Morton Lane Federal Credit Union


Overview / Commentary
716-837-2007
388 Englewood Ave
Buffalo, NY 14223

Morton Lane Federal Credit Union is headquartered in Buffalo and is the 113th largest credit union in the state of New York. It is also the 2,305th largest credit union in the nation. It was established in 1962 and as of December of 2022, it had grown to 7 employees and 3,707 members at 5 locations. Morton Lane Federal Credit Union's CD rates are 3X the national average, and it has a B+ health rating.

Field of Membership Restrictions

Morton Lane Federal Credit Union is open to members or employees/retirees of the following: Buffalo State, University at Buffalo, Roswell Park Cancer Institute, Morton Lane Charitable Foundation, Alumni Association at UB or Buffalo State, Research Institute on Alcoholism, Buffalo State College Foundation, Roswell Park Day Care, Buffalo State Child Care Center, Hauptman-Woodward Medical Institute, Roswell Park Alliance Foundation, and Temple Beth Tzedek. Graduate and Undergraduate students of UB or Buffalo State College, St. Joseph Collegiate Institute Faculty, Staff and Students, and Immediate family of any of the above are also eligible for membership.
See current membership details

Reviews (1)

Morton Lane FCU is Short on Frills but Great on Rates

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I signed up to become a member at Morton Lane Federal Credit Union in 2011. I heard about how great credit unions were in comparison to banks, and I wanted to take advantage of better rates for savings. I qualified to become a member based on the university I graduated from, and I felt like part of a small group or community. The savings account that I opened gave me a 15 dollar bonus upon initiation, so that was a nice starting perk. I was a little disappointed in their small number of ATM's in the region, and you really have to search for them when you are out on the town. However this was a savings account, and I didn't plan on pulling money out frequently. Their online presence is very rudimentary, and it feels like you are operating a website from the 1990's. I do check my balances with their online banking system, and while it isn't very user-friendly, I have never had a problem with accuracy or missing funds. Morton Lane's customer service at the physical locations is pretty poor. Hours of operation are limited, and the people working there are sub-par employees. I tried to redeem some rolled coins last year, and the counter person was extremely rude and unhelpful. Eventually I got them to accept the coins, but I shouldn't have had to beg them to take my money. All in all, Morton Lane has a decent savings account rate. If you want to dump your money into an account and not touch it, then this credit union is for you. However if you expect satisfactory customer service and user-friendly websites, then go elsewhere.



Health
B+
Additional Factors: Institutions with a small asset base, a short operating history, or negative return on assets can represent an instability risk beyond what their financial ratios indicate. Morton Lane Federal Credit Union has a relatively low asset base.

Health Grade Components

Overall
NCUA #15021
Year Chartered1962
Employees7
Primary Regulator
Profit Margin
Return on Assets - YTD0.35%
Return on Equity - YTD3.02%
Annual Interest Income$2.0MM
Assets and Liabilities
AssetsQ4 2022vs Q4 2021$61.5MM$63.9MM
LoansQ4 2022vs Q4 2021$27.8MM$24.2MM
DepositsQ4 2022vs Q4 2021$53.8MM$56.5MM
Equity CapitalQ4 2022vs Q4 2021$7.3MM$7.1MM
Loan Loss AllowanceQ4 2022vs Q4 2021$324.00K$290.00K
Unbacked Noncurrent LoansQ4 2022vs Q4 2021$120.00K$79.00K
Real Estate OwnedQ4 2022vs Q4 2021$0$0
Rates
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Always verify rates and promotions with the bank or credit union. We are not Morton Lane 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.

Morton Lane Federal Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%*$100k*-Primary Share Account
OTHER TIERS: 0.01% $500 - $5k | 0.05% $5k - $20k | 0.30% $20k - $50k | 0.40% $50k - $100k
0.30%$500-IRA Share Account
0.05%$500-Holiday Club Account

Morton Lane Federal Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.01%$500-Share Draft Account

Morton Lane Federal Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
4.32%$50k-2-1/2 Year Jumbo CD
4.32%$50k-3-1/2 Year Jumbo CD
4.32%$50k-4-1/2 Year Jumbo CD
4.06%$50k-1-1/4 Year Jumbo CD
4.06%$50k-1-1/2 Year Jumbo CD
3.80%$1k$50k5 Year CD
3.29%$1k$50k3 Year CD
2.52%$1k$50k1 Year CD
Locations


Morton Lane Federal Credit Union Locations
Branch Office388 Englewood AveBuffalo, NY 14223-2812
Branch Office1300 ELMWOOD AVE GROVER CLEVELAND HALL -GC103BUFFALO, NY 14222-1004
Branch Office388 ENGLEWOOD AVEBUFFALO, NY 14223-2812
Branch OfficeElm and Carlton St PARKING RAMP - STREET LEVELBuffalo, NY 14263-0001
Branch OfficeN CAMPUS OBRIAN ROOM 218AMHERST, NY 14260

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