There are few financial institutions with the respect and prestige of Michigan Tech Employees Federal Credit Union. For the past 65 years, MTEFCU has provided exceptional service to its members with minimal fees, a rare feat in the world of finance. So, how does a financial institution in a small college town persist through the decades with low interest rates on loans and an almost nonexistent fee schedule? It’s simpler than you might think. Like banks, credit unions offer savings accounts, checking accounts and loans, as well as debit and credit cards.
Unlike banks, credit unions are not-for-profit. At credit unions, the board of directors doesn’t consist of high-ranking businessmen. Instead, the board of directors is comprised of elected members. Anyone who lives, works, attends school or conducts regular business in Houghton County or in Baraga Township of Baraga County is eligible to be a member at MTEFCU. Members who move away from the Houghton area can still retain their membership from a distance. “I wish more people would come to the annual meeting,” said Mia Moilanen, Marketing Manager for MTEFCU. “It’s a way to be involved in local democracy and it’s a time to vote for the volunteer board of directors. These are the individuals who dictate how the credit union runs and how the money gets spent, so the meeting is extremely important.”
In April, MTEFCU will be celebrating National Credit Union Youth Month. This year’s theme, which is decided by the Credit Union National Association, is “Give a Hoot about Savings.” According to Moilanen, “Youth Month is about educating our members and promoting savings accounts for children 17 and under. It’s about forming a relationship with young members of our community.” Moilanen, who has been working for MTEFCU for the past 11 years, has been instrumental in the credit union’s ability to expand to meet the growing needs of the community. Her chief responsibilities are advertising, social media development, promotions and community outreach.
Each year, it is her job to coordinate the activities and opportunities associated with Youth Month. To commemorate Youth Month, the credit union will be offering balloon animals to kids on April 7. Additionally, a coloring contest will be held. To top it off, MTEFCU will be sponsoring a showing for Michigan Tech’s Film Board of The Lego Batman Movie on April 22. It will be free to attend all showings on that date. “We’re very pleased about being able to sponsor a film for the community. I’m excited to take my own daughter to see it!” said Moilanen.
Young adults who may have outgrown these activities can still participate in Youth Month. Those in their senior year of high school can apply for a $1,000 scholarship. Additionally, three scholarships will be given to students pursuing secondary education or active military duty. Applications are due April 14. If you’re not a credit union member, but you’re interested in becoming one, you can refer to the “Switch Kit” available on MTEFCU’s website, www.mtefcu.org. The Switch Kit makes it remarkably easy to transfer all your financial business in a matter of hours.
New accounts can be opened at any time during operating hours without an appointment. Any questions about membership eligibility, account services and loan options can be directed to memberservices@mtefcu.org, or you can call MTEFCU at (906) 482- 5005.
