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What’s a credit union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It’s member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
Who owns a credit union?
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. That’s not how credit unions roll. Rather, each credit union member owns one “share” of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary’s Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
What is the purpose of a credit union?
The primary purpose in furthering their goal of service is to encourage members to save money. Another purpose is to offer loans to members. In fact, credit unions have traditionally made loans to people of ordinary means. Credit unions can charge lower rates for loans (as well as pay higher dividends on savings) because they’re not-for-profit cooperatives. Rather than paying profits to stockholders, credit unions return earnings to members in the form of dividends or improved services.
Are savings deposits insured?
Yes. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
Who can join a credit union?

Typically a credit union exists to serve a specific group of people, such as people who live in a specific geographic location, a group of employees or the members of a professional or religious group. This is called a “field of membership.” The field of membership may include where they live, where they work, or their membership in a social or economic group. We serve theentire state of Michigan.

I live outside of Allegan County - can I become a member?

Great news! Now anyone who lives, works, worships, or attends school in the state of Michigan can become a member of Allegan Credit Union! 

As of May 1st, 2022, we became a State Charted Credit Union, which will allow us to serve the entire state of Michigan! This conversion will open many new doors for Allegan Credit Union and its member base, as it allows us the ability to offer our great rates and fantastic service to a much wider population.

Our members will experience very few changes with this conversion. There will be no changes to account numbers or Allegan Credit Union’s routing number. Your deposits will also continue to be federally insured up to at least $250,000 by the National Credit Union Administration.

Our members will see one minor update to our name - previously, we were known as Allegan Community Federal Credit Union; however, going forward, we will simply be Allegan Credit Union. 

If you have questions regarding this exciting change, feel free to give us a call at 269.673.5465.

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Routing # 272476349

Call/Text: 269.673.5465
CU•Talk: 1.800.860.5704 (CU ID: 131)
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