Checking Accounts

In order to open your account and maintain your membership at the credit union, all we require is a $5.00 deposit!

This is our “no frills” checking account. There are no fees, no minimums balances, and no minimum deposits. It’s ideal for anyone who wants an easy approach to finances. 

There’s no minimum balance for our Go Blue™ Checking. Our Interest Checking does have a monthly minimum of $500 or the account will incur an $8.00 maintenance fee.  

A credit union account is a financial account at a member-owned, not-for-profit financial cooperative. Unlike a traditional bank, which is owned by shareholders, a credit union is owned by its members. When you open an account at UMCU, you aren't just a customer; you are a partial owner. That’s why we say “members” not “customers.” You truly are part of what makes UMCU!

Credit unions work similarly to a bank account: you can deposit money, earn interest (often called "dividends" in a credit union), and access your funds via debit cards, ATMs, or online banking. Because we are not-for-profit, our earnings are returned to members in the form of lower loan rates, higher savings yields, and reduced fees.
 

Yes! Credit unions often provide a more personalized, community-focused experience. Benefits of opening an account with a credit union like UMCU include:

•    Lower Fees: Generally lower monthly maintenance or service fees.
•    Competitive Rates: Lower rates on loans and credit cards.
•    Member Focus: Decisions are made with the members' best interests in mind rather than corporate profit.
•    NCUA Insurance: Your deposits are federally insured up to at least $250,000, just like at a bank.
 

Absolutely. At UMCU, you can apply for membership and open a variety of accounts—including checking and savings—directly through our website. The process is secure, streamlined, and typically takes only a few minutes if you have your identification and funding information ready.

Yes, it is often possible. While we do review your financial history, credit unions are known for looking at the "whole person" rather than just a credit score. UMCU offers various account types, and even if you have had past financial challenges, we may have solutions or specialized accounts to help you rebuild your financial standing.

To become a member of UMCU, you typically start by opening a savings account with a minimum deposit of just $5.00. If you open your account online, we’ll cover the $5.00 deposit! This "share" represents your ownership stake in the credit union. 

To open a checking account, you must first be a member of UMCU. Membership is open to:

•    University of Michigan students, alumni, faculty, and staff (all campuses).
•    Immediate family members of current UMCU members.
•    Residents of Michigan’s Lower Peninsula 

Once you are a member, you simply need to provide a valid government-issued ID and meet standard account opening criteria.
 

UMCU is proud to offer checking options that make it easy to avoid fees! Requirements to waive fees depend on the specific account type:

• Go Blue™ Checking: Our standard checking account has $0 monthly service fees and no minimum balance or deposit requirements.
• Interest Checking: Our interest-bearing account fees can typically be waived by maintaining a minimum balance of $500.
• Student Accounts: Our student-focused accounts feature no monthly fees and no minimum balance requirements to help students manage their money easily.