MIT Federal Credit Union is headquartered in Lexington and is the 20th largest credit union in the state of Massachusetts. It is also the 562nd largest credit union in the nation. It was established in 1940 and as of June of 2023, it had grown to 87 employees and 34,653 members at 4 locations. MIT Federal Credit Union's savings rates are 6X the national average, and it has a B health rating.
Field of Membership Restrictions
Membership in MIT Federal Credit Union is open to employees, retirees, students, and alumni of MIT. Employees of Draper Laboratories, Lincoln Laboratories, Broad Institute, Whitehead Institute, Novartis, or Toyota Research Institute also qualify for membership.
See current membership details
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Great local bank!
The MIT Federal Credit Union is fantastic. Even though they don't have too many ATM's outside of Cambridge, they reimburse up to $5/month in ATM fees, which is helpful! It's very easy to transfer funds and set up electronic deposit with this bank. They have a great "Money Management" tool on their website that helps with tracking spending, creating and sticking to a personal financial budget. They also offer customers the ability to take pictures of checks using smartphones and deposit them into the account. The customer service is very personal and highly efficient. They are always friendly, helpful and patient. The only downside with this credit union is that you need to have an affiliation to the Massachusetts Institute of Technology (student, alumni, staff, family of staff, etc.) in order to open up an account with this bank. So, if you're lucky enough to open an account with MIT FCU, you definitely should take advantage of the opportunity!!
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.
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 3830 |
| Year Chartered | 1940 |
| Employees | 87 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.11% |
| Return on Equity - YTD | 15.6% |
| Annual Interest Income | $13.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $729.3MM$727.5MM |
| Loans | Q2 2023vs Q2 2022 | $617.1MM$550.8MM |
| Deposits | Q2 2023vs Q2 2022 | $640.4MM$675.1MM |
| Equity Capital | Q2 2023vs Q2 2022 | $52.0MM$46.2MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$6.8MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $3.5MM$3.3MM |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |