Mississippi Federal Credit Union

Are you curious about what the difference is between a credit union and a traditional bank? The Vice President of Business Development for Mississippi Federal Credit Union, Justin Harmon, shares some insight on exactly how credit unions work, and what sets them apart from the banking system you might be more familiar with.

What sets us apart from your traditional bank? Credit Unions are a not-for-profit financial cooperative. That means that our members actually own the credit union. As owners you get to reap the rewards as we return our profits back to you in the form of dividend payments, lower lending rates, and higher interest on savings and investment accounts. Your traditional bank is made up of a select few individual shareholders. The bank’s profits are given to the shareholders instead of the customer. Structurally, this is how a credit union is different.

Mississippi Federal Credit Union was founded on November 17, 1958 as the Medical Center Credit Union. It was formed by and for the employees of University Medical Center in Jackson, Mississippi. The credit union opened its doors with 48 members, $1,329.62, and used a cigar box as its first cash drawer.

We offer every financial product imaginable from a basic savings account, to wealth management, and everything in between. As a part of Co-Op Shared Branching, we have over 5,000 branches across the country, and the largest surcharge free ATM network in the world. Therefore, parents that are members of a credit union in California can easily transfer money to their student’s MSFCU account in Oxford.

Mississippi Federal Credit Union has continued to grow into new markets, adding branches in Grenada and Clinton. And even with our expansion we have maintained a strong presence in the Oxford community by giving back and working hand-in-hand with the Lafayette Literacy Council, The University of Mississippi, Oxford City Schools, and Lafayette County Schools just to name a few. Giving back to the community in which we serve is