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 !!!
I read where someone wondered why Melrose doesn't have more people opening accounts with them. Well, I think I may have learned why from my phone call from them this morning. Before 9 AM I got a call from a male from Melrose returning my call from yesterday about their EWP and the fact I did not really understand how it worked. He was very honest with me and made it clear one should not put money in a CD with Melrose that they may need to close early. He admitted they have very "harsh" penalties. It seems if we were taking our interest in monthly checks etc. and need to do an early withdrawal, we have to repay it back from the Principal of the CD. That can be hefty since if they lower the rate to the savings rate, we need to repay all that additional interest they paid us. If we had a 5 year CD and had to cash it in after 3 or 4 years, that is a "lot" of money to have to pay back and they take it off of our Principal.
I told him, basically it seems Melrose "chops off our head and cuts it into pieces" if we need to close the CD early. He agreed with me that Melrose is not the place to put money you will need to withdraw early. I thanked him for his professionalism and honesty and told him I could never do business with Melrose since one never knows when an emergency will happen and one will need their money. Soooo, I, personally can't afford to be tempted by Melrose's higher rates. They seem to be very honest about their harsh penalties and I applaud them for that.
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.
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of December 31, 2013 Melrose Credit Union had $2.99 million in non-current loans and owned real-estate with $369.33 million in equity and loan loss allowances on hand to cover it. This gives Melrose Credit Union a Texas Ratio of 0.81% 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 decreased slightly from 0.93% as of December 31, 2012 to 0.81% as of December 31, 2013, resulting in a positive change of 13.20%.This indicates that the balance sheet and financial strength for Melrose Credit Union has improved slightly in recent periods.
In the past year, Melrose Credit Union has increased its total deposits by $10.28 million, resulting in 0.72% 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 $1.85 billion in assets with $369.33 million in equity, resulting in a capitalization level of 19.93%, which is excellent.
|Assets and Liabilities|
|Equity Capital||$364.33 million|
|Loan Loss Allowance||$5.00 million|
|Unbacked Noncurrent Loans||$2.99 million|
|Real Estate Owned||$0|
|Historic Data - December 2012|
|Equity Capital||$341.39 million|
|Loan Loss Allowance||$5.47 million|
|Unbacked Noncurrent Loans||$2.99 million|
|Real Estate Owned||$0|
|Profit Margin - Quarterly|
|Net Interest Margin||4.12%|
|Return on Assets||1.39%|
|Return on Equity||7.1%|
|Interest Income||$73.24 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%||-||-||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 (Traditional,Roth,CESA)|
|2.02%||$4k||-||4 Year Share IRA Certificate (Traditional,Roth,CESA)|
|1.66%||$4k||-||3 Year Share IRA Certificate (Traditional,Roth,CESA)|
|1.41%||$4k||-||2 Year Share IRA Certificate (Traditional,Roth,CESA)|
|1.15%||$4k||-||1 Year Share IRA Certificate (Traditional,Roth,CESA)|
|Melrose Credit Union Locations|
|Branch Office||13930 Queens Blvd||Briarwood, NY 11435|