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About Us
Our mission
To provide exceptional member service in a friendly, professional manner; to encourage savings and the wise use of credit; to increase the knowledge and ability of our members to manage their financial future and security; to provide sound financial management to maintain earnings for our continued growth; and to provide our employees with a rewarding career.
Our vision
Providing exceptional value, innovative service, fairness to all, and a quality experience for members and staff.
Our history
It all started in the summer of 1950 - a small group of employees who worked for Montgomery County Public Schools (MCPS) got together one day and agreed that there must be a way to take advantage of the better things in life. The banks at that time were not interested in satisfying the financial needs of the consumer - unless you had a lot of money. In fact, if you needed to borrow a few dollars for home repairs or medical bills, there were very few places to turn.
Credit unions, which were born out of the cooperative movement at the end of the 19th century, were beginning to make significant inroads. It didn't take long for the group of educators to decide that a credit union was the answer. Thus, Montgomery County Teachers Federal Credit Union (MCT) was created!
During the first year, MCT had only a handful of members and $1,500 in assets. Now, fifty-nine incredible years later, we are serving the needs of over 60,000 individuals and proudly have over $400 million in assets.
Savings accounts and small personal loans have grown to include a full array of financial services. In the beginning, MCT's volunteer board of directors, who were elected by the members, played a significant role in the day-to-day operations of the credit union. Today, volunteers remain important - and are joined by a trained staff of professionals to make certain the needs of the members are satisfied. Through it all, our strategy of helping each and every member reach financial success has remained steadfast.
To find out if you are eligible to join MCT, click here.
How we support financial literacy
As a credit union founded by teachers, financial literacy has always been the cornerstone of MCT’s philosophy. Unfortunately, many families today have trouble saving and managing their credit in a responsible manner; according to CardWeb.com, the average U.S. household with at least one credit card has almost $9,200 in credit card debt. Our hope is that our financial literacy programs provide our members with the necessary tools to achieve a bright financial future.
Supporting financial literacy legislation
In 2008, MCT’s President and CEO, Thom Beck, began serving on a financial literacy task force alongside representatives from the Maryland General Assembly, other financial institutions, financial regulators, consumer groups, and educators. The task force is charged with recommending ways to increase Marylanders’ level of financial knowledge and promote financial literacy within Maryland schools.
Supporting the schools
Another way MCT supports financial literacy is through our inschool branch program. The in-school branch program seeks to increase students' knowledge of transactions and the uses of technology within the financial services industry, enhance students' practical uses of math skills, increase their employability skills, and educate them on the importance of saving and budgeting. To date, the program is offered at five high schools, one elementary school, and one special-needs schools in Montgomery County. Each school's program varies, but most in-school branches are open two to three days a week during lunch periods while school is in session.
Supporting the Academy of Finance
Each summer, we help students in Montgomery County become more financially literate by partnering with Montgomery County Public Schools to provide internships to five high school students, who are involved in the Academy of Finance (AOF) program. AOF provides high school students with the education necessary to obtain a successful career in the financial field. We also support AOF by raising montey each year through staff fundraisers, and by volunteering on the AOF Board of Directors.
How we give more to our community
Each year, MCT supports higher education by awarding $7,500 in scholarships to students in the community. In addition, MCT sponsors a team of 30 runners to participate in the Annual Credit Union Cherry Blossom Run in Washington, D.C. The team typically consists of students and staff of MCPS, along with MCT employees and their families. Funds are raised for the Children’s Miracle Network.
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