About Us

Mayo Employees Federal Credit Union was formed in 1933 by a group of Mayo Clinic business office employees. Their purpose was twofold: (1) to pool their money and loan it to other employees and, (2) to provide member service and education. We take pride in continuing that commitment today. Since its formation, Mayo Employees Federal Credit Union has grown to over 50,500 member-owners, with assets in excess of $648 million.

Mayo Employees Federal Credit Union is dedicated to helping members achieve their financial goals. Since we are a member-owned, not-for-profit financial cooperative, earnings are distributed back to members in the form of higher dividends on savings, lower loan rates, expanding products and services, and more.

Volunteer Opportunities

Opportunities await Mayo Employees Federal Credit Union members who are interested in a volunteer position at the credit union. Volunteering on the Board of Directors or Supervisory Committee is a great way to become involved in the "people helping people" philosophy of the Credit Union Movement.

The volunteer structure is the backbone of our credit union and of the entire credit union movement. Volunteers act as the member's representative; they must always keep the member's best interest in mind. Members will elect those individuals who they feel will confidentially protect their interests and assure the future viability of the credit union. All decisions must be made with integrity and respect for all Mayo Employees Federal Credit Union members.

Board members serve a three-year term, and are elected each year during the MEFCU Annual Membership meeting in March. You must be a primary member of the credit union (in good standing) for one year prior to applying for any volunteer position.

To Apply

For additional information, contact Terry Fields at fields.terry@mayo.edu or at 507-293-8081. To obtain additional information about the positions, contact one of the current volunteer board members listed on Volunteer Leadership.

Volunteer Responsibilities

Board Member: Maintain the general direction and control of Mayo Employees Federal Credit Union. This includes guiding the credit union to fulfill its purpose; setting all policies that guide the affairs of the credit union; and ensuring these policies are properly implemented by following the credit union charter, bylaws, applicable laws, sound business practices and the membership's desires.

Supervisory Committee Member: The basic role of the supervisory committee is to be a representative of the membership responsible for reviewing the activities of the board, management and staff to assure the following: complete and accurate financial records are prepared; internal controls, policies, and procedures are maintained and followed as determined by NCUA regulations; appropriate safeguards are in place to protect the credit union's assets; and the board and management make decisions and take actions that are consistent with the best interests of the general membership. Supervisory Committee members are appointed by the Board of Directors on an annual basis.