Mayo Employees Federal Credit Union is headquartered in Rochester and is the 7th largest credit union in the state of Minnesota. It is also the 339th largest credit union in the nation. It was established in 1934 and as of June of 2023, it had grown to 109 employees and 72,298 members at 10 locations. Mayo Employees Federal Credit Union's money market rates are 6X the national average, and it has a B+ 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
Stress Free Mortgage
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!
Proud Member
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.
Great Customer Service
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!
Happy Doing Buisness Here.
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!
Mostly good
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.
Banking While Black
BANKING WHILE BLACK at Mayo Clinic Employee Credit Union
I went into the Mayo Clinic Employee Credit Union today Wednesday June 14, 2023 to cash a check drawn on their credit union by one of their members for just $35.00. I don't ever want to go back to that horrible financial institution. That is the worse customer service and financial system of any banking institution I have ever encountered. It was like being interrogated by racist cops. The young nice white teller realized the treatment to me was absurd. Mayo Clinic Employee Credit Union charged me $5.00 for non-members ($30.00 Net Payment) to cash the check. They interrogated me for personal identifying information and employment information. They inputted all of my information as if they are keeping some type of database against black people and they had the teller go call the person who wrote the check to me to see if the check was legitimate. They tried to keep my driver's license. They refused to give me a receipt of the transaction. They told me it is their policy to keep both receipts. No banking institution had ever denied me a receipt or charged me a fee to cash a check drawn on their banking institution. I was thinking about becoming a member of Mayo Clinic Employee Credit Union but not after today. I already have banking accounts in Rochester. Hmm, I wonder if my skin color was different would I have received that type of discriminatory treatment. This is NOT the first time the name Mayo Clinic has discriminated against me.
Terrible Customer Service
Rude customer service. Terrible, they don't even know how to speak with a customer. Avoid like the plaque.
Extremely Dissatisfied
I had an account set up when I was growing up to keep my earnings from babysitting safely stored. I recently was updating my account and found that I had been charged 50$ 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!
Data as of Q2 2023
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 24748 |
| Year Chartered | 1934 |
| Employees | 109 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.94% |
| Return on Equity - YTD | 10.9% |
| Annual Interest Income | $17.6MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2023vs Q2 2022 | $1.37B$1.43B |
| Loans | Q2 2023vs Q2 2022 | $668.5MM$610.3MM |
| Deposits | Q2 2023vs Q2 2022 | $1.24B$1.30B |
| Equity Capital | Q2 2023vs Q2 2022 | $119.4MM$117.2MM |
| Loan Loss Allowance | Q2 2023vs Q2 2022 | $0$1.3MM |
| Unbacked Noncurrent Loans | Q2 2023vs Q2 2022 | $106.00K$671.00K |
| Real Estate Owned | Q2 2023vs Q2 2022 | $0$0 |