The UMMC branch of Mississippi Federal Credit Union. Image: MSFCU

Fondrenites and those who enjoy the neighborhood have a banking option they may not be aware of.

Mississippi Federal Credit Union (MSFCU), founded on November 17, 1958 as the Medical Center Credit Union, is located on the campus of the University of Mississippi Medical Center, behind the student union.

Originally formed by and for the employees of University Medical Center in Jackson, the credit union opened its doors with 48 members, $1,329.62 and used a cigar box as its first cash drawer. 

MSFCU now partners with over 55 employer groups, large and small, all across the state.

“Our mission statement – ‘…committed to becoming your first choice in selecting a financial institution, to providing our membership with a wide range of competitively priced, high quality range of services, promoting member education, and maintaining a high standard of integrity and stability;’ these are the core values that have made us a fixture in the Fondren community for 60 years,” said Justin Harmon, Vice President of Business Development.

Credit Unions are often a well-kept secrets consumers may not quite understand.

“We are a not-for-profit financial cooperative,” Harmon explained. “That means that our members actually own the credit union, (not shareholders). 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. 

Mississippi Federal Credit Union offers every financial product imaginable from a basic savings account to wealth management and everything in between. MSFCU boasts over 5,000 branches across the country and the largest surcharge free ATM network in the world. 

MSFCU has continued to grow into new markets, adding branches in Grenada and Clinton. 

Even with expansion, MSFCU has maintained a strong presence in the Fondren Community by giving back and working hand-in-hand with the Fondren Renaissance Foundation, fundraising for Blair E. Batson, Ronald McDonald House and The Wilson Foundation, to name a few. 

“Giving back to the community in which we serve is at the heart of our mission,” Harmon said. “We are especially proud to be investing in the next generation by providing, along with other credit unions, a free financial literacy curriculum for schools. We want our kids and your kids to know and understand the value of a dollar.”

Mississippi Federal Credit Union’s greatest impact, Harmon explained, is in assisting local community residents and businesses to be more financially sound.

“At the end of the day, every member is unique and every member has a story. We want to know your story because we don’t have 20,000 account holders, we have 20,000 family members. Families stick together, they work with each other.”