My Credit Union Review + Important Info
My Credit Union is a Minnesota CU that I’ll be looking at today. You could consider working with them depending on where you live in MN. We’ll get to eligibility along with discussing how they got started, what they offer, and how they give back.
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Routing Number: *291075459
A Quick History
This credit union hasn’t been around for as long as some of the others out there, but, it still has a rich history. According to their website, it was originally called Richfield Bloomington Credit Union and started in 1957.
As is the case with most of these financial institutions, MCU was formed by a group of employees – in this case, teachers and educators. They have steadily grown over the years to accept members from a few counties in Minnesota.
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Membership At My Credit Union
If you want to become a member there, you need to either live, work, worship, volunteer, or go to school in three MN counties. Those are Hennepin, Dakota, and Scott County. That makes it a little bit more exclusive than other credit unions in Minnesota. Immediate family members who belong there can also get you in.
I like the limited boundaries. Frankly, a lot of CU’s are so wide open for membership that they sort of lose the local feel. You definitely get a more local experience with My Credit Union. Their logo also vaguely reminds me of Cub Foods’ logo, another local place there.
You can find typical financial products at this credit union. That includes personal ones, like checking, savings, and debit/credit/ATM cards.
If you own a business, they also have checking and savings account services for those, too. Additionally, they can offer you retirement planning services, like IRAs and Certificates.
They also have a number of loan products that you can choose from. In the personal arena, those include Auto/RV, Real Estate Loans, Mortgages, and credit cards (as I just mentioned).
Your business loans will consist of real estate loans, term loans, lines of credit, short-term notes, and SBA Business loans.
My Credit Union Services
My Credit Union offers the standard competitive services you’ll find with other CU’s or banks. Those include things like online and mobile banking, mobile wallet, bill payment, and e-statements.
Their mobile pay allows you to use either Google, Apple, or Samsung pay. I would be blown away if you didn’t have at least one account with one of those companies already. Let’s dig a bit more into some of their personal offerings.
My Credit Union Checking Account
Instead of having multiple checking accounts, they focus on offering you one really solid option. In order to open a checking account here, you just need to make an initial $25 deposit. After that, there’s no minimum balance required.
They have almost 30,000 surcharge-free ATMs through their CO-OP network. That means you would probably always have access to cash in all 50 states somewhere. You get a free debit card with the account, too.
There’s unlimited check writing and free bill payment service through your online account. Maybe the most important thing of all, you earn monthly dividends on the days that your account balance is over $500.
The only thing that I was hoping I’d find but didn’t were the current dividend rates. They aren’t on the main page for the checking account.
When it comes to savings, they have more ways than one. You can choose from their membership share account, share savings, money market share savings accounts, share certificates, individual retirement accounts, and Coverdell education savings account.
In order to become a member here, you need to open a Membership Share Account. That requires a $25 opening deposit, which makes you a part-owner of My Credit Union. The current dividend rate as of this writing for membership share was .05%.
I was actually able to find the checking dividend rate on the same page – it’s .01% as of this writing.
My Credit Union – Final Thoughts
This is a good looking local credit union for folks in the Hennepin, Dakota, and Scott county areas. You can get a real local experience with awesome benefits like nationwide ATM availability and dividends.
My Credit Union currently has 23,660 members as of this writing. Their $27,524 in community donations plus nearly 20,000 hours of staff volunteer time affirm their commitment to serve and give back. You will feel at home with these folks.
*All information in this article was current at the time of this writing, however, it could change without notice. We do our best to keep these updated, however, there is no guarantee you will find the same information on the CU’s website or at the time of opening an account with them.
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