The Oakland University Credit Union (OUCU) will open its doors in the Oakland Center Aug. 31.

The new credit union was originally planned to open in early 2014, but it will be in operation just eight days after Credit Union ONE closes Aug. 23.  

OUCU is part of the Michigan State University Federal Credit Union (MSUFCU), which is the world’s largest university-based credit union, according to its website.

In a press release, OUCU announced that it “is making nearly $5 million in financial contributions to an endowed scholarship; the Dean’s Choice Grant Program, a variety of signature sponsorships and in-kind marketing.”

Students will be able to use three surcharge-free ATMs on campus.

“We are excited to be back on campus as the OUCU serving the financial needs of the Oakland University faculty, staff and students,” said MSUFCU President and CEO Patrick McPharlin.

“Everyone is looking forward to our opening day on August 31 and being a part of the campus community through our support of scholarships, events and financial education programs.”