With Education in Its DNA, This Credit Union Celebrates 70 Years of Prioritizing Financial Wellness

In a Nutshell: Credit unions can be a consumer’s best friend when they offer innovative products and robust educational resources. With a history steeped in education, Michigan Schools & Government Credit Union provides financial education to help members develop financial skills that can last a lifetime. The credit union also offers credit cards that enable members to save money and earn rewards.

Among the many great things about living in the U.S. are all the incredible places you can visit without ever leaving the country. If you’re someone who loves to bask in the sun amid a tropical setting, book a trip to one of Hawaii’s beautiful beaches. If wintery escapades are more to your liking, check out one of the country’s renowned ski towns to recharge your batteries.

A downside to living in a country with so much to explore is that some destinations don’t get much publicity from social media influencers and travel websites, which means they can stay off our radar. Michigan is full of natural beauty and ample access to adventures on the Great Lakes. I didn’t really know what to expect the first time I traveled to Michigan, but the state’s charm ensured that wouldn’t be my last visit to the Wolverine State.

Michiganders have much more to be proud of than the state’s picturesque lake towns and abundance of forests. 

The state is also home to Michigan Schools & Government Credit Union (MSGCU), which provides products, resources, and services to benefit Michiganders of all ages. We recently engaged with the credit union to learn more about how it supports the communities it serves.

A small group of educators founded Michigan Schools & Government Credit Union in 1954. While some credit unions only serve people who work for a certain organization, that’s not the case with Michigan Schools & Government Credit Union. Those eligible for an MSGCU membership include people who reside, are employed, worship, or attend an educational institution in any county
within the state of Michigan.

“Education is a high priority for us at the credit union,” said Ann Jones, Vice President of Marketing and Business Development at MSGCU. “Since we were founded by teachers over 70 years ago, we’ve been dedicated to helping our members and enhancing the communities we serve through free financial education.” 

More than 150,000 members bank with Michigan Schools & Government Credit Union, and they can visit any of the credit union’s 22 branch offices in Macomb, Oakland, Washtenaw, and Wayne counties. Jones told us that MSGCU is insured by the National Credit Union Association, which means members can have peace of mind that their money is safe with the credit union.

Michigan Schools & Government Credit Union has racked up plenty of accolades over the years for its commitment to excellence in serving its membership.

“We’ve earned five stars, which is the highest rating possible, from Bauer Financial for more than 30 years, and we’ve been honored as a Top Workplace by the Detroit Free Press for the past 12 consecutive years,” Jones told us. “We’ve also earned an average 97% member satisfaction rating for more than 20 years.”

A friend and I were having a chat the other day about the most important inventions of the 1900s. I told her that credit cards have to rank near the top on any list of products that have changed the way we transact in modern times. People can take credit cards for granted sometimes, but the convenience they extend to consumers and businesses is undeniable.

Michigan Schools & Government Credit Union offers an array of credit cards to its members, which is what you’d expect from a credit union that is the sixth-largest in Michigan, boasting $3.9 billion in assets. Each card offers competitive interest rates. Best of all, Michigan Schools & Government Credit Union doesn’t charge an annual fee on its credit cards.

Philip Cooper, Chief Lending Officer at MSGCU, told us the company’s Titanium and Classic Visa Credit Cards offer fixed interest rates that are well below the national average. Michigan Schools & Government Credit Union doesn’t charge a fee for cash advances or balance transfers made with these cards.

“These cards are great options for cardholders who tend to carry a monthly balance since it can save them a lot of money on interest compared to cards with high interest rates,” Cooper told us.

Consumers who enjoy earning rewards on credit card purchases will appreciate the credit union’s Rewards Visa Credit Card, which turns everyday purchases into points that can be redeemed for brand-name merchandise, cash, gift cards, or travel experiences. The card offers a 1% foreign transaction fee and doesn’t charge for balance transfers or cash advances.

“The MSGCU Rewards Visa is the best fit for members who pay off their balances every month and like to reap the benefits that come from putting all their purchases on a rewards credit card,” Cooper told us.

Credit management wasn’t taught in school when I was growing up. In fact, the only time I heard the word “credit” used in school was in relation to optional assignments that allowed students to earn bonus points toward their grade.

Michigan Schools & Government Credit Union offers a credit card to student members so they can learn about credit in a tangible way.

“Our Youth Classic Visa Credit Card provides an opportunity for members ages 16 and 17 to learn how to use credit responsibility,” Cooper told us. “Young adults can open this card to start building a credit history with MSGCU. Then, when they are ready to buy their first car or need other lending options, they already have credit history established with us, and we can help them reach their financial goals.”

I listened to a motivational speaker give a presentation once about how you can improve little by little to become the best possible version of yourself. Not surprisingly, the speaker addressed the role setting goals can play in self-improvement. For goals to be effective motivators, they must be specific and attainable, the speaker said. 

If you set a goal to improve your credit standing, then turning to Michigan Schools & Government Credit Union for support in reaching that objective would be a wise move. The credit union offers actionable guidance that members can apply to their financial practices.

“We serve as the financial champion for our members, and we’re focused on promoting their financial success,” Jones told us. “We offer numerous ways to support members in improving their credit and overall financial well-being.”

Members can meet with Certified Credit Union Financial Counselors in MSGCU’s branch offices. The counselors provide one-on-one support to members, reviewing their finances to unearth tactics that can help them save money. The counselors also help members understand more about their credit.

If you want to improve your creditworthiness, it helps to keep tabs on your credit score. But consumers may wonder what causes their scores to fluctuate from one month to the next.

Michigan Schools & Government Credit Union offers a tool within its online and mobile banking offerings that provides a member with 24/7 access to their credit report and credit score. 

“We offer the tool, which is named Credit Score, for free,” Jones told us. “It’s something that can help members understand the key factors that impact their scores. The tool also suggests ways members can improve their score and presents personalized recommendations on how MSGCU can save them money.”

Your education doesn’t have to end when you graduate from high school or college. Learning as you grow older can bring you many benefits, including increasing your confidence.

Michigan Schools & Government Credit Union employs a team of education specialists who present free workshops that focus on improving member financial health. Members of the credit union and community members can attend the workshops in person, but they’re also offered virtually to allow attendees to learn from the comfort of their living room sofa.

A workshop centered on credit reports teaches attendees how to request their report and also covers how lenders and other organizations use your credit report. Another workshop lets members know how credit scores are calculated and steps they can take to improve their scores.

The credit union also offers a workshop for teens ages 16 and older to teach them how to properly manage checking and lending products. Jones told us that after completing the session, a teen can open a Michigan Schools & Government Credit Union checking account and — with parental approval — apply for the Youth Classic Visa Credit Card to begin establishing their credit.

In addition to conducting workshops, MSGCU employees visit local schools to provide in-classroom financial instruction and make presentations in workplaces to spread financial literacy. The credit union has earned awards for its financial education efforts, including a second place Alphonse Desjardins Adult Financial Education Award from CUNA for their workplace education.

The credit union also received the Alphonse Desjardins Youth Financial Education Award for My Virtual Academy, a 16-part educational session MSGCU designed to support the financial readiness goals of high school students.

Michigan Schools & Government Credit Union realizes that people learn in different ways. The credit union offers free, interactive education programs on its website. Jones told us that each of the lessons, which cover topics ranging from building a financial foundation to owning a home, can be completed in five minutes. 

The credit union posts articles about security and money matters on its blog to keep members updated on different ways they can use the credit union’s products and avoid financial scams.

“In the most recent year, more than 15,500 individuals have received financial education from us through our in-person and online learning environments,” Jones told us. 

The future is bright for Michigan Schools & Government Credit Union and its members. The credit union is planning to expand its branch network in the near future by opening its 23rd branch in Michigan. 

“We welcome everyone in Michigan to bank with us,” Jones told us. “MSGCU is proud to serve as the financial champion for our members, and we help them reach their goals by providing low to no fees and competitive rates on loans and deposits.”