<p>Any suggestion on banks or credit unions at MIT? I saw this MIT Federal Credit Union pamphlet in the orientation package for parents. It has ATMs around the campus .... look pretty good. I can even open an account while I am at MIT. Any other good alternatives?</p>
<p>Thanks,</p>
<p>People I know who have accounts at the credit union seem pretty happy about it. </p>
<p>I personally have an account at Bank of America, because they have ATMs all over the city (and all over the country), while the credit union ATMs are only on campus. Some people don't like that BoA is a large monopolous corporation, but I do not care, because they store my money and have lots of ATMs.</p>
<p>At any rate, all the banks around here will be on the first floor of the Student Center for a few days of Orientation, so check out the different booths and see which banks have good offers for students.</p>
<p>mitfcu also allows you to use any atms marked with a SUM sign (some banking alliance thing), so you're not limited to just the ones on-campus. i mitfcu and have a slightly greater confidence that it won't **** me over or let my personal info loose like a lot of the major banks have had happen recently, but that may be an illusion.</p>
<p>Above is a common perception of "major banks" - my parents and I have used Bank of America for several years and I haven't had a complaint yet. BoA is in most (if not all states in the nation) and is an account you can keep after you graduate MIT. The problem with the MITFCU, you could only feasible keep the account if you continued school at MIT or worked in Boston after graduation. Got to look to the future I think....</p>
<p>well, you could also continue your education at another boston-area school. and working in boston or the surrounding area is probably more likely than working in $smalltown. i like this place and would love to stay here, and even if i (as is likely) don't end up staying here for more than my undergrad, i find it useful for me to support a local credit union right now. they're adequate for my (admittedly simple) needs. i can't imagine that it would be hard to open an account at another bank should it become necessary.</p>
<p>point: look at your own needs and values and choose which one is right for you. i'm excessively skewed in one direction on this and many other issues.</p>
<p>Mitfcu rocks. I left my bank of 7 years to join it. The no fees thing is pretty awesome, plus being able to make deposits on the Infinite is super convenient. When you graduate, just open a new account somewhere - no big deal.</p>
<p>I joined MITFCU recently and I really like it so far. I switched from Cambridge Trust Company specifically because I hated paying ATM fees. MITFCU allows up to 8 free ATM transactions per month at other banks' ATMs, and I rarely use an ATM more than 8 times per month anyway, so it's not a problem for me that there are very few MITFCU ATMs.</p>
<p>You can stay a member after you leave the Boston area. As far as I can tell, the only big hassle would be making deposits quickly (you can mail them in, but that takes a while).</p>
<p>Another note about deposits -- if you join, be aware that out-of-state checks take 5 days for the funds to be credited to your account. The first $100 is available next business day, but you have to wait for the rest. This could be a deal-breaker for people who are always cutting it close on making deposits and need to spend the money right away.</p>
<p>I know this probably doesn't factor into the decision-making process, but I like that the checks have the little logo that says MIT -- it's kinda like having a brass rat or something. When you write a check to someone they ask "Oh, you go to MIT? Wow." :-)</p>
<p>Don't most banks have free ATMs, online bill pay, unlimited checks, no minimum balance (god knows I need that) and all the other goodies? I know most of the time I'll be taking money out of my account instead of depositing it so depositing checks won't be too much of an issue. I would get an account outside of MIT because some banks give goodies like $50 gift certificates or fold-up lawn chairs and stuff. I really like goodies even if you do have to pay tax on them.</p>
<p>BoA has a student account that has no fees for 5 or so years and there are no fees on any of their ATMs across the nation (plus they have a branch right in the student center.) Deposits go through the next day (regardless if they are out of state). I have nothing against the MITFCU but it seems many just go with them for the purpose of having that check or card with Building 10 on it (lol). Nothing wrong with that....</p>
<p>On the BoA website it says the deal where the checking account is free for 5 years is only if your parents have an account with BoA, or if you have a monthly direct deposit to the account. Otherwise it's free for 6 months and then $3.95 per month.</p>
<p>I think it's only $3.95/month if you don't keep the minimum balance, or something.</p>
<p>It's something that doesn't apply to me, because I saw the fee (it's new with BoA, Fleet used to be no fees) and freaked, but then realized it didn't apply.</p>
<p>I agree that the FCU has its perks, but I do have a couple beefs with their branch service.</p>
<p>The nearest physical location you can go to is in Technology square. For most dorms that is pretty out of the way. Also, their service hours on weekdays are not too great. They close at 4pm. I often have classes around that time, so I find myself having to choose between waking up earlier or cutting class, neither of which I like to do.</p>
<p>Does the MITFCU still not give money at the branch? At their old location they gave you checks that you had to cash somewhere else. I am not sure if that is still the policy today...</p>
<p>That being said, I am still a customer because I haven't been charged a single fee while being a member. The atm locations in the student center and the Infinite are also very convenient.</p>
<p>One of the things that I really like about the MIT FCU is that I can forward my paychecks from the MIT Housing people straight into my FCU account. I don't have to pick them up anymore. ^___^</p>
<p>Though, it seems to me that the people who work at the FCU are mildly incompetant. I've had many issues with just getting a new debit card to work, and at some point the FCU changed my billing address for no reason, and that's really annoying.</p>
<p>But the convenience is so nice...</p>
<p>I would go with MITFCU, no fees unlike other banks who screw you over with fees</p>
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One of the things that I really like about the MIT FCU is that I can forward my paychecks from the MIT Housing people straight into my FCU account. I don't have to pick them up anymore. ^___^
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</p>
<p>Actually, you're required to do that now, no matter what bank you have. The payroll office decided to take away my simple joy in depositing checks at the bank :( Although I have to admit direct deposit is a great deal more efficient...</p>