Embers Credit Union: Overview of the Credit Union
First chartered in 1953, Embers Credit Union is one of 209 credit unions that are based in the state of Michigan and is also one of the largest credit unions in the country. The credit union originally began serving parishioners of St. Peter Cathedral in Marquette, Michigan and over the years has expanded its field of membership first to other catholic parishes in Marquette and then catholic parishes in the Upper Peninsula to pretty much everybody in the Upper Peninsula. The company has a total of 8 branches and employs 131 employees.
Who Can Join Embers Credit Union?
Membership is open to anyone that meets one of the following criteria:
- Lives, works, or worships in the Upper Peninsula of Michigan which consists of Alger, Baraga, Chippewa, Delta, Dickinson, Gogebic, Houghton, Iron, Keweenaw, Luce, Mackinac, Marquette, Menominee, Ontonagon, and Schoolcraft counties.
- Is a registered member of a Catholic Parish that is under the jurisdiction of the Roman Catholic Diocese of Marquette.
- Is an immediate family member of a current Embers Credit Union member.
- Is an immediate family member of somebody who lives, works, or worships in the Upper Peninsula of Michigan
- Is an immediate family member of somebody who is a registered member of a Catholic Parish that is under the jurisdiction of the Roman Catholic Diocese of Marquette.
- Legal entities that are made up of the foregoing. (Businesses or other legal organizations made up of either Yoopers or relatives of Yoopers).
Products and Services Embers Credit Union Offers
Embers Credit Union offers its members several financial services products including but not limited to the following accounts and loan types:
- Checking Accounts – offers an account with no minimum balance required and no monthly charges or per check fees. If you request a paper statement there is a $3.00 fee. However, the credit union’s Fire Checking Account offers compelling features to account holders. The Fire Checking account has no monthly fee and no minimum deposit to open the account but offers $10 in ATM fee refunds per month. This is despite having a network of over 100,000 fee-free ATMs. The Fire Checking account also earns interest.
- Savings Accounts – the credit union offers a Regular Share Account and a Money Maker Account to members. Both accounts are eligible to earn dividends but the Money Maker Accounts earn a higher interest rate but require account holders to maintain a $100 balance in order to get the higher rate.
- Credit Cards – the main credit card offering is a Mastercard that allows cardholders to earn cash rewards, and is accepted in over 200 countries worldwide.
- Mortgages – the credit union offers fixed-rate mortgages (maximum of $548,250), construction loans, vacant land loans and home equity loans/lines of credit. Currently the credit union offers members up to $2,500 towards their down payment under the Freddie Mac BorrowSmart program.
In addition, Embers Credit Union is one of the credit unions that offer Zelle to its members. As previously discussed, using Zelle is a highly efficient and cost effective way of transferring money within the United States. However, the credit union’s mobile application does not have the strongest reviews from customers with a 2.5 star rating as of this writing on iOS devices.
- Main Office Address: 601 S Mcclellan Ave, Marquette, MI 49855
- Website: https://www.embers.org
- Phone: (906) 228-7080
- Charter Number: 62038
- Charter Year: 1953
- Employees: 131
- Routing Number: 291172844
- Membership Trends: The credit union has a membership base of 29,923 which is greater than the average credit union operating within the state. Credit unions in Michigan each have on average 27,971 members. Over the past three years, the credit union’s total base of members has increased by 135%.
- Embers Credit Union is among the credit unions that use Zelle
- Total Assets: $492 million
- Total Loans: $255 million
- Total Net Worth: $60 million
- Total Net Worth Per Member: $2,018
- Net Worth Ratio: 12.3%. Based on the NCUA guidelines, this credit union is well capitalized.
Other Credit Unions in Michigan
There are currently 208 credit unions operating in the state of Michigan and combined these credit unions have 5.8 million members. In addition to this credit union, you may also be eligible to join the following credit unions in the state: Compass Credit Union, Alpena-Alcona Area Credit Union and Our Credit Union.
Should You Join Embers Credit Union
As always you should do your own research before making any financial decisions including joining a credit union. Embers Credit Union has healthy membership trends, an impressive net worth per member (which is well above the national average) and attractive account offerings, including Zelle capability. The most noticeable drawback for the credit union is its mobile application capability.