Earn rewards for smart money management.
Qualify for loan discounts and competitive CD rates.
Eliminate fees
Decrease your loan rates
Earn additional savings
A rewarding membership experience
A Michigan First membership is designed to benefit you through programs like MoneyPerks. We award points to members that make timely loan payments, use direct deposit, and sign up to receive e-statements. Earn additional points by referring a friend or family member to us.
How to Earn Points
- One point per month per $1 interest you pay on loans
- One point per month per $1 in dividends you earn on savings
- 50 points per month for using e-statements
- 50 points per month for using direct deposit of $500 – $999
- 100 points per month for using direct deposit of $1,000 or more
- 1,000 points for you each time you refer friends or family1
- 500 points for your referred friend or family member1
- If you have a First Gear account, you earn double points on e-statements and direct deposit usage
Rewards
- Lower your loan rate up to 0.75%2
- Raise your CD rate up to 0.50%
- Waive a service fee
After saving points, you choose how to redeem them. Here’s a breakdown:
| CERTIFICATE YIELDS | POINTS NEEDED |
|---|---|
| +.25% bump | 7,500 per CD |
| +.50% bump | 10,000 per CD |
| LOAN RATE DISCOUNTS* | POINTS NEEDED |
|---|---|
| -.25% | 7,500 per loan |
| -.50% | 10,000 per loan |
| -.75% | 15,000 per loan |
| WAIVE FEES | POINTS NEEDED |
|---|---|
| Account history (at branch) | 1,000 |
| Account/loan number change (member’s request) (lost/stolen) | 6,000 |
| Card replacement (ATM/Debit/Credit) (lost/stolen) | 3,000 |
| Cash withdrawal (service center) | 900 |
| Check copy | 1,000 |
| Purchase checks (one standard box) | 3,000 |
| Credit card overnight delivery fee | 6,000 |
| Extension agreement | 5,000 |
| ID Safe Choice | 5,000 |
| Minimum balance fee | 800 |
| MoneyNow® (ATM/Teller/Zelle®) | 3,800 |
| MoneyNow® (Debit/ACH/Check) | 2,500 |
| Money order | 800 |
| Non CO-OP ATM fee | 700 |
| Non-sufficient funds (overdraft or loan payment) | 4,000 |
| Official check | 800 |
| Official check copy | 1,000 |
| Official check stop payment | 4,000 |
| Overdraft transfer from savings | 900 |
| Personalized card (when available) | 2,000 |
| PIN re-order | 500 |
| Return ACH | 4,000 |
| Safe deposit box 3×5 (annual fee) | 5,000 |
| Safe deposit box 3×10 (annual fee) | 7,000 |
| Safe deposit box 5×10 (annual fee) | 12,000 |
| Safe deposit box 10×10 (annual fee) | 17,000 |
| Sales draft copy | 1,000 |
| Statement copy | 1,200 |
| Stop payment | 4,000 |
| Skip-A-Pay (most eligible loans) | 5,000 |
| Skip-A-Pay (home equity loans) | 7,000 |
| Telephone transfer within account | 250 |
| Undeliverable/returned mail | 1,000 |
| Wire transfer – outgoing (domestic) | 3,000 |
| Wire transfer – outgoing (international) | 6,000 |
Michigan First is a full-service credit union with branches that are easily accessible around Metro Detroit, Grand Rapids and mid-Michigan.
MoneyPerks® Points redemption values effective as of 3/30/2020
*Rate discounts cannot be applied to Mortgages, Overdraft Loans, Lines-of-Credit, Home Equity Lines-of-Credit or Credit Cards, and cannot be combined with other offers. Maximum loan rate discount is 0.75% (new loans only). Maximum CD yield bump is 0.50% (new CDs only). Subject to credit approval. Cannot redeem points for late fees. Must be a member in good standing to redeem. For details, please contact the Credit Union. Michigan First Credit Union reserves the right to change or cancel the program at any time. MoneyPerks® Points have no direct cash value. Fees and points are subject to change.
1 To be eligible, current member must be in good standing, and new members over the age of 18 must open a checking account with direct deposit of $500 or more per month. First Gear Account Holders will receive double points for e-Statements and direct deposit. Direct deposit must begin within 90 days of account opening. Points will be credited to accounts within 30 business days after the direct deposit begins. New members under the age of 18 must open a savings account with $100 minimum balance. Friends must meet membership requirements – visit MichiganFirst.com for details. Rate discounts cannot be applied to Mortgages, Overdraft Loans, Lines-of-Credit, Home Equity Lines-of-Credit or Credit cards, and cannot be combined with other offers. Maximum loan rate discount is 0.75% (new loans only). Maximum CD yield bump is 0.50% (new CDs only). Subject to credit approval. Cannot redeem points for late fees. Must be a member in good standing to redeem. For details, please contact the Credit Union. Michigan First Credit Union reserves the right to change or cancel the program at any time. MoneyPerks® Points have no direct cash value. Fees and points are subject to change.
2 Rates and yields listed on this page are examples only, and do not necessarily reflect current credit union rates or yields. Savings and earnings are examples, and will vary based on balance, rate, terms and portfolio. For rates, yields and payment details, please contact the credit union. APY = Annual Percentage Yield. APR = Annual Percentage Rate. APR is based on credit score. The better the credit, the better the rate. Home equity loan example is based on a 15 year closed end home equity loan. Michigan First Credit Union reserves the right to change or cancel the program at any time. See the credit union for details on all offers. MoneyPerks® Points have no direct cash value.
