Undergrads Eligible for MITFCU
The MIT Federal Credit Union has received approval from the National Credit Union Association to allow undergraduates to join the credit union.
“Originally, in 1940, the union was the MIT Employees Credit Union and has been that way for almost 60 years,” said Kimberly A. Shooter, chief marketing officer of the MIT credit union. ”Students soon started to express interest in joining. In 2000, graduate students were allowed membership and once we had that under our belt, we petitioned the NCUA to allow undergraduate membership,” she said.
Josiah D. Seale ’03, president of the Undergraduate Association, feels that this change is a “logical shift.”
“It’s basically a win-win situation. The credit union was available to faculty, staff, and graduate students and now is finally open to undergraduates,” Seale said.
Many benefits for joining union
Shooter encourages all undergraduates to join. “You can join now but you benefit for life. You’re a lifetime member. Even after you graduate, you will have access to your account and all the same privileges. Credit unions are the way to go,” Shooter said.
Membership in the MITFCU offers many benefits for students. “We’re a non-profit organization with membership exclusive to MIT employees, their families, and students. We are now open to the entire MIT community,” Shooter said. “Once you’re a member, there is a higher dividend and a lower loan rate. There is a totally free checking account and students will receive a $500-limit Visa card automatically for joining.”
“Overall, this is a decision that is beneficial for the entire MIT community,” Seale said.
Membership drive to begin in Feb.
The credit union will be holding an undergraduate membership drive from Feb. 18 to 21 so “undergraduates can learn more about it.”
On Feb. 18 and 19, the credit union will be in the Student Center, and Feb. 20 and 21, they will have a booth in Lobby 10.
“This will be a chance for undergraduates to find out more about the MITFCU and figure out whether or not they would like to join,” Shooter said.
There are currently four automated teller machines that credit union customers can use. They are located at E18 on 50 Ames Street, in Building 10, at 555 Technology Square at MIT, and at the Lincoln Laboratory. There will also be a fifth ATM in the Stata Center once it opens, according to Shooter.
Students plan to join
“I’ll probably get a student account there myself, and students should find out more about joining the MITFCU,” Seale said.
“Yeah, I would consider joining the MITFCU,” said Miranda E. Knutson ’06. “If there are benefits like lower loan rates, I don’t see why not. As long as it is beneficial, it would be an option for me.”