Harvard University Employees Credit Union (HUECU) is a not-for-profit financial cooperative that serves the Harvard University community, including employees, students, and alumni. Established in 1939, HUECU has grown to become one of the largest credit unions in the United States, with over $1 billion in assets and more than 50,000 members. The credit union's mission is to provide its members with a range of financial services, including savings and checking accounts, loans, credit cards, and investment products, while promoting financial literacy and well-being.
History and Development
HUECU was founded by a group of Harvard University employees who sought to create a financial institution that would cater to the unique needs of the university community. Over the years, the credit union has expanded its membership to include students, alumni, and employees of Harvard’s affiliated institutions, such as Harvard Medical School and the Harvard School of Public Health. Today, HUECU operates six branches in the Boston area, including locations in Cambridge, Boston, and Somerville.
Membership and Eligibility
To be eligible for membership in HUECU, individuals must have a connection to Harvard University, such as being an employee, student, or alumnus. Membership is also open to family members of existing members, as well as employees of Harvard’s affiliated institutions. Once members join, they have access to a range of financial services, including online banking, mobile banking, and investment advisory services. HUECU also offers a variety of financial education programs and workshops to help members manage their finances effectively.
| Financial Service | Description |
|---|---|
| Savings Accounts | High-yield savings accounts with competitive interest rates |
| Checking Accounts | Low-fee checking accounts with debit card and online banking access |
| Loans | Personal loans, mortgages, and home equity loans with competitive interest rates |
| Credit Cards | Low-interest credit cards with rewards programs and no annual fees |
Financial Performance and Stability
HUECU has consistently demonstrated strong financial performance and stability over the years. As of 2022, the credit union reported 1.2 billion in assets</strong>, <strong>850 million in deposits, and $500 million in loans outstanding. HUECU’s net worth ratio is also impressive, standing at 10.5% as of 2022, which is well above the national average for credit unions. This strong financial position enables HUECU to invest in new technologies and services, while maintaining its commitment to member-centricity and community involvement.
Community Involvement and Philanthropy
HUECU is deeply committed to giving back to the Harvard University community and the broader Boston area. The credit union supports a range of local charities and non-profits, including the Harvard University Community Action Partnership and the Boston Foundation. HUECU also offers financial literacy programs and workshops to help members and non-members alike manage their finances effectively and achieve their long-term financial goals.
- HUECU's Community Development Fund provides grants and loans to local organizations and businesses
- The credit union's Financial Education Initiative offers free financial workshops and counseling to members and non-members
- HUECU's Scholarship Program provides annual scholarships to Harvard University students
What are the benefits of joining HUECU?
+As a member of HUECU, you can enjoy a range of benefits, including competitive interest rates, low fees, and personalized financial services. You’ll also have access to online banking, mobile banking, and investment advisory services, as well as financial education programs and workshops.
How do I become a member of HUECU?
+To become a member of HUECU, you must have a connection to Harvard University, such as being an employee, student, or alumnus. You can apply for membership online or in person at one of our six branches. You’ll need to provide identification and proof of eligibility, as well as an initial deposit to open your account.
