Morton Lane Federal Credit Union

Overview / Commentary
388 Englewood Ave
Buffalo, NY 14223-2812

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

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.

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 low asset base.

Health Grade Components

NCUA #15021
Year Chartered1962
Primary Regulator
Profit Margin
Return on Assets - YTD0.41%
Return on Equity - YTD3.01%
Annual Interest Income$1.2MM
Assets and Liabilities
AssetsQ3 2019vs Q3 2018$46.3MM$45.5MM
LoansQ3 2019vs Q3 2018$21.9MM$20.5MM
DepositsQ3 2019vs Q3 2018$39.8MM$39.2MM
Equity CapitalQ3 2019vs Q3 2018$6.3MM$6.1MM
Loan Loss AllowanceQ3 2019vs Q3 2018$198.00K$161.00K
Unbacked Noncurrent LoansQ3 2019vs Q3 2018$47.00K$33.00K
Real Estate OwnedQ3 2019vs Q3 2018$0$0
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* 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

0.70%*$100k*-Primary Share Account
OTHER TIERS: 0.05% $500 - $2k | 0.10% $2k - $5k | 0.20% $5k - $20k | 0.55% $20k - $50k | 0.60% $50k - $100k
0.60%$500-IRA Share Account
0.10%$500-Holiday Club Account

Morton Lane Federal Credit Union Checking Account Rates

0.05%$500-Share Draft Account

Morton Lane Federal Credit Union CD Rates

2.27%$1k-5 Year CD
2.02%$1k-3 Year CD
1.76%$1k-1 Year CD

Morton Lane Federal Credit Union Locations
Branch Office388 Englewood AveBuffalo, NY 14223-2812
Branch Office388 ENGLEWOOD AVEBUFFALO, NY 14223-2812
Branch OfficeElm and Carlton St PARKING RAMP - STREET LEVELBuffalo, NY 14263-0001
Branch OfficeUB COMMONS RM 108Amherst, NY 14260

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