FRAMINGHAM, Mass., Feb. 11, 2011 /PRNewswire/ -- A Framingham-based credit union is poised to give banks a run for their money. With a new charter to serve all Metro-West communities, Framingham Municipal Federal Credit Union has launched a campaign to eliminate fees for everyday banking. The 67-year old institution is also introducing a new name, MetroWest Community Federal Credit Union (MWCFCU).
Founded in 1944 to serve the municipal employees of the Town of Framingham, the credit union has been granted a community charter by the NCUA allowing them to serve anyone who lives, works, worships or attends school in the Metro-West Communities of Middlesex County. The credit union offers traditional banking products.
MetroWest President John Gallinagh said, "Our new charter will allow us to compete more aggressively with the banks. People everywhere are looking to credit unions as good alternative, and now anyone in the Metro-West Community can look to us."
Following Bank of America's announcement about raising checking fees, in some cases up to $25 per month, MetroWest Community Federal Union is going a decidedly different direction. Gallinagh said, "While banks everywhere are raising fees, we're eliminating monthly checking fees and fees for internet banking." The changes were announced in a letter to the credit union's 9,000 members in February.
Gallinagh said more positive changes are coming soon. "We will make banking more convenient through mobile banking, shared branching and enhanced online services. Plus, we're looking to improve rates on products like credit cards and deposits."
Current members can still use their FMFCU checks and credit cards. Deposits will remain insured by NCUA and Massachusetts Shared Insurance Corporation.
Gallinagh added, "We want our members to know their credit union is here for them as we seek opportunities to treat them even better. Our members work hard for their money. We work hard to protect it."
About MetroWest Community Federal Credit Union
MetroWest Community Federal is wholly owned by its more than 9,000 members and offers full-service branches in Natick and Framingham. MetroWest has assets over $86 million and is considered a well-capitalized credit union by the NCUA. More information is available online at www.metrowestcommunityfcu.com.
SOURCE MetroWest Community Federal Credit Union