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Michigan Tech Employees Credit Union

Overview
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Michigan Tech Employees Credit Union is a federal credit union based in Houghton, Michigan. It has been opened since 1952, for 68 years.

With around $80,810,000 in assets, Michigan Tech Employees Credit Union is considered to be a large credit union. It has 1 branches and 1 ATM locations.

About
Address 700 E. Sharon Avenue
Houghton, Michigan 49931
Website http://www.mtefcu.org
Phone (906) 482-5005
Fax (906) 482-2451
CEO David M. Rautiola
President of the Board Brent Lekvin
Services Offered
Map
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Score Card
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68 years
Years in business
Opened in 1952
Well Capitalized
Net worth classification
Source: NCUA
9,149 members
Membership type: Community credit union
Above average number of members
407:1
Credit union member to staff ratio
407 per each FTE employee
Compared to 411:1 nationally
Fewer staff
$80,811,085
Total assets
Above average
1 branch
Compared with an average of 4 nationally and 4 in Michigan
Average number of branches
0.05%
Savings interest rate
Compared to 0.3% nationally
9.90%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
Branches
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1 branch
Compared with an average of 4 nationally and 4 in Michigan
Average number of branches
Michigan Tech Employees Credit Union Branch Locations
Members
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9,149 members
Membership type: Community credit union
Above average number of members

With 9,149 members, the Michigan Tech Employees Credit Union is considered to be a large credit union. It is larger than 69% of credit unions.

Fees
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$51
Average fee per member
The average fee per member at the Michigan Tech Employees Credit Union is $51, which is comparable to most credit unions. This rate is lower than 48% of all credit unions.
Fees are average

Credit unions, like banks, charge members various fees, such as overdraft fees, ATM fees, credit card fees, inactivity or dormat account fees, and more.

The average fee per member gives you a general sense of how much you might pay in fees as a member of the Michigan Tech Employees Credit Union. Some credit unions tend to charge more fees, while others charge less.

Staff
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407:1
Credit union member to staff ratio
407 per each FTE employee
Compared to 411:1 nationally
Fewer staff
22 staff members
FTE (full-time equivalent)
12% of employees are part-time
21 full-time, 3 part-time

Michigan Tech Employees Credit Union has 21 full-time staff members and 3 part-time staff members. The staff is predominantly comprised of full-time staff, at approximately 88% of the workforce.

The number of members relative to staff members is an indication of how well staffed the credit union is. Michigan Tech Employees Credit Union has around 407 members per staff, a higher ratio compared to other credit unions.

Assets
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$80,811,085
Total assets
Above average
Net worth
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Well Capitalized
Net worth classification
Source: NCUA
A well capitalized credit union has a net worth ratio of 7% or greater and also meets applicable risk-based net worth requirements, according to the National Credit Union Administration.
9.1%
Net worth ratio
A higher net worth ratio is better.
Compared to an average of 13.6% nationally

A credit union's net worth ratio is one of the most important metrics you should consider when deciding whether to join a credit union. Why? It's a measure of financial strength

The net worth ratio is equal to a credit union's net worth divided by its assets. According to the National Credit Union Administration, a minimum net worth ratio of 7% is required to be considered to be a well capitalized credit union.

Loans & leases
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$10,876
Average loan and lease size
Loan & lease sizes are average sized. They are bigger than at 56% of credit unions.

Michigan Tech Employees Credit Union holds a total of $46,710,000 in loans and leases, which is about $10,876 per member on average.

Savings interest rate
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0.05%
Savings interest rate
Compared to 0.3% nationally

A credit union share account is an account at a credit union. It's called a share account because the credit union is member owned and as a result, members own shares in the credit union.

A share savings account pays you interest on your savings, similar to a savings account at a bank. The interest you receive can vary. Michigan Tech Employees Credit Union pays 0.05%.

Loan rates
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9.90%
Unsecured credit card loan interest rate
Compared to 10.8% nationally
9.16%
Unsecured non-credit card loan interest rate
Compared to 11.2% nationally
4.43%
Other secured non-real estate loans and lines of credit interest rate
Compared to 5.3% nationally
Car loan rates
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2.86%
New car loan rate
Compared to 4.0% nationally
5.77%
Used car loan rate
Compared to 5.2% nationally
Mortgage rates
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5.78%
Mortgage rate (secured by junior lien)
Compared to 3.4% nationally
4.25%
Mortgage rate (secured by 1st lien)
Compared to 3.3% nationally
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