About Us
Who we are, our history, and why we do what we do.
About MIT Federal Credit Union
Massachusetts Institute of Technology (MIT) Federal Credit Union is a full-service not-for-profit financial institution federally insured by the NCUA. We offer a range of financial products at different levels, such as checking, savings, lending, and online banking services to over 35,000 members.
With the guiding philosophy of People Helping People, MIT FCU serves MIT employees, students, alumni, faculty, staff, and select Cambridge and Lexington businesses. In 2023, we moved forward with the American Consumer Council to welcome members in the broader community.
Mission
Impact our diverse communities by creating well-being through empowerment and financial opportunities.
Vision
Become a trusted partner for all our communities and empower each member to grow, thrive, and achieve.
Celebrating 85 years of service
MIT FCU started in 1940 when Frank Conant (Member #1) and eleven other Massachusetts Institute of Technology employees established the MIT Employees Federal Credit Union in the basement of Building 3. They started with the basics to serve the MIT employee community: savings, loans, and thrift opportunities.
By 1949, the credit union was an active part of the MIT community. Members were allowed up to $2,000 in savings and $200 in loans.
Since then:
- 1950's - Our Lincoln Laboratories branch opened.
- 1964 - Our MIT campus branch moved to Building E19, where we stayed until 2007.
- 2007 - Technology Square and Student Center branches opened.
- 2019 - Our corporate headquarters opened in Lexington, with room to grow.
- 2025 - We proudly celebrate 85 years of empowering our diverse community to grow, thrive, and achieve!
The Credit Union Difference
We are not a bank, and that's an advantage for our members. As a credit union member, here's how you benefit.
At credit unions, members are owners; we answer to them, not investors. Each member has equal ownership.
Thanks to the CO-OP branch network, you can access over 30,000 fee-free ATMs and over 5,600 branch locations nationwide.
Credit unions are not-for-profit cooperatives that give back to their members with great savings rates and lower loan rates.
Throughout the history of U.S. credit unions, taxpayer funds have never been utilized to rescue a credit union.
Credit union deposits are insured up to $250,000 by the National Credit Union Administration (NCUA), a federal government agency.
Financial Wellness
MIT FCU's Financial Wellness Blog offers valuable financial tips on credit scores, debt management, budgeting, saving, mortgages, and much more.
The Road to Building Credit with a Credit Union
Here's how you can get your credit rating going in the right direction.
Read more
The Credit Union Difference: The History of Credit Unions
Learn about the differences between credit unions and banks.
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A History of MIT FCU
MIT FCU got its start in 1940 when Frank Conant established the MIT Employees Federal Credit Union in Building 3.