of this financial cooperative, ensuring that we will continually provide you and your family with unsurpassed service and convenience. One of the primary reasons Preferred Federal Credit Union exists is to provide our members a safe and convenient place to save and borrow money. Membership at our Credit Union makes good financial sense. In fact, we’re confident our credit union is the only financial partnership you will ever need. Credit Union membership at Preferred Federal Credit Union is a lifetime benefit. Once you’re a member, you can remain a member for life...no matter where you live or what job you have. Eligibility You must live, work, worship, or be educated in Montcalm County, in Otisco Township or The City of Belding in Ionia County, Spencer, Oakfield, or Grattan Townships in Kent County.    Also, surviving spouses of Credit Union members, and immediate family or household members of current Credit Union members, and organizations of such persons are eligible for membership.  ** IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT:  To help the government fight the funding of terrorism and money laundering activities, Federal law requires ALL financial institutions to obtain, verify, and record information that identifies each person who opens an account.  What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.  We also ask to see and make a copy of your driver's license and Social Security card for identifying documents. Please inquire with your payroll department to see if your employer is currently enrolled.  If your company is not a current Select Employer Group of Preferred Federal Credit Union, we'd love for you to be the next!  Simply stop by the Credit Union or e-mail us at admin@preferredfcu.com about the ease of signing your company up to reap the Credit Union benefits! What Differentiates Us We want to be your Primary Financial Institution.  Preferred Federal Credit Union offers a host of financial services that will help your money go a little further, and make your life a little simpler.  We continue to add and improve services, so be sure to consult our monthly newsletter "The Preferred Word" and your monthly statement for important announcements. The Credit Union Diffrence While both Credit Unions and Banks may offer similar products and services (checking, credit cards, mortgages, etc.), that's about the only similarity. Here are the differences: Banks Credit Unions Generate profit for stockholders. Make decisions based on what will give stockholders more profit. Not for profit, not for charity, but for service. Without "profit motive", make decisions based on what's best for members. Commercial businesses. Offer services to make a profit. Financial cooperatives. Members pool their savings to provide Low-cost loans and Low-fee services to each other. People who buy stock in the bank own shares of the business. Each member is an equal owner. Serve customers from the general public. Anyone can use a bank. Exist solely to serve their members.  A person must be within the Credit Union's field of membership, as defined by their charter, in order to join. The Board of Directors are paid a salary. Daily operations are performed by a paid staff. Unpaid volunteers from the membership serve on the Board of Directors and guide the Credit Union.Daily operations are performed by a paid staff. Only people who own stock can vote for the Board of Directors. The customers who use the bank don't have a say. As owners, members elect fellow members to serve on the Board of Directors. Income is returned to the stockholders in the form of higher dividends on their shares of stock. Income is returned to members in the forms of better savings rates, lower loan rates, and low or no fees for services. Like other for-profit businesses, banks must pay taxes to the government. Like other not-for-profit institutions, Credit Unions are exempt from paying federal income tax. Deposits are federally insured up to $100,000 by the FDIC, a government agency. Deposits are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government  National Credit Union Administration, a US Government Agency. The NCUA's insurance fund is the healthiest of all federal deposit insurance funds.

Preferred FCU