UMassFive College Federal Credit Union
UMassFive College Federal Credit Union is headquartered in Hadley and is the 25th largest credit union in the state of Massachusetts. It is also the 577th largest credit union in the nation. It was established in 1967 and as of December of 2020, it had grown to 113 employees and 42,778 members at 6 locations. UMassFive College Federal Credit Union has an A health rating.
Field of Membership Restrictions
Membership is open to employees and students of the University of Massachusetts system, Amherst College, Hampshire College, Mount Holyoke College, and Smith College and select employee groups.
See current membership details
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Great Credit Union in Western Massachusetts
I used this credit union from 2011-2016 when I was in the pioneer river valley. The in-person service was always great. The website at the time was tolerable but pretty lacking compared to my other bank, but I am lead to believe that they have since upgraded their online banking service. The checking account product was amazing, I earned 2% interest on my funds in the account. My savings account received better rates than a big box bank, but worse ones than the checking account. Additionally, I received numerous bonus points that I could use to pump up the interest rate on CDs. There were no fees associated with SUM ATMs which was a fairly extensive network in the area. If I was in the area I would absolutely use that credit union again.
Solid Local Credit Union
Don't use UMassFive as my primary bank, but do use them for the local branch access. Solid small CU, good customer service and friendly employees. Decent rewards checking. Main reason I don't use them as my main bank is the fairly primitive web presence -- no direct connect for transaction downloads (have to manually log in), ugly website, and no mobile check deposit, although ACH transfers post pretty quickly. No complaints for in-person transactions, though.
Faulty App, Checking Transactions Entered For Incorrect Amount
A word of warning. The app and online banking system are faulty. I am routinely unable to login and their is no way to regain access without calling their call center which only operates between 9ish and 5ish. I have been locked out on business trips.
Additionally, their branches have a "down home" feel and don't ask for deposit slips and don't provide a receipt unless you ask. I had two checks entered for up to 200.00 to low which caused a serious embarassment for me having to ask the person to write another check. The bank offered nothing more than an apology...it was their fault.
Finally, when I closed the account, the bank clerk wrote a cashiers check for the leftover balance but forgot to actually close the account. As a result they cleared two online transactions creating a negative balance and a MAJOR hastle with their customer service functions.
I wanted to do business with a local bank but this is NOT the one.
Data as of Q4 2020
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 18181 |
| Year Chartered | 1967 |
| Employees | 113 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.61% |
| Return on Equity - YTD | 6.78% |
| Annual Interest Income | $20.1MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q4 2020vs Q4 2019 | $599.7MM$518.3MM |
| Loans | Q4 2020vs Q4 2019 | $393.6MM$407.2MM |
| Deposits | Q4 2020vs Q4 2019 | $543.0MM$467.1MM |
| Equity Capital | Q4 2020vs Q4 2019 | $52.8MM$48.8MM |
| Loan Loss Allowance | Q4 2020vs Q4 2019 | $3.2MM$2.2MM |
| Unbacked Noncurrent Loans | Q4 2020vs Q4 2019 | $3.4MM$3.2MM |
| Real Estate Owned | Q4 2020vs Q4 2019 | $0$234.00K |