About

During 1940, the average cost for a new house was $3,920.00 and the United States was just a year away from World War II. Difficult times can sometimes foster innovation and in this case, Frank Conant, the Director of the MIT Graphic Arts Department, and eleven fellow MIT employees got together in the basement of Building 3 to establish the MIT Federal Credit Union branch office.  This group had a shared vision to create a financial resource for their colleagues and families. With the deposits locked in a desk drawer, the first “branch” was opened.  The Credit Union offered savings, loans and thrift opportunities. Initially, the offerings were few, but as The United States was nearing the end of the Great Depression, these products were in high demand. This humble beginning is how many successful credit unions get their start. A few people sharing a common vision come together and create a  financial resource for others to pool their money and work towards a goal of financial independence. 

By 1949, the credit union was an active and thriving part of the MIT community. Members were allowed to deposit up to $2,000 in savings and borrow $200 in loans. In the 1950s, our Lincoln Lab branch opened (coincidently, also in a basement like our first branch location), and  by 1964, our MIT campus branch moved to Building E19, where we stayed until 2007. At that point, we opened the Technology Square and Student Center branches. Most recently, in 2019, we added a beautiful state-of-the-art corporate headquarters in Lexington, MA.

Over the years, MIT Federal Credit Union’s products and service offerings have grown to meet and exceed the needs and expectations of our membership community. Most recently, in 2020, in response to the Coronavirus Pandemic impact, and the changing needs of our members, we added Personal Payroll Protection (SBA) loans, and a variety of other support options to our product portfolio. As we move towards the future,  MIT FCU is firmly committed to expanding our reach through the use of technology and multi-channel access as we continue to focus on exceeding the expectation of our members, and our growing community. 

Our Purpose: 
"To fulfill dreams and enrich the lives of others."

and

Our Mission: 
"The MIT Federal Credit Union is a member-owned cooperative financial institution whose primary mission is to provide quality financial services that meet the needs of our members while ensuring the financial well-being of the organization."

Will continue to guide us as we grow and support the community with which we are an active and supportive member.