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William Filene organized Filene Federal Credit Union on October 21, 1921 as part of an employee benefits package. First known as the Filene Cooperative Association Credit Union, The name was changed to the Filene Credit Union on July 11, 1939 and again to the Filene Federal Credit Union in May of 1994. For many years the credit union served employees of the May Department Stores and all of its subsidiaries including Filene’s, Kaufmann’s, Lord and Taylor, Foley’s, Hecht’s and all of the rest, of Filene’s Basement and Kabloom and the families of any of our members. In 2006, the May Department Stores company was acquired by the Federated Department Stores Company and the headquarters of Filene's and many other stores were closed. The Filene Federal Credit Union had to move out of the Filene's building for the first time in over 85 years and we applied for a community charter. The Natioinal Credit Union Administration granted the credit union a community charter in June 2006. The charter enables the credit union to enroll members who work, live, attend school or worship within a defined area of the city of Boston and to retain all our our existing members. The areas of Boston included within our field of membership roughly accords with the boundaries of Beacon Hill, Downtown Boston (including the North End), Back Bay, Kenmore, South End, South Boston and Dorchester.
Filene Federal Credit Union is a non-profit cooperative and, as a result, all profits earned are returned to the members as lower interest rates on loans and higher dividends paid on deposits or retained as additional capital. The credit union offers a full range of loan and deposit products including new and used auto loans, personal loans, credit cards, home equity loans, mortgages, savings accounts, checking, money market accounts, certificates of deposit , retirement accounts (IRA and Roth IRA) and club accounts.
The Filene Federal Credit union is a member of the SUM network, offering surcharge free ATM withdrawal throughout the northeast. Click here for a list of locations.
Our deposits are insured by the NCUA, an agency of the Federal Government and for amounts in excess of that insured by the NCUA, we provide private insurance through the Massachusetts Share Insurance Corp., up to an additional $100,000.00 for a single owner or $200,000.00 for a joint account. Click here to find our more about MSIC insurance. IRA accounts are insured in full.
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