Does this mean the credit union was bought out or merged?
No, we were not bought out by a bank and did not merge with another financial institution. We will continue to be a locally operated credit union and provide lower loan rates and less fees to our members.
Why would you change the name, when MTEFCU is such a strong name to begin with?
While MTEFCU is a very strong name thanks to the connection we have had to the university over the years, the time has come for the MTEFCU to stand by itself and embrace a new identity. We also want to be sure that our community knows that anyone who lives, works, worships, attends school, or conducts business in Houghton, Keweenaw, or Baraga county can be a member and we are not limited to MTU employees.
Choosing a worthy name was not an easy task, but the Board of Directors felt that the name Breakwater Federal Credit Union effectively encompassed the identity and heart of the community by drawing on an iconic landmark. The breakwalls at both ends of the portage protect the homes and businesses that line the waterfront, and the Hancock/Houghton breakers are popular gathering places among our family and friends. The MTEFCU has been a figurative breakwall for our members over the years by providing lower loan rates, less fees, and comfort in knowing that we put their financial health first.
What will happen to my accounts when the name change takes place?
Nothing! You will be able to continue banking and borrowing with us as you always have. There will be no immediate operational changes that will affect our members.
You will eventually receive new debit and credit cards over the next calendar year, but until you receive them, your MTEFCU cards will continue to work. As for personal checks, those who have unused checks will have two options:
1) Continue to use up the checks you have (they will still work after the name change, as they are run through the routing number), OR
2) After July 1st, you can request that we replace them.