Melrose Credit Union is a New York-based credit union that provides personal and business banking services to its wide membership. It serves over 20,000 members and has more than a billion dollars in assets.
On its personal banking side, Melrose offers checking, savings, Share Certificate (CD), and IRA Share Certificate accounts in addition to a variety of lending options. The checking account offering earns dividends on balances over a certain amount, has no minimum balance requirements, and comes with free checks. The credit union also offers two savings accounts, including a basic account that pays dividends quarterly and a children’s account that comes with a free, Melrose-branded piggybank. Share Certificates (CDs) are available in term lengths ranging from 12 to 60 months and have an initial minimum deposit requirement usually set at several thousand dollars. DepositAccounts.com has recognized Melrose repeatedly in the past for its competitive CDs. IRA Share Certificates come with the same tax benefit as a Traditional IRA and also range in term lengths from 12 to 60 months. Melrose also provides free certified financial planning to help with budgeting, retirement, and insurance decisions.
Melrose CU online banking provides a secure platform for members to execute account management tasks like Bill Pay, funds transfers, and direct deposit. The web-based system is also optimized to for mobile banking to make it convenient for members to bank from their smartphones and tablets. Melrose ATMs are available in the Queens area of New York City, around where the credit union is headquartered.
Melrose Credit Union was originally established in 1922 to supply financial services to the Bronx, New York community. Since that time, the credit union has grown considerably and now permits anyone with a valid ID and social security number to join. Melrose is currently headquartered in Briarwood, New York, and serves its members through a single office location in addition to its online banking platform.
Since Melrose Credit Union has an open New York State charter there are no geographic or group affiliation field of membership restrictions. So, regardless of where you live or how you earn a living, you may qualify for membership. There is a $1.00 one time membership fee and a minimum opening deposit of $25.00. - See Details
Just be sure you like this CU for the full duration of your CD Term.
On 60 month CD's, the penalty is 180 day interest AND the interest rate from inception is reduced to the money market rate that was in effect when the CD was originally opened !!!
This credit union has been one of the leaders of interest rates for a very long time. I have never had a problem with service. When I email for any reason, I always get a reply. I deal mostly with a CSR named Debbie Flamos. She is most pleasant to talk to and always has the answers to my questions. This credit union gets the highest ratings!!
I've been with Melrose Credit Union for over a year now. I have been very satisfied, and in fact, just started another CD there.
Their savings-CD rates are normally at the high end. The CSRs have been helpful -- although sometimes it can be very difficult to get a call through to them, and also they close their phones at 4 p.m. Eastern Time. The also have Saturday hours, from 9 a.m. to 1 p.m.
They are part of the credit union shared branch system, meaning that you can go to another credit union near you to make your transactions (although you might have to pay a fee there for some transactions or find there is a maximum you may withdraw in a day).
As I recall, the signup process required you either go into a Melrose branch (I'm in another state) or mail in the material -- they require original signature on the signature card, would not accept it by fax. So, if you are thinking of opening a CD, you might want to get started a bit early and open your membership and share saving account, so you can do the CD the day your money becomes available. That's what I did, and then I opened the CD by depositing my funds at a local shared branch to my savings, and then calling Melrose and having them transfer form there to open the CD.
My family has been using Melrose for many years. In general, we had been very happy with the instution. Recently, however, we had a very bad experience with a request to retitle some certificates under a trust. In addition to taking longer than even the US government(for some savings bonds) to execute the transaction, Melrose forced the certificate changes to be treated as early withdrawls even though we had no intent to withdraw money. As a result, we incurred large penalties and less favorable rates.
Two other "real" banks did the same transaction w/o fees or penalties.
I have filed a complaint with the NY State Dept of Financial Services.
I will also point out that comparable rates can be found at Discover and Ally bank and both of those institutions support current version of Quicken. Melrose supports an old version that is no longer even supported by Quicken.
The Texas Ratio is an indicator of how much capital a bank has available compared to the total value of loans considered at risk. As of March 31, 2014 Melrose Credit Union had $3.12 million in non-current loans and owned real-estate with $375.96 million in equity and loan loss allowances on hand to cover it. This gives Melrose Credit Union a Texas Ratio of 0.83% which is excellent. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
The Texas Ratio for Melrose Credit Union experienced no significant changes from 0.85% as of March 31, 2013 to 0.83% as of March 31, 2014, resulting in a positive change of 3.02%.This indicates that the balance sheet and financial strength for Melrose Credit Union has had no significant changes in recent periods.
In the past year, Melrose Credit Union has increased its total deposits by $1.65 million, resulting in 0.11% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Melrose Credit Union has shown is above average.
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Melrose Credit Union has $1.92 billion in assets with $375.96 million in equity, resulting in a capitalization level of 19.58%, which is excellent.
|Assets and Liabilities|
|Equity Capital||$371.05 million|
|Loan Loss Allowance||$4.91 million|
|Unbacked Noncurrent Loans||$3.12 million|
|Real Estate Owned||$0|
|Historic Data - March 2013|
|Equity Capital||$346.12 million|
|Loan Loss Allowance||$5.38 million|
|Unbacked Noncurrent Loans||$3.12 million|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||0.98%|
|Return on Assets||1.4%|
|Return on Equity||7.24%|
|Interest Income||$18.27 million|
Always verify rates and promotions with the bank or credit union. We are not Melrose Credit Union, we are a rate comparison website and can not provide official rates or promotions.
|0.50%||-||-||IRA Share Account|
|0.50%||$25||-||Roth IRA Share Account|
|0.50%||-||-||Coverdell Education Savings Account|
|2.27%||$5k||-||5 Year Share Certificate|
|2.17%||$5k||-||5 Year Share Certificate for Financial Institutions|
|2.02%||$5k||-||4 Year Share Certificate|
|1.91%||$5k||-||4 Year Share Certificate for Financial Institutions|
|1.66%||$5k||-||3 Year Share Certificate|
|1.56%||$5k||-||3 Year Share Certificate for Financial Institutions|
|1.41%||$5k||-||2 Year Share Certificate|
|1.31%||$5k||-||2 Year Share Certificate for Financial Institutions|
|1.15%||$5k||-||1 Year Share Certificate|
|1.05%||$5k||-||1 Year Share Certificate for Financial Institutions|
|2.27%||$4k||-||5 Year Share IRA Certificate|
|2.02%||$4k||-||4 Year Share IRA Certificate|
|1.66%||$4k||-||3 Year Share IRA Certificate|
|1.41%||$4k||-||2 Year Share IRA Certificate|
|1.15%||$4k||-||1 Year Share IRA Certificate|
|Melrose Credit Union Locations|
|Branch Office||13930 Queens Blvd||Briarwood, NY 11435|