Question 1

What is UMassFive College Federal Credit Union (UMassFive)?

Accepted Answer

UMassFive College Federal Credit Union (UMassFive) is a member-owned, not-for-profit financial cooperative headquartered in Hadley, Massachusetts. With over $703 million in assets and more than 51,000 members, UMassFive serves communities throughout Western Massachusetts and Worcester. The credit union originated as a financial institution for employees and students of the University of Massachusetts system and the Five College Consortium, but has expanded to serve over 50 local organizations, businesses, and community groups. UMassFive has been voted Best Credit Union in the Pioneer Valley for seventeen consecutive years.

Question 2

When was UMassFive College Federal Credit Union (UMassFive) founded?

Accepted Answer

UMassFive was founded in 1967 by employees of the University of Massachusetts to serve UMass Amherst employees and their families. The credit union was established to provide accessible, member-focused financial services to the university community. In 1971, membership was expanded to include the Five College Consortium, which comprises Amherst College, Hampshire College, Mount Holyoke College, Smith College, and the University of Massachusetts Amherst. Over the decades, UMassFive has evolved from a single-branch operation into a full-service financial institution with six branch locations serving diverse communities across Western Massachusetts.

Question 3

Where is UMassFive College Federal Credit Union (UMassFive) headquartered?

Accepted Answer

UMassFive is headquartered in Hadley, Massachusetts, in the Pioneer Valley region of Western Massachusetts.

Question 4

Where does UMassFive College Federal Credit Union (UMassFive) operate?

Accepted Answer

UMassFive operates six branch locations across Western Massachusetts and Worcester. The credit union serves communities in Amherst, Hadley, Northampton, Springfield, and Worcester. Branch locations specifically include the main headquarters in Hadley, as well as branches serving the University of Massachusetts campuses and the UMass Chan Medical School in Worcester. Membership is available to employees, students, and members of over 50 local organizations, including the Five College Consortium institutions, municipalities such as Hadley, Northampton, Belchertown, and Pelham, educational institutions like Greenfield Community College, and community organizations. Family members and household members of existing members also qualify for membership. Those who do not meet traditional eligibility requirements can join through the Community Involved in Sustaining Agriculture (CISA) membership option.

Question 5

What services does UMassFive College Federal Credit Union (UMassFive) offer?

Accepted Answer

UMassFive offers a comprehensive range of personal and business banking services. Deposit accounts include share savings accounts, checking accounts (including the Co-op Advantage Checking account with no minimum balance requirements and ATM fee refunds), and term deposits with competitive rates. Loan products include first mortgages, home equity loans and lines of credit, auto loans, personal loans, student loans, credit builder loans, business loans, and a unique 0.00% Farm Share Loan program that supports local agriculture and food security. The credit union also offers credit cards and specialized lending programs including MassHousing and solar financing.

UMassFive provides robust digital banking services, including online banking and a mobile banking app available for iOS and Android devices. The mobile app features remote check deposit, account balance checking, bill payment, fund transfers, Zelle payment integration, debit and credit card controls (including the ability to turn cards on/off and set spending limits), branch and ATM locator, and push notifications for account alerts. Members have access to financial advisory services through CFS Financial Advisors for investment, retirement, and financial planning. The credit union also partners with GreenPath Financial Wellness to offer financial counseling services.

UMassFive is a member of the CO-OP credit union network and the MoneyPass ATM network, providing members with access to thousands of surcharge-free ATMs nationwide.

Question 6

What makes UMassFive College Federal Credit Union (UMassFive) unique?

Accepted Answer

UMassFive distinguishes itself through its strong commitment to community values and innovative member benefits. The credit union operates a Co-op Points rewards program that waives fees, provides reduced-rate consumer loans, and increases term deposit rates for qualifying members—in 2022 alone, this program waived nearly 19,000 fees totaling $285,796, benefited 1,300 members with lower loan rates, and helped 856 members earn higher deposit rates.

One of UMassFive's most distinctive offerings is the 0.00% Farm Share Loan program, which addresses food insecurity by providing interest-free financing for Community Supported Agriculture (CSA) shares from local farms. This ensures affordable access to fresh, locally-grown vegetables for members who need it most. The credit union's partnership with CISA (Community Involved in Sustaining Agriculture) not only provides a pathway to membership but also supports the local food economy and sustainable agriculture.

UMassFive demonstrates exceptional dedication to member financial wellness through partnerships with GreenPath Financial Wellness for financial counseling and through Credit Builder Loans designed to help members establish or rebuild their credit. The credit union also maintains a team of dedicated financial advisors serving over 1,600 members with personalized investment and retirement planning services.

The institution has earned recognition as the Best Credit Union in the Pioneer Valley for seventeen consecutive years, reflecting its consistent focus on competitive rates, lower fees, innovative services, and community-based values. UMassFive's Worcester branch at UMass Chan Medical School exemplifies the credit union's commitment to personalized service, having become the fastest-growing location through exceptional member advocacy and empathetic member service.

Question 7

What type of financial institution is UMassFive College Federal Credit Union (UMassFive)?

Accepted Answer

UMassFive College Federal Credit Union is a federal credit union chartered and regulated by the National Credit Union Administration (NCUA). As a federally insured credit union, member deposits are insured up to $250,000 by the NCUA, which provides equivalent protection to FDIC insurance at banks.

As a not-for-profit financial cooperative, UMassFive operates on a member-ownership structure where each member has equal voting rights regardless of account balance. Profits are returned to members through competitive dividend rates on deposits, lower loan rates, reduced fees, and enhanced services rather than being distributed to outside shareholders. Membership is based on a common bond—in UMassFive's case, affiliation with the University of Massachusetts system, the Five College Consortium, or one of over 50 approved organizations and municipalities. Family members and household members of existing members also qualify, and community membership is available through CISA.

UMassFive College Federal Credit Union (UMassFive)

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About UMassFive College Federal Credit Union (UMassFive) in the United States