MembersFirst CT Federal Credit Union is headquartered in Meriden and is the 23rd largest credit union in the state of Connecticut. It is also the 1,914th largest credit union in the nation. It was established in 1936 and as of June of 2020, it had grown to 15 employees and 6,680 members at 5 locations. MembersFirst CT Federal Credit Union has an A health rating.
Field of Membership Restrictions
Membership in MembersFirst CT Federal Credit Union is open to those who live or work in the towns of Cheshire, Hamden, Meriden, North Branford, North Haven, and Wallingford, Connecticut. Membership is also open to employees of Magnakleen, Meriden Manufacturing and over 50 area Select Employer Groups.
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An okay credit union
This credit union is pretty average. The advantages are nice. There aren't many fees; before I switched, I was with a larger bank that would charge me if my balance was too low, if I used my debit card too much or too little, and they also had an overdraft fee. It's nice not having to worry about that, besides the over draft fee. It's also close to my house, so it doesn't take too much effort if I have to make a trip there for some reason. I do think their customer service isn't as good as it could be though. I don't expect everyone to always be warm and welcoming, sometimes you just have a bad day, but every teller I've ever interacted with has seemed irritable, like they just can't be bothered with me, which doesn't feel very good as a someone who is using their services. It's rare that I actually go into the bank though, so it is what it is. Another issue is overdrafting. I've called multiple times to ask them if they could just set my account so that I can't overdraft since their online banking service takes quite a bit of time to update sometimes, but it's never worked and I still get $30 fees every so often for it. Overall it's an okay bank, but I've recently started thinking about switching.
An Okay Credit Union
Members First is an okay credit union, but I have been thinking about switching. Even though it's a minor part because most things are digital today, their customer service is absolutely horrible. I've encountered about four different tellers, and each one came off as rude and judgmental, like they couldn't be bothered to do their job, which makes me feel like I'm not welcome there at all. Other than the customer service, they are pretty average. I have over-drafted a few times and the fee is $30; I've seen higher. Their website is easy to use, as well as the online and mobile banking features. They even have a link on the website that tells you where you can find ATMs without a surcharge. Overall, Members First isn't terrible, but I'd feel a lot more comfortable with giving them my money if the people I dealt with when I was there were friendlier.
Okay option.
This credit union is nice because it's very close to me, and has decent hours, and is rarely very busy. On the other hand, the workers are generally unfriendly, and occasionally even rude, which is a really big turn off, especially for a credit union. Their online banking takes a pretty long time to update as well. I could buy something with my debit card, and it can take up to 6 days to go through to my account. While it's my responsibility to manage my finances and spending, I make mistakes on occasion and have had my account overdrawn because purchases took multiple days to show up on my account, which costs me another $30. Overall, this is just an okay credit union to work with.
Data as of Q2 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 1049 |
| Year Chartered | 1936 |
| Employees | 15 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.45% |
| Return on Equity - YTD | 4.07% |
| Annual Interest Income | $1.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q2 2020vs Q2 2019 | $82.7MM$75.5MM |
| Loans | Q2 2020vs Q2 2019 | $26.4MM$27.2MM |
| Deposits | Q2 2020vs Q2 2019 | $74.1MM$66.7MM |
| Equity Capital | Q2 2020vs Q2 2019 | $8.9MM$8.5MM |
| Loan Loss Allowance | Q2 2020vs Q2 2019 | $282.00K$264.00K |
| Unbacked Noncurrent Loans | Q2 2020vs Q2 2019 | $105.00K$49.00K |
| Real Estate Owned | Q2 2020vs Q2 2019 | $0$0 |