Home
Contents
Explore
Search

Straits Area Credit Union

Overview
Back to Top

Straits Area Credit Union is a federal credit union based in Cheboygan, Michigan. It has been opened since 1951, for 69 years.

With around $88,050,000 in assets, Straits Area Credit Union is considered to be a large credit union. It has 3 branches and 3 ATM locations.

About
Address Po Box 367
Cheboygan, Michigan 49721
Website http://www.mi-safcu.org
Phone (231) 627-3145
Fax (231) 627-2046
CEO Cindy Harrison
President of the Board Harold Borowicz
Services Offered
Map
Back to Top
Score Card
Back to Top
69 years
Years in business
Opened in 1951
Well Capitalized
Net worth classification
Source: NCUA
12,942 members
Membership type: Community credit union
Above average number of members
355:1
Credit union member to staff ratio
355 per each FTE employee
Compared to 411:1 nationally
Average number of staff
$88,054,063
Total assets
Above average
3 branches
Compared with an average of 4 nationally and 4 in Michigan
Above average number of branches
0.25%
Savings interest rate
Compared to 0.3% nationally
9.90%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
Branches
Back to Top
3 branches
Compared with an average of 4 nationally and 4 in Michigan
Above average number of branches
Straits Area Credit Union Branch Locations

Straits Area Credit Union: Branch Office
121 E. Central Avenue
Mackinaw City, Michigan 49701
ATM Available
Straits Area Credit Union: Branch Office
6090 M. 68 Highway
Indian River, Michigan 49749
ATM Available
Straits Area Credit Union: Cu Answers
6000 28th Street SE
Grand Rapids, Michigan 49546
No ATM
Straits Area Credit Union: Main Office
201 Locust Street
Cheboygan, Michigan 49721
ATM Available
Members
Back to Top
12,942 members
Membership type: Community credit union
Above average number of members

With 12,942 members, the Straits Area Credit Union is considered to be a large credit union. It is larger than 75% of credit unions.

Fees
Back to Top
$65
Average fee per member
The average fee per member at the Straits Area Credit Union is $65, which is high compared to most credit unions. This rate is higher than 63% of all credit unions.
Fees are higher than average

Credit unions, like banks, charge members various fees, such as overdraft fees, ATM fees, credit card fees, inactivity or dormat account fees, and more.

The average fee per member gives you a general sense of how much you might pay in fees as a member of the Straits Area Credit Union. Some credit unions tend to charge more fees, while others charge less.

Staff
Back to Top
355:1
Credit union member to staff ratio
355 per each FTE employee
Compared to 411:1 nationally
Average number of staff
36 staff members
FTE (full-time equivalent)
3% of employees are part-time
36 full-time, 1 part-time

Straits Area Credit Union has 36 full-time staff members and 1 part-time staff members. The staff is predominantly comprised of full-time staff, at approximately 97% of the workforce.

The number of members relative to staff members is an indication of how well staffed the credit union is. Straits Area Credit Union has around 355 members per staff, an average ratio compared to other credit unions. This is a somewhat well staffed credit union.

Assets
Back to Top
$88,054,063
Total assets
Above average
Net worth
Back to Top
Well Capitalized
Net worth classification
Source: NCUA
A well capitalized credit union has a net worth ratio of 7% or greater and also meets applicable risk-based net worth requirements, according to the National Credit Union Administration.
9.6%
Net worth ratio
A higher net worth ratio is better.
Compared to an average of 13.6% nationally

A credit union's net worth ratio is one of the most important metrics you should consider when deciding whether to join a credit union. Why? It's a measure of financial strength

The net worth ratio is equal to a credit union's net worth divided by its assets. According to the National Credit Union Administration, a minimum net worth ratio of 7% is required to be considered to be a well capitalized credit union.

Loans & leases
Back to Top
$5,540
Average loan and lease size
Loan & lease sizes are very small. They are smaller than at 88% of credit unions.

Straits Area Credit Union holds a total of $41,700,000 in loans and leases, which is about $5,540 per member on average.

Savings interest rate
Back to Top
0.25%
Savings interest rate
Compared to 0.3% nationally

A credit union share account is an account at a credit union. It's called a share account because the credit union is member owned and as a result, members own shares in the credit union.

A share savings account pays you interest on your savings, similar to a savings account at a bank. The interest you receive can vary. Straits Area Credit Union pays 0.25%.

Loan rates
Back to Top
9.90%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
10.95%
Unsecured non-credit card loan interest rate
Compared to 11.2% nationally
8.95%
Other secured non-real estate loans and lines of credit interest rate
Compared to 5.3% nationally
Car loan rates
Back to Top
2.99%
New car loan rate
Compared to 4.0% nationally
4.45%
Used car loan rate
Compared to 5.2% nationally
Mortgage rates
Back to Top
4.75%
Mortgage rate (secured by junior lien)
Compared to 3.4% nationally
5.50%
Mortgage rate (secured by 1st lien)
Compared to 3.3% nationally
Greater Niles Community Credit Union
Location
Niles, Michigan
Members
4,883
Assets
Net Worth Classification
Well Capitalized
Average Fee
Credit Card Loan Interest Rate
8.54%
Read More
Traverse Catholic Credit Union
Location
Traverse City, Michigan
Members
7,744
Assets
Net Worth Classification
Well Capitalized
Average Fee
Credit Card Loan Interest Rate
8.90%
Read More
Tlc Community Credit Union
Location
Adrian, Michigan
Members
50,698
Assets
Net Worth Classification
Well Capitalized
Average Fee
Credit Card Loan Interest Rate
9.99%
Read More
Gr Consumers Credit Union
Location
Wyoming, Michigan
Members
3,428
Assets
Net Worth Classification
Well Capitalized
Average Fee
Credit Card Loan Interest Rate
10.90%
Read More
Birmingham-Bloomfield Credit Union
Location
Birmingham, Michigan
Members
5,295
Assets
Net Worth Classification
Well Capitalized
Average Fee
Credit Card Loan Interest Rate
8.46%
Read More
North Central Area Credit Union
Location
Houghton Lake, Michigan
Members
16,577
Assets
Net Worth Classification
Well Capitalized
Average Fee
Credit Card Loan Interest Rate
12.90%
Read More