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Overview / Commentary
617-253-2845
700 Technology Sq
Cambridge, MA 02139-3557

Mass. Institute Of Tech. Credit Union is headquartered in Cambridge and is the 26th largest credit union in the state of Massachusetts. It is also the 541st largest credit union in the nation. It was established in 1940 and as of March of 2014, it had grown to 74 employees and 30,667 members. Mass. Institute Of Tech. Credit Union has a B health rating.

Field of Membership Restrictions

Must be an employee at the MIT Campus, MIT Lincoln Laboratory, Charles Stark Draper Laboratory, Whitehead Institute, The Broad Institute or Bright Horizons Children's Center. - See Details

Reviews (1)

MITFCU Review

The MIT Federal Credit Union is a good but not great banking institution. They do offer mobile banking but it takes a while to get used to. Basically it works but it's not that good. The mobile app is horrible and barely-functioning. In person they are friendly enough but not super nice. They'll answer your questions but don't seem too happy. I've been at banks that have been far more pleasant. Fees are decent and they refund like $8 a month of ATM fees. I wish this was unlimited though and there marketing material implies it is, which is very deceptive.



Health

Data for Q1 2014

Institution Health

B

Texas Ratio

GRADE:
B+

The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Mass. Institute Of Tech. Credit Union had $4.25 million in non-current loans and owned real-estate with $30.79 million in equity and loan loss allowances on hand to cover it. This gives Mass. Institute Of Tech. Credit Union a Texas Ratio of 13.81% which is above average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.

Texas Ratio Trend

GRADE:
C-

The Texas Ratio for Mass. Institute Of Tech. Credit Union increased slightly from 8.66% as of March 31, 2013 to 13.81% as of March 31, 2014, resulting in a negative change of 59.40%. This indicates that the balance sheet and financial strength for Mass. Institute Of Tech. Credit Union has declined slightly in recent periods.

Deposit Growth

GRADE:
A+

In the past year, Mass. Institute Of Tech. Credit Union has increased its total deposits by $28.12 million, resulting in 8.13% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Mass. Institute Of Tech. Credit Union has shown is excellent.

Capitalization

GRADE:
C-

Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Mass. Institute Of Tech. Credit Union has $405.27 million in assets with $30.79 million in equity, resulting in a capitalization level of 7.60%, which is below average.

Institution Statistics

Overall
NCUA #3830
Year Chartered1940
Employees74
Primary Regulator
Assets and Liabilities
Assets$405.27 million
Loans$292.62 million
Deposits$373.73 million
Equity Capital$29.64 million
Loan Loss Allowance$1.15 million
Unbacked Noncurrent Loans$4.25 million
Real Estate Owned$0
Historic Data - March 2013
Assets$375.71 million
Equity Capital$27.89 million
Loan Loss Allowance$1.44 million
Unbacked Noncurrent Loans$4.25 million
Real Estate Owned$0
Profit Margin - Quarterly
Net Interest Margin1.02%
Return on Assets0.42%
Return on Equity5.79%
Interest Income$3.44 million
Rates

Always verify rates and promotions with the bank or credit union. We are not Mass. Institute Of Tech. Credit Union, we are a rate comparison website and can not provide official rates or promotions.

Mass. Institute Of Tech. Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.35%$25k-Select Savings Account
0.25%$100-IRA Savings
0.25%$100-Roth IRA Savings
0.10%$100-Savings Account
0.10%--Holiday Club Accounts
0.10%--Vacation Club Accounts

Mass. Institute Of Tech. Credit Union Money Market Rates

DetailsAPYMINMAXPRODUCT
0.30%$50k-Money Market Account

Mass. Institute Of Tech. Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.30%$100k-Select Checking
0.05%$2,500-Plus Checking

Mass. Institute Of Tech. Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
1.75%$50k-60 Month Jumbo Smart Money Rewards CD
1.60%$500-60 Month Smart Money Rewards CD
1.55%$50k-48 Month Jumbo Smart Money Rewards CD
1.50%$50k-60 Jumbo Month CD
1.40%$50k-36 Month Jumbo Smart Money Rewards CD
1.40%$500-48 Month Smart Money Rewards CD
1.35%$500-60 Month CD
1.30%$50k-48 Jumbo Month CD
1.25%$500-36 Month Smart Money Rewards CD
1.20%$50k-28 Month Smart Money Rewards Jumbo Jump-Up CD
1.15%$500-48 Month CD
1.15%$50k-36 Month Jumbo CD
1.10%$50k-24 Month Jumbo Smart Money Rewards CD
1.05%$500-28 Month Smart Money Rewards Jump-Up CD
1.00%$500-36 Month CD
0.95%$50k-28 Month Jumbo Jump-Up CD
0.95%$50k-18 Month Jumbo Smart Money Rewards CD
0.95%$500-24 Month Smart Money Rewards CD
0.85%$50k-24 Month Jumbo CD
0.85%$50k-16 Month Smart Money Rewards Jumbo Jump-Up CD
0.80%$500-28 Month Jump-Up CD
0.80%$50k-12 Month Jumbo Smart Money Rewards CD
0.80%$500-18 Month Smart Money Rewards CD
0.70%$500-24 Month CD
0.70%$50k-18 Month Jumbo CD
0.70%$500-16 Month Smart Money Rewards Jump-Up CD
0.65%$500-12 Month Smart Money Rewards CD
0.60%$50k-16 Month Jumbo Jump-Up CD
0.55%$500-18 Month CD
0.55%$50k-12 Month Jumbo CD
0.45%$500-16 Month Jump-Up CD
0.40%$500-12 Month CD

Mass. Institute Of Tech. Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
2.00%$50k-60 Month Jumbo Smart Money Rewards Jumbo IRA
1.85%$500-60 Month Smart Money Rewards IRA
1.80%$50k-48 Month Jumbo Smart Money Rewards IRA
1.75%$50k-60 Month Jumbo IRA
1.65%$50k-36 Month Jumbo Smart Money Rewards IRA
1.65%$500-48 Month Smart Money Rewards IRA
1.60%$500-60 Month IRA
1.55%$50k-48 Month Jumbo IRA
1.50%$500-36 Month Smart Money Rewards IRA
1.45%$500-28 Month Smart Money Rewards Jump-Up IRA
1.40%$500-48 Month IRA
1.40%$50k-36 Month Jumbo IRA
1.35%$50k-24 Month Jumbo Smart Money Rewards IRA
1.30%$50k-28 Month Smart Money Rewards Jumbo Jump-Up IRA
1.25%$500-36 Month IRA
1.20%$50k-28 Month Jumbo Jump-Up IRA
1.20%$50k-18 Month Jumbo Smart Money Rewards IRA
1.20%$500-24 Month Smart Money Rewards IRA
1.10%$50k-24 Month Jumbo IRA
1.10%$500-16 Month Smart Money Rewards Jump-Up IRA
1.05%$500-28 Month IRA Jump-Up IRA
1.05%$50k-12 Month Jumbo Smart Money Rewards IRA
1.05%$500-18 Month Smart Money Rewards IRA
0.95%$500-24 Month IRA
0.95%$50k-18 Month Jumbo IRA
0.95%$50k-16 Month Smart Money Rewards Jumbo Jump-Up IRA
0.90%$500-12 Month Smart Money Rewards IRA
0.85%$50k-16 Month Jumbo Jump-Up IRA
0.80%$500-18 Month IRA
0.80%$50k-12 Month Jumbo IRA
0.70%$500-16 Month IRA Jump-Up IRA
0.65%$500-12 Month IRA
Locations


Mass. Institute Of Tech. Credit Union Locations
Branch Office700 Technology SqCambridge, MA 02139-3557
Branch Office244 Wood St # LINA-100Lexington, MA 02421-6426
Branch Office84 Massachusetts AveCambridge, MA 021394300