Cambridge Teachers FCU merger

Cambridge Teachers Federal Credit Union has merged with Webster First Federal Credit Union

As of May 31, 2024, Cambridge Teachers Federal Credit Union has merged with Webster First Federal Credit Union and has become “Cambridge Teachers, a division of Webster First Federal Credit Union.” In the upcoming months, each credit union will work to combine their core databases, products, and services together. Later this year, both databases will be combined, effectively finalizing the merger of Cambridge Teachers Federal Credit Union and Webster First Federal Credit Union to form one of the strongest credit unions in Massachusetts.

Our team at Webster First created this resource page to help our newest members from Cambridge Teachers understand how this merger may affect their banking experience at Webster First. More information and resources will be added here as they become available.

Frequently asked questions

Who is Webster First Federal Credit Union?

Webster First was established in 1928 to serve the families and businesses of local communities within Worcester County. By offering low rates, great banking products, and exceptional customer service, Webster First is now one of the largest and strongest credit unions in Massachusetts, with over $1.4 billion in assets and over 90,000 members. Since our beginnings, Webster First’s field of membership has expanded to include anyone who lives, works, or worships within Worcester, Middlesex, Essex, and Suffolk counties.

Cambridge Teachers Federal Credit Union became part of Webster First Federal Credit Union through a merger that took place on May 31, 2024. The branch will be known as “Cambridge Teachers, a division of Webster First Federal Credit Union.”

We are excited and proud to serve Cambridge and its surrounding communities. Webster First Federal Credit Union welcomes Cambridge Teachers Federal to the Webster First family.

How will the merger affect Cambridge Teachers Federal Credit Union members?

On the surface, members won’t notice a big difference.  All share accounts will remain insured through the National Credit Union Administration (NCUA) up to $250,000 as well as the excess share insurance coverage for accounts containing over $250,000 with the Massachusetts Share Insurance Company (MSIC).

What you will notice are the additional services and products to choose from, and, most importantly, the change in name to “Cambridge Teachers, a division of Webster First Federal Credit Union.”

The merger with Webster First is legally effective as of May 31, 2024 and there will be no noticeable changes in service to your accounts until the system conversion is completed later this year.

Is my money safe at Webster First?

You can rest assured that your money is safe at Webster First. The National Credit Union Administration (NCUA), a U.S. Government Agency, insures member deposits for up to $250,000. The Massachusetts Credit Union Share Insurance Corporation (MSIC) insures additional amounts. MSIC fully insures excess shares and deposits above the federal insurance limit of $250,000 at ALL of its member credit unions. Check out our article How does deposit insurance work? to learn more.

When it comes to security at Webster First, we believe each relationship starts with trust. Keeping you and your money safe is a top priority, and we’re pleased to offer a variety of security tools and protocols to protect you and your accounts. Learn more about how Webster First protects you.

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Webster First is one of the most well capitalized credit unions in Massachusetts as a result of our determination to make the best possible financial decisions. With our experience and dedicated team, we’re confident we can help you make the right financial decisions, too. Check out our blog for helpful tips, breaking news, local happenings and guides, and more.

 

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