In the News

Media Contact: Barbara Fornasiero; EAFocus Communications; barbara@eafocus.com; 248.260.8466

Wyandotte, Mich. —April 1, 2026 – One of the goals of April’s Financial Literacy Month is education, providing information on personal finance tools, terms and strategies that help people of all ages confidently make smart decisions about their money. Michigan Legacy Credit Union (MLCU), serving members throughout Michigan via local branches and virtual banking platforms, offers a variety of community-focused education programs to the public. Carma Peters, MLCU President and CEO, said and one of the greatest barriers to financial literacy is the vast vocabulary of financial terms.

“Financial information can be so intimidating, especially when acronyms are tossed around as if everyone understands them,” Peters said. “That can lead to financial illiteracy because people are afraid to admit they don’t understand some of the basics of saving and borrowing money. There are several key words like credit, interest rate and varying kinds of savings accounts, that – when understood – can build up financial literacy at any age.”

9 words and phrases for increasing financial literacy

1. Credit Score – The number that determines whether an individual is a good financial risk based on their patterns of borrowing, repayment and general use of credit. The three key agencies that determine a credit score are Equifax, Experian and TransUnion. A solid credit score range is 670 to 739. Especially important to know is that the interest rate a lender charges for a loan is typically higher for lower credit scores – a key reason to strive for having a good credit score. A FICO® score is a particular type of credit score and is the most commonly referred to credit score. Credit score is related to terms such as an individual being “credit worthy” (a good risk for a loan) and a “credit risk” (the individual may have difficulty repaying a loan.)
2. Interest Rate –The amount of money, typically a percentage, you will pay when borrowing money, whether it be for a car loan, a home mortgage, to carry a balance on a credit card, or another purpose. Interest is the cost of borrowing money from a lender, which could be a credit union, bank, payday lender, or another lending organization or individual.
3. Compounded Interest – The best kind of interest for growing your money! Compounded interest includes interest that is earned as the principal amount (the initial investment) grows. For example, if the interest rate is 5% on $100, the compounded interest rate would continue to build exponentially on $105, etc. So, the interest is not calculated on the initial amount, but on the amount as it grows.
4. APY – The Annual Percentage Yield (APY) is the total amount of interest earned on a savings vehicle in one year and includes compounded interest. The higher the APY, the better the return for the investor. Note the opposite of this, and what you’ll see on a credit card is APR – Annual Percentage Rate. This is typically high on credit cards, and the rate indicates how much interest the borrower will pay to the lender when they are carrying a balance.
5. High Yield Savings Account (HYSA) – Similar to a savings account, but with a significantly higher interest rate that can change daily. There are generally no limitations on how long the money must remain in the account. HYSA’s are FDIC insured and are good for creating an emergency account or money that may need to be accessed quickly.
6. Money Market Account – A money market account typically offers a higher interest rate than a traditional savings account, but lower interest than a CD. While a minimum deposit is required (e.g. $500) there is no penalty for withdrawal. Money market accounts also allow access through a checking account or debit card tied to the account and may actually require that the card or checks be at least minimally used. Make sure you read the terms to earn the higher rate.
7. Certificate of Deposit – Commonly known as a CD, a certificate of deposit offers a higher interest rate than a regular savings account in return for committing to keeping your money in the CD for a defined period of time, often starting at six months. Early withdrawal of the money results in a financial penalty that likely negates the value of having the CD in the first place. If you need money in the near-term, a CD is not a good option; rather, look to put your money in a traditional savings account. The interest rate is generally low, but the money can be accessed at any time without penalty.
8. NCUA insured – The National Credit Union Association’s Share Insurance Fund insures individual accounts at federally insured credit unions up to $250,000, and a member’s interest in all joint accounts combined is insured up to $250,000. The Share Insurance Fund also separately protects IRA and KEOGH retirement accounts up to $250,000. The fund is administered by the NCUA and is backed by the full faith and credit of the United States.
9. FDIC insured – The Federal Deposit Insurance Corporation ensures that the money placed in almost any type of traditional financial institution savings account will be insured up to $250,000 per depositor. Non-traditional investments such as stock market investing are not FDIC insured, meaning there is a very real risk that some or all of the money could be lost, with no recourse for getting the funds back.

“Understanding everyday financial language makes people smarter and better informed about their money. And while the term ‘financial discipline’ is not a commonly used term on the list, it should be a commonly used practice,” Peters added. “Achieving financial stability requires discipline, education and establishing good budgeting, spending, borrowing and saving practices. Financial Literacy Month is a good time to start!

About Michigan Legacy Credit Union

Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.

Media Contact: Barbara Fornasiero; EAFocus Communications; barbara@eafocus.com; 248.260.8466

Wyandotte, Mich. — March 2, 2026 – Carma Peters, president and CEO of Michigan Legacy Credit Union, a not-for-profit financial cooperative serving members throughout Michigan via local branches and online-virtual banking platforms, is pleased to announce the credit union has made a $50,000 donation to the Rotary Club of Wyandotte, a 501(c)(3) charitable organization. The donation will facilitate the Rotary Club of Wyandotte’s support of two established, highly attended, months-long event series, Sunday Socials and Friday Movie Nights, and will allow Michigan Legacy Credit Union to continue to be the presenting sponsor of Sunday Socials as it has done since 2024, while adding new financial support for 3^rd Friday Night Movie Nights.

Sunday Socials and 3^rd Friday Movie Nights deliver consistent, family-friendly entertainment in the heart of downtown Wyandotte from late spring through early fall, and are hosted by the Wyandotte Downtown Development Authority. The events are consistent with the Rotary Club of Wyandotte’s mission, notably to support families, organizations and the growth of the Wyandotte and Downriver area, and also address one of the seven cooperative principals of credit unions – concern for community.

“The Rotary Club of Wyandotte is a dynamic member of the Wyandotte community, strengthening community bonds through activities that bring families together and contribute to building meaningful community ties,” Peters said. “Through Michigan Legacy’s work and previous support of the Rotary Club of Wyandotte, we have witnessed their wise stewardship of donations like ours and we make this new donation in support of Sunday Socials and Friday Night Movie Nights with gratitude and confidence in its positive impact on Wyandotte and the greater Downriver area.”

The announcement on the Rotary Club of Wyandotte donation follows Michigan Legacy’s recent wrap up of an intensive children’s financial literacy program with the Detroit-based nonprofit, The Konnection, and the January 2026 announcement that MLCU’s patronage 365 dividends, also known as patronage refunds, totaled $319,275.00, via waived fees, to its 20,000+ members in 2025.

In addition to the Patronage 365 fee waivers, Michigan Legacy Credit Union’s total donations and sponsorships in 2025 was $55,055.72: $13,596.00 in Sponsorships and $41,459.72 in donations.

About Michigan Legacy Credit Union

Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.

Media Contact: Barbara Fornasiero; EAFocus Communications; barbara@eafocus.com; 248.260.8466

Wyandotte, Mich. — January 28, 2026 – Carma Peters, president and CEO of Michigan Legacy Credit Union, a not-for-profit financial cooperative serving members throughout Michigan via local branches and online-virtual banking platforms, is pleased to announce the credit union’s Patronage 365 dividend totals for 2025.

Patronage dividends, also known as patronage refunds, are refunded payments to credit union financial cooperative members. According to Peters, Michigan Legacy opts to distribute its patronage dividends back to its members every day of the year in fee waivers (hence, ‘Patronage 365’), based on the members’ participation with the credit union. The dividend increases as members increase their financial transaction activity.

“Our staff educate members by informing them that the more they use their credit union, the less they pay in fees,” Peters said. “In 2025, Michigan Legacy waived a total of $319,275.00 in fees to members via patronage dividends – a number equal to 34% of Michigan Legacy Credit Union’s 2025 income, and one that reflects our role as a true financial cooperative.”

Patronage fee waivers include monthly maintenance fees and check cashing fees, among others.  Members accrue points each month which result in automatic fee waivers after a designated threshold.  Michigan Legacy is currently working with core processor CU*Answers, a Credit Union Service Organization (CUSO), to enhance its members’ ability to track the incurred and waived fees on their statements and mobile/app-based banking, making the information more transparent.

In addition to the Patronage 365 fee waivers, Michigan Legacy Credit Union’s total donations and sponsorships in 2025 was $55,055.72: $13,596.00 in Sponsorships and $41,459.72 in donations. MLCU supported numerous charitable causes in 2025, including Detroit-based The Konnection, Wyandotte Rotary, Detroit Thanksgiving, Celebrate MiLife and Corewell Health Children’s in Southeast Michigan.

“It’s an honor for me to represent the more than 20,000 generous Michigan Legacy Credit Union members who are also always willing to give of their funds to help the less fortunate in our communities,” Peters said. “I also commend our 68 employees who gave their time, talents and resources over the past year to support the communities our credit union serves.”

About Michigan Legacy Credit Union

Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: www.michiganlegacycu.org.