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
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 Q4 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 15021 |
| Year Chartered | 1962 |
| Employees | 7 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.35% |
| Return on Equity - YTD | 3.02% |
| Annual Interest Income | $2.0MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2022vs Q4 2021 | $61.5MM$63.9MM |
| Loans | Q4 2022vs Q4 2021 | $27.8MM$24.2MM |
| Deposits | Q4 2022vs Q4 2021 | $53.8MM$56.5MM |
| Equity Capital | Q4 2022vs Q4 2021 | $7.3MM$7.1MM |
| Loan Loss Allowance | Q4 2022vs Q4 2021 | $324.00K$290.00K |
| Unbacked Noncurrent Loans | Q4 2022vs Q4 2021 | $120.00K$79.00K |
| Real Estate Owned | Q4 2022vs Q4 2021 | $0$0 |