Mayo Employees Federal Credit Union

Overview / Commentary

www.mayocreditunion.org

507-535-1460

130 23rd Ave SW
Rochester, MN 55902

Mayo Employees Federal Credit Union is headquartered in Rochester and is the 8^th largest credit union in the state of Minnesota. It is also the 324^th largest credit union in the nation. It was established in 1934 and as of March of 2020, it had grown to 112 employees and 64,787 members at 9 locations. Mayo Employees Federal Credit Union's money market rates are 3X the national average, and it boasts an A+ health rating.

Field of Membership Restrictions

Mayo Employees Federal Credit Union is open to current and retired Mayo employees, volunteers of all Mayo affiliated entities, students of Mayo Clinic, and employees of other Select Employer Groups and their family.
See current membership details

Reviews (6)

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Stress Free Mortgage

Posted by: Mara Duering Drake | Dec 8, 2017

I can not tell people enough how wonderful our experience with MEFCU has been through our mortgage process! We asked for a really tight closing date to give us some time to move and they worked magic to make it happen for us. I know it wasn't really magic, it was all thanks to their very hard work and preparation!

I have been a member for many years, but for our first house we decided to go with a different lender because...well, now I can't really remember why. What I do remember was that the process was time consuming with reams of paper and needing to take time off for this and that. At MEFCU they were happy to let me do things electronic. They sent me an email with exactly what they needed and didn't keep asking for this and that and the other. And they were more that happy to answer my questions with very timely responses.

I would recommend them to anyone looking for a mortgage!

Comment

Proud Member

Posted by: KaitlinB | Feb 4, 2015

I do all of my banking with the credit union online and I’ve never had any issues. I’ve been a member for over a year and even applying online was very quick and easy. There are so many products and services available to me and staff are more than willing to answer any questions I may have. I’ve banked at other establishments and have never received the quality of customer service I receive banking here.

Comment

Great Customer Service

Posted by: Megan | Feb 4, 2015

I have been a member for a few years and any time I am in the credit union I am greeted with a smile and a friendly face. While looking into various loan options all of my questions were answered and the application process was easy. I am proud to be a member and appreciate the many options available to me!

Comment

Happy Doing Buisness Here.

Posted by: Anonymous | Mar 26, 2011

Easiest bank in town to do business with. Getting a car loan took literally 5 minutes, and the loan officer followed up with me twice to ensure everything was going well. Since that experience, I have moved all of my accounts there and have been happier with MEFCU than was with my previous bank, who gave me "private banking." Nice iPhone App too!

Comment

Mostly good

Posted by: FormerMCbanker | Oct 14, 2014

I was a customer of the Mayo Clinic Credit Union for a few years. They were a good bank for the most part. The only thing I didn't enjoy was trying to go through them for a home loan. They didn't seem to have a clue what was going on and would lose paper work and blame me for it.
As for the bank itself. No unreasonable fees, the tellers are nice and the rates are very competitive. The online banking and mobile banking were garbage but I'm sure they've fixed those problems by now.

Comment

Extremely Dissatisfied

Posted by: Suz | May 31, 2019

I had an account set up when I was growing up to keep my earnings from babysitting safely stored. I recently was updating my account and found that I had been charged 50$ in fees over the course of 2 years! I went through the email that was tied to the account and did not find any messages informing me of the fee! This fee completely negated any interest my account gained over the 10 years I used this credit union. I would not recommend this institution!

Comment

Health

A+

Data as of Q1 2020

Learn why bank health matters

Health Grade Components

Overall
NCUA #	24748
Year Chartered	1934
Employees	112
Primary Regulator

Profit Margin
Return on Assets - YTD	1.07%
Return on Equity - YTD	8.48%
Annual Interest Income	$7.7MM

Assets and Liabilities
Assets	Q1 2020vs Q1 2019	$1.07B$978.0MM
Loans	Q1 2020vs Q1 2019	$559.9MM$501.0MM
Deposits	Q1 2020vs Q1 2019	$925.4MM$857.1MM
Equity Capital	Q1 2020vs Q1 2019	$132.7MM$111.2MM
Loan Loss Allowance	Q1 2020vs Q1 2019	$1.2MM$843.00K
Unbacked Noncurrent Loans	Q1 2020vs Q1 2019	$67.00K$290.00K
Real Estate Owned	Q1 2020vs Q1 2019	$0$0

Rates

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Savings
Money Market
Checking
CD
IRA

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Always verify rates and promotions with the bank or credit union. We are not Mayo Employees Federal Credit Union; we are a rate comparison website and cannot provide official rates or promotions.

* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Mayo Employees Federal Credit Union Savings Account Rates

APY	MIN	MAX	ACCOUNT NAME
5.50%	$100	$15k	Teen Savings
4.50%	$100	$10k	Youth Savings
0.50%	-	-	IRA Savings
0.50%	$5	-	Health Savings Account
0.25%^*	$25k^*	-	Savings Account
OTHER TIERS: 0.15% → Up to $10k \| 0.20% → $10k - $25k
0.15%	-	$25k	WINcentive Savings

Mayo Employees Federal Credit Union Money Market Rates

APY	MIN	MAX	ACCOUNT NAME
1.20%^*	$500k^*	-	Premium Money Market Savings
OTHER TIERS: 0.45% → $20k - $25k \| 0.55% → $25k - $50k \| 0.70% → $50k - $100k \| 0.95% → $100k - $250k \| 1.05% → $250k - $500k
0.55%^*	$100k^*	-	Money Market Savings
OTHER TIERS: 0.25% → $2.5k - $10k \| 0.35% → $10k - $25k \| 0.40% → $25k - $50k \| 0.45% → $50k - $100k

Mayo Employees Federal Credit Union Checking Account Rates

APY	MIN	MAX	ACCOUNT NAME	VIEW DETAILS
0.10%	$25	-	Checking Account

Mayo Employees Federal Credit Union CD Rates

APY	MIN	MAX	ACCOUNT NAME
0.80%	$1k	-	5 Year CD
0.75%^*	$100k^*	-	3 Year CD
OTHER TIERS: 0.60% → $1k - $10k \| 0.65% → $10k - $25k \| 0.70% → $25k - $100k
0.70%^*	$100k^*	-	2 Year CD
OTHER TIERS: 0.55% → $1k - $10k \| 0.60% → $10k - $25k \| 0.65% → $25k - $100k
0.70%	$1k	-	4 Year CD
0.60%^*	$100k^*	-	1 Year CD
OTHER TIERS: 0.45% → $1k - $10k \| 0.50% → $10k - $25k \| 0.55% → $25k - $100k
0.55%^*	$100k^*	-	6 Month CD
OTHER TIERS: 0.40% → $1k - $10k \| 0.45% → $10k - $25k \| 0.50% → $25k - $100k
0.35%^*	$100k^*	-	3 Month CD
OTHER TIERS: 0.20% → $1k - $10k \| 0.25% → $10k - $25k \| 0.30% → $25k - $100k

Mayo Employees Federal Credit Union IRA Rates

APY	MIN	MAX	ACCOUNT NAME
0.80%	$1k	-	5 Year IRA
0.75%^*	$100k^*	-	3 Year IRA
OTHER TIERS: 0.60% → $1k - $10k \| 0.65% → $10k - $25k \| 0.70% → $25k - $100k
0.70%^*	$100k^*	-	2 Year IRA
OTHER TIERS: 0.55% → $1k - $10k \| 0.60% → $10k - $25k \| 0.65% → $25k - $100k
0.70%	$1k	-	4 Year IRA
0.60%^*	$100k^*	-	1 Year IRA
OTHER TIERS: 0.45% → $1k - $10k \| 0.50% → $10k - $25k \| 0.55% → $25k - $100k
0.55%^*	$100k^*	-	6 Month IRA
OTHER TIERS: 0.40% → $1k - $10k \| 0.45% → $10k - $25k \| 0.50% → $25k - $100k
0.35%^*	$100k^*	-	3 Month IRA
OTHER TIERS: 0.20% → $1k - $10k \| 0.25% → $10k - $25k \| 0.30% → $25k - $100k

Locations

Mayo Employees Federal Credit Union Locations
Branch Office	3990 41st St NW	Rochester, MN 55901
Branch Office	130 23rd Ave SW	Rochester, MN 55902
Branch Office	1216 2nd St SW	Rochester, MN 55902
Branch Office	155 1st Ave SW	Rochester, MN 55902
Branch Office	5777 E Mayo Blvd	Phoenix, AZ 85054
Branch Office	565 1st Ave SW	Rochester, MN 55902
Branch Office	605 West Ave S	La Crosse, WI 54601
Branch Office	4463 Canal Pl SE	Rochester, MN 55904
Branch Office	4500 San Pablo Rd S	Jacksonville, FL 32224-1865

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