Michigan State University Federal Credit Union
Encyclopedia
Michigan State University Federal Credit Union or MSUFCU, headquartered in East Lansing, Michigan
, is the largest university-based credit union
in the world in membership and asset size. MSUFCU is a federal credit union chartered and regulated under the authority of the National Credit Union Administration
(NCUA). A variety of financial products and services are provided by MSUFCU including deposit accounts, personal and business loans, investments and insurance. MSUFCU is owned and operated by members of the Michigan State and Oakland University
communities. As of November 2011, MSUFCU has nine branches, a membership of more than 157,000 and over $2 billion in assets.
MSUFCU has been awarded the Society for Human Resource Management
(SHRM) Top 25 Medium Sized Companies to Work For in 2006 and 2007 and currently staffs over 350 employees. The credit union was also awarded the Lansing Regional Chamber of Commerce Economic Development Award in 2008, was chosen in 2008 as one of Michigan's Next Great Companies by the Michigan Economic Development Corporation, and was named one of the Principal 10 Best Companies for Employee Financial Security by the Principal Financial Group
in 2003.
) and was operated out of a single desk drawer. At that time, the credit union had $3,000 in assets and 74 members.
In 1955, the State of Michigan renamed Michigan State College as Michigan State University
, and MSCECU adjusted its name accordingly to Michigan State Employees Credit Union. The credit union moved to the Power House Plant on MSU’s campus the following year and continued to move around campus as its membership and assets increased.
An additional credit union branch was opened in Oakland County, Michigan
in 1967 to better serve members at the nearby MSU-Oakland University. Four years later, in 1971, the credit union relocated its main office to 600 East Crescent Road in East Lansing, Michigan
.
In 1978, the NCUA approved the credit union’s application for federal charter (Charter number 23279), and its name was changed to MSU Federal Credit Union. By that time, MSUFCU had grown to $40 million in assets and 29,244 members.
A branch in Okemos, Michigan
was added in 1983 and was later relocated to its current location in 2003. Additional branches were also constructed in East Lansing in 1987 and on the west side of Lansing, MI in 2003. Branches in south Lansing and in the MSU Union Building on MSU’s campus were built shortly thereafter.
MSUFCU continues to expand, finishing construction on a new headquarters building in north East Lansing in 2008. The building was constructed using green building
standards and received a gold Leadership in Energy and Environmental Design
(LEED) certification. The credit union opened an additional branch in downtown Lansing in April 2011.
, membership at the credit union is limited to the following groups of individuals:
Faculty, staff and students of Michigan State University
or Oakland University
and their immediate relatives.
Michigan State University
or Oakland University
Alumni Association members. Anyone is able to join either Alumni Association and then become eligible for MSUFCU membership.
Those who regularly work on the Michigan State University
or Oakland University
campuses who are under the control of the MSU Board of Trustees or the governing body of Oakland University
.
Employees of select groups or associations as determined by MSUFCU’s Board of Directors.
Immediate family members of the aforementioned eligible fields (spouse, sister, brother, parent or child).
Any individual living in the household of the above eligible fields making up an economic unit.
All members are required to pay a $1, one-time membership fee and maintain a $5 balance in a Spartan Saver deposit account. This fee and deposit represent each member’s ownership of MSUFCU.
s (IRAs), personal loans, mortgages, Visa lines-of-credit, and business accounts and loans.
MSUFCU teamed up with Members Home & Auto Insurance in 2007 to provide home, auto and renter’s insurance to members.
MSUFCU members can perform transactions free-of-charge in person at MSUFCU’s eight branch locations, 100 MSUFCU-owned ATMs in the Greater Lansing area or at over 28,000 CO-OP Network ATMs nationwide. Live telephone assistance is available Monday – Saturday, and 24 hour account access is available on MSUFCU’s website (https://www.msufcu.org/) using ComputerLine, via the free, automated MoneyLine telephone service, and through mobile banking.
East Lansing, Michigan
East Lansing is a city in the U.S. state of Michigan. The city is located directly east of Lansing, Michigan, the state's capital. Most of the city is within Ingham County, though a small portion lies in Clinton County. The population was 48,579 at the time of the 2010 census, an increase from...
, is the largest university-based credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
in the world in membership and asset size. MSUFCU is a federal credit union chartered and regulated under the authority of the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(NCUA). A variety of financial products and services are provided by MSUFCU including deposit accounts, personal and business loans, investments and insurance. MSUFCU is owned and operated by members of the Michigan State and Oakland University
Oakland University
Oakland University is a public university co-founded by Matilda Dodge Wilson and John A. Hannah whose campus is located in central Oakland County, Michigan, United States in the cities of Auburn Hills and Rochester Hills. It is the only major research university in Oakland County, from which OU...
communities. As of November 2011, MSUFCU has nine branches, a membership of more than 157,000 and over $2 billion in assets.
MSUFCU has been awarded the Society for Human Resource Management
Society for Human Resource Management
The Society for Human Resource Management is a professional human resources association headquartered in Alexandria, Virginia. The largest such association in its field, SHRM promotes the role of HR as a profession and provides education, certification, and networking to its members while lobbying...
(SHRM) Top 25 Medium Sized Companies to Work For in 2006 and 2007 and currently staffs over 350 employees. The credit union was also awarded the Lansing Regional Chamber of Commerce Economic Development Award in 2008, was chosen in 2008 as one of Michigan's Next Great Companies by the Michigan Economic Development Corporation, and was named one of the Principal 10 Best Companies for Employee Financial Security by the Principal Financial Group
Principal Financial Group
Principal Financial Group is a publicly traded corporation based in Des Moines, Iowa, USA.The Principal Financial Group is a global financial services provider which offers a wide range of financial products and services, and is a U.S. leader in 401 plans. Headquartered in Des Moines, Iowa, the...
in 2003.
History
On November 15, 1937, a petition for state charter was approved for the Michigan State College Employees Credit Union (MSCECU). MSCECU was located in the Administration Building at the Michigan State College of Agriculture and Applied Science (later, Michigan State UniversityMichigan State University
Michigan State University is a public research university in East Lansing, Michigan, USA. Founded in 1855, it was the pioneer land-grant institution and served as a model for future land-grant colleges in the United States under the 1862 Morrill Act.MSU pioneered the studies of packaging,...
) and was operated out of a single desk drawer. At that time, the credit union had $3,000 in assets and 74 members.
In 1955, the State of Michigan renamed Michigan State College as Michigan State University
Michigan State University
Michigan State University is a public research university in East Lansing, Michigan, USA. Founded in 1855, it was the pioneer land-grant institution and served as a model for future land-grant colleges in the United States under the 1862 Morrill Act.MSU pioneered the studies of packaging,...
, and MSCECU adjusted its name accordingly to Michigan State Employees Credit Union. The credit union moved to the Power House Plant on MSU’s campus the following year and continued to move around campus as its membership and assets increased.
An additional credit union branch was opened in Oakland County, Michigan
Oakland County, Michigan
-Demographics:As of the 2010 Census, there were 1,202,362 people, 471,115 households, and 315,175 families residing in the county. The population density as of the 2000 census was 1,369 people per square mile . There were 492,006 housing units at an average density of 564 per square mile...
in 1967 to better serve members at the nearby MSU-Oakland University. Four years later, in 1971, the credit union relocated its main office to 600 East Crescent Road in East Lansing, Michigan
East Lansing, Michigan
East Lansing is a city in the U.S. state of Michigan. The city is located directly east of Lansing, Michigan, the state's capital. Most of the city is within Ingham County, though a small portion lies in Clinton County. The population was 48,579 at the time of the 2010 census, an increase from...
.
In 1978, the NCUA approved the credit union’s application for federal charter (Charter number 23279), and its name was changed to MSU Federal Credit Union. By that time, MSUFCU had grown to $40 million in assets and 29,244 members.
A branch in Okemos, Michigan
Okemos, Michigan
Okemos is an unincorporated community in Meridian Charter Township, Ingham County in the U.S. state of Michigan. It is a census-designated place for statistical purposes and does not have any separate legal existence as a municipality. Local government is provided by the township...
was added in 1983 and was later relocated to its current location in 2003. Additional branches were also constructed in East Lansing in 1987 and on the west side of Lansing, MI in 2003. Branches in south Lansing and in the MSU Union Building on MSU’s campus were built shortly thereafter.
MSUFCU continues to expand, finishing construction on a new headquarters building in north East Lansing in 2008. The building was constructed using green building
Green building
Green building refers to a structure and using process that is environmentally responsible and resource-efficient throughout a building's life-cycle: from siting to design, construction, operation, maintenance, renovation, and demolition...
standards and received a gold Leadership in Energy and Environmental Design
Leadership in Energy and Environmental Design
Leadership in Energy and Environmental Design consists of a suite of rating systems for the design, construction and operation of high performance green buildings, homes and neighborhoods....
(LEED) certification. The credit union opened an additional branch in downtown Lansing in April 2011.
Membership
As is dictated by MSUFCU’s charterCharter
A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified...
, membership at the credit union is limited to the following groups of individuals:
Faculty, staff and students of Michigan State University
Michigan State University
Michigan State University is a public research university in East Lansing, Michigan, USA. Founded in 1855, it was the pioneer land-grant institution and served as a model for future land-grant colleges in the United States under the 1862 Morrill Act.MSU pioneered the studies of packaging,...
or Oakland University
Oakland University
Oakland University is a public university co-founded by Matilda Dodge Wilson and John A. Hannah whose campus is located in central Oakland County, Michigan, United States in the cities of Auburn Hills and Rochester Hills. It is the only major research university in Oakland County, from which OU...
and their immediate relatives.
Michigan State University
Michigan State University
Michigan State University is a public research university in East Lansing, Michigan, USA. Founded in 1855, it was the pioneer land-grant institution and served as a model for future land-grant colleges in the United States under the 1862 Morrill Act.MSU pioneered the studies of packaging,...
or Oakland University
Oakland University
Oakland University is a public university co-founded by Matilda Dodge Wilson and John A. Hannah whose campus is located in central Oakland County, Michigan, United States in the cities of Auburn Hills and Rochester Hills. It is the only major research university in Oakland County, from which OU...
Alumni Association members. Anyone is able to join either Alumni Association and then become eligible for MSUFCU membership.
Those who regularly work on the Michigan State University
Michigan State University
Michigan State University is a public research university in East Lansing, Michigan, USA. Founded in 1855, it was the pioneer land-grant institution and served as a model for future land-grant colleges in the United States under the 1862 Morrill Act.MSU pioneered the studies of packaging,...
or Oakland University
Oakland University
Oakland University is a public university co-founded by Matilda Dodge Wilson and John A. Hannah whose campus is located in central Oakland County, Michigan, United States in the cities of Auburn Hills and Rochester Hills. It is the only major research university in Oakland County, from which OU...
campuses who are under the control of the MSU Board of Trustees or the governing body of Oakland University
Oakland University
Oakland University is a public university co-founded by Matilda Dodge Wilson and John A. Hannah whose campus is located in central Oakland County, Michigan, United States in the cities of Auburn Hills and Rochester Hills. It is the only major research university in Oakland County, from which OU...
.
Employees of select groups or associations as determined by MSUFCU’s Board of Directors.
Immediate family members of the aforementioned eligible fields (spouse, sister, brother, parent or child).
Any individual living in the household of the above eligible fields making up an economic unit.
All members are required to pay a $1, one-time membership fee and maintain a $5 balance in a Spartan Saver deposit account. This fee and deposit represent each member’s ownership of MSUFCU.
Services
MSUFCU offers products and services including various savings accounts, checking accounts, certificates, Individual Retirement AccountIndividual Retirement Account
An individual retirement arrangement is the blanket term for a form of retirement plan that provides tax advantages for retirement savings in the United States...
s (IRAs), personal loans, mortgages, Visa lines-of-credit, and business accounts and loans.
MSUFCU teamed up with Members Home & Auto Insurance in 2007 to provide home, auto and renter’s insurance to members.
MSUFCU members can perform transactions free-of-charge in person at MSUFCU’s eight branch locations, 100 MSUFCU-owned ATMs in the Greater Lansing area or at over 28,000 CO-OP Network ATMs nationwide. Live telephone assistance is available Monday – Saturday, and 24 hour account access is available on MSUFCU’s website (https://www.msufcu.org/) using ComputerLine, via the free, automated MoneyLine telephone service, and through mobile banking.
External links
- Official website
- Branch Locations
- National Credit Union Administration's CU Online tool -- provides lots of financial and organizational details