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85th Anniversary Trivia: How Well Do You Know Your Credit Union?

We are proud to celebrate 85 years at MIT Federal Credit Union. Through decades of growth and change, we’ve remained committed to serving our diverse communities through empowerment and financial opportunities. Each step of our journey has been possible because of you, from 1940, when Frank Conant and eleven other members met to establish the credit union, to today, in 2025, as we serve over 35,000 members across four branches.

To mark this special occasion, we invite you to celebrate with a little fun. Test your knowledge and see how well you know your credit union with our 85^th Anniversary Trivia. Follow along to bust credit union myths and uncover the numbers and memorable moments that have brought us here today! Thank you for being a part of our story.

Question: How many ATMs are there on campus?

Answer: 8!       

Can you name them all? Luckily, you don’t have to. Locate the one closest to you using our ATM and branch locator. These 8 ATMs include two that are located at on-campus branches—the Student Center and Technology Square.

MIT FCU also has 5,000 shared branches and 30,000 surcharge-free ATMs nationwide. This means you don’t have to be on-campus or in-state to experience convenient banking with MIT FCU.

True or False: Only members of the MIT community and their families can be members of MIT FCU.

Answer: False! Anyone can take advantage of MIT Federal Credit Union.

If you are a part of the MIT community, an immediate family member, partner, or roommate of a person who qualifies for membership, or if you work for one of our partner associations, you can become a member. If you don't belong to one of those groups, you can become a member by joining the American Consumer Council (ACC). Don't worry—we can take care of the process for you!

Question: Which MIT department was Frank Conant, the founding member of MIT FCU, a part of?

Answer: Graphic Arts Department

Frank Conant was the Director of the MIT Graphic Arts Department. In 1940, he took a leap of faith that would impact the financial lives of thousands in the MIT community for years to come. Conant's initiative to start the MIT Federal Credit Union exemplifies the innovative and community-oriented spirit that MIT is known for.

Question: Who was the first visitor at the newest VTM on campus?

Answer: Wide Tim!

We were honored to welcome Wide Tim, our favorite illustrated mascot by MIT alumna and Master of Engineering student Margaret Zheng. According to Zheng, Wide Tim majors in eating and sleeping. Catch him around campus at MIT club events, MIT Open Space Programming, MIT COOP, and other corners of the MIT community.

Our first VTM/ATM opened this past February by the Infinite Corridor in Building 10. Our Virtual Teller Machines (VTMs) include all the capabilities of an ATM with the added ability for members to chat with a live teller via video. Our VTMs mark a significant step toward modernizing our banking services to provide personalized, innovative experiences for our members. Learn more about VTMs by reading our blog, All You Need to Know About Video Teller Machines (VTMs).

True or False: MIT FCU is a for-profit financial institution owned by shareholders.

Answer: False! MIT Federal Credit Union is not-for-profit and owned by members.

This question tests the basics of your credit union knowledge. The primary difference between a credit union and a bank is that a credit union is not-for-profit and owned by members. This means we can focus on serving our members rather than pleasing shareholders.

True or False: Only MIT students can apply for the annual Memorial Scholarship.

Answer: False! Any MIT FCU member in good standing or the child of an MIT FCU member can apply.

While many MIT students have received Memorial Scholarships, the winners often include high school seniors and college students from other neighborhoods. Our annual Memorial Scholarships are for MIT FCU members or their children who are rising freshmen, sophomores, juniors, or seniors enrolled full-time in an undergraduate degree program at an accredited college or university.

True or False: It only takes $5 to become a member of MIT FCU.

Answer: True!

While large banks can require larger opening deposits of $25 to $100, MIT FCU has a low minimum requirement of $5. This creates a financial cushion while providing access to all our additional products and services. This savings account, also called a ‘share’ account, is all that is required to establish and maintain membership. That $5 represents your ownership share in the Credit Union. Once you become an MIT FCU member, you also become an owner.

Grow with us at MIT Federal Credit Union

Whether you’ve been a member for years or have joined recently, your presence has played a vital role in our success. By choosing us to be a part of your journey, allows us to fulfill dreams and do more to enrich the lives of others. If you’re considering becoming a member, you can learn more here and apply online in minutes. We look forward to many more years of growing and thriving together!

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