MIT Federal Credit Union - Student Center Branch Student Ctr, Cambridge

When I came to the US, I made the mistake to create an account at MIT Federal Credit Union. Three main issues: 1. Good luck using it when you are outside Boston (internship/vacation/post-graduation) 2. They gave me a credit card without explaining to me how it works in the US (I come from France where we don't distinguish credit cards from debit cards). I had no clue that not using or cancelling a credit card is not good for the credit history. 3. Since they are a small bank, they have much fewer services than any large bank. (e.g. you cannot cash a check through some phone application)

At MITFCU, account numbers are very short. This means it is easy for another member to accidentally mistype his account number and get yours. Another member used my account on auto pay for his credit card! I noticed a large charge from a bank I don't associate with and called MITFCU and they credited my account for the money, but they didn't do anything to track down and fix the problem. The next month the auto-pay happened again for another $3k. The person probably noticed that the money didn't get taken from their account and felt concern that their bill wasn't going to get paid so they ran it again. $6k out of my account. I called MITFCU multiple times on Friday, each time having to go through the lengthy verification process and then explain the two large mis-charges, and each time I got a different story. Do I fill out paper work or not? Each phone call ends with a promise that they will take care of it after the long holiday weekend. So I enter New-Year's weekend with $0 in my checking along with overdraft fees. MITFCU promised to call me first thing Tuesday morning when the right people showed up at work. There was no phone call Tuesday morning. I call MITFCU around noon and the Customer Service Rep acts like she has never heard of my problem and doesn't sound like she cares. By end of day Tuesday someone at MITFCU deposits $3k into my account. It would have been really nice if they would have called or emailed or something. When I checked my account, I find that they only fixed one of the two charges. They just can't get it right. I understand that errors happen, but MITFCU has demonstrated an inability to fix them and apathy toward customers that is unacceptable. Choose to do your banking anywhere else. In the mean-time keep a close eye on that checking account.

Awesome "starter bank" for new students joining MIT - especially if you're fresh out of college, or new to the USA - i.e. without any prior credit history. They have very friendly employees who will get you set up, and even offer you a regular credit card (not one of those pre-paid ones) with a generous spending limit to slowly build up your credit score. However for more sophisticated banking needs - there are better options to be found nearby.

Not a useful credit union. Error prone, hard to communicate with (a useless phone line outside of 9-5 EST), a quirky, clunky online portal... MITFCU will waste your time to the detriment of your finances and, ultimately, life. Bank elsewhere.