What This Means For You
When you join UMassFive, you'll be required to open a Base Savings account with $5. Those five dollars act as your share of the Credit Union, and make all of our great member benefits available for you to enjoy.
The UMassFive Difference
Being a non-profit financial cooperative means UMassFive operates as an association of people coming together for a common purpose.
Members pool their deposits, then loan those deposits to other members.
- By having an account at UMassFive you are a member-owner of the Credit Union.
- You have one share of the Credit Union which allows you to vote for our volunteer board of directors.
- As a member in good standing, you are allowed to run for the volunteer board of directors.
- All the profits of the Credit Union are returned to you—our members—in the form of higher dividends, lower loan rates and fees, and improved services.
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Our Mission
We create access to financial well-being for our members, sponsor groups, and the greater Pioneer Valley.
We do this through financial education, personalized attention, maintaining strong partnerships with organizations in our local community, and providing a workplace culture that encourages professional growth, empowerment, member advocacy, and teamwork. We pursue this mission every day, while maintaining financial stability and adhering to all regulatory requirements.
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The Eight Co-operative Principles upon which our culture is founded
- Voluntary and Open Membership
- Democratic Member Control
- Member Economic Participation
- Autonomy and Independence
- Training and Information
- Co-operation Among Co-operatives
- Concern for Community
- Diversity, Equity, and Inclusion
Our Investment Strategy
UMassFive only invests in options that are either 100% guaranteed by the United States Government or implied 100% guaranteed by the United States Government. These include:
- NCUA or FDIC Insured Credit Union or Bank Certificate of Deposit
- Government Sponsored Enterprise (GSE) of the United States Government: Federal National Mortgage Association (FNMA); Federal Home Loan Mortgage Corporation (Freddie Mac); Government National Mortgage Association (GNMA)
- Small Business Administration (SBA) and United States Department of Agriculture (USDA) guaranteed loans. UMassFive occasionally buys a portion of these types of loans that are 100% guaranteed by the United States Government.
Our aim is safety and soundness so we do not put member deposits at risk.
UMassFive has never invested in:
Fossil Fuel Funding Bonds; Pipeline Companies; Energy Companies; Gambling Industry; Corporate Bonds; Municipal Bonds, Mutual Funds of any kind.
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Our History
- In 1967, UMassFive was founded by a handful of motivated employees of the University of Massachusetts Amherst to provide financial solutions to them and their immediate family members.
- In 1973, Amherst, Hampshire, Mount Holyoke, and Smith Colleges were added to our field of membership.
- Since our humble beginnings, we have grown from a one-room operation on the UMass Amherst campus, to a full-service financial institution with six physical branches, a full-service contact center, and a robust online presence.
- We continue to partner with local community-based groups with which we share a vision, and now have over 50 local organizations that we serve and work with.
Read our full Bylaws document here.
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