Morton Lane Federal Credit Union is headquartered in Buffalo and is the 118th largest credit union in the state of New York. It is also the 2,392nd largest credit union in the nation. It was established in 1962 and as of September of 2019, it had grown to 8 employees and 4,184 members at 6 locations. Morton Lane Federal Credit Union's CD rates are 96% higher than the national average, and it has a B+ health rating.
Field of Membership Restrictions
Membership is open to employees and students of Buffalo State or University of Buffalo, employees of Roswell Park Cancer Institute, and other select organizations.
See current membership details
Morton Lane FCU is Short on Frills but Great on Rates
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.
Data as of Q3 2019
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 15021 |
| Year Chartered | 1962 |
| Employees | 8 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.41% |
| Return on Equity - YTD | 3.01% |
| Annual Interest Income | $1.2MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2019vs Q3 2018 | $46.3MM$45.5MM |
| Loans | Q3 2019vs Q3 2018 | $21.9MM$20.5MM |
| Deposits | Q3 2019vs Q3 2018 | $39.8MM$39.2MM |
| Equity Capital | Q3 2019vs Q3 2018 | $6.3MM$6.1MM |
| Loan Loss Allowance | Q3 2019vs Q3 2018 | $198.00K$161.00K |
| Unbacked Noncurrent Loans | Q3 2019vs Q3 2018 | $47.00K$33.00K |
| Real Estate Owned | Q3 2019vs Q3 2018 | $0$0 |