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718-658-9800
13930 Queens Blvd
Briarwood, NY 11435

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.

Field of Membership Restrictions

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

Related Posts

Largest CD Rates Hikes on Long Terms at Melrose Credit Union - 3/28/2014

Melrose Credit Union just recently increased the rates of all of its CDs. This is the first rate increase since last December. Like we have seen with other institutions, the long-term CDs had the larg ...

Higher CD Rates at Melrose Credit Union - 12/19/2013

Melrose Credit Union just recently increased the rates of all of its CDs. The 5-year CD rate doesn’t come close to PenFed’s , but it’s still very competitive. It has a 2.12% APY. Melrose’s new 1-year ...


9/1/11 - CD Rate Increases at Melrose Credit Union
8/11/11 - Melrose Credit Union Cuts CD Rates By 25 Basis Points
6/28/11 - CD Rates Fall But Remain Competitive at Melrose Credit Union
6/27/11 - Melrose Credit Union CD Rates Fall By 10 Basis Points
2/2/11 - Melrose Credit Union's Competitive CD and IRA CD Rates
12/1/10 - Melrose Credit Union CD Rates Fall From Leader Position
11/3/10 - Top CD and IRA CD Rates Continue at Melrose Credit Union - Available Nationwide
8/26/10 - Rate Leaders Cutting Long-Term CD Rates
8/25/10 - Melrose Credit Union (2372)
5/26/10 - Melrose Credit Union Raises CD Yields - Available Nationwide
4/9/10 - Substantial CD Rate Cuts at Melrose Credit Union
3/24/10 - CD Rate Increase at Melrose Credit Union - Now a Decrease!
3/23/10 - Note: Be Sure To Read The Detail For The Melrose Credit Union Disclosures Melrose Credit Union
2/20/10 - I'm Surprised You're Not Listing Melrose Credit Union In Your Weekly Summary As One Of The Better
11/25/09 - CD Rates Fall at Melrose Credit Union But Remain Competitive - Available Nationwide - Update
9/30/09 - CD Rates Fall at Melrose Credit Union But Remain Competitive - Available Nationwide
6/25/09 - Melrose Credit Union CD Rates Are Down But Still Competitive - Nationally Available
6/12/09 - Melrose Credit Union Continues To Offer the Best One & Two-Year CD Rates - Nationally Available
3/11/09 - Update on Melrose Credit Union and Its High Yield CDs - Nationally Available
2/8/09 - 3.65% 12-Month CD and Other High Rate CDs at Melrose Credit Union in New York - Easy Membership
9/23/08 - 5.25% 60-Month / 4.32% 12-Month CD at Melrose Credit Union in NY - Easy Membership
8/2/08 - 5.00% 60-Month CD at Melrose Credit Union - Easy Membership
4/17/07 - 5.56% 12-Month CD at Melrose Credit Union (Open to All)

CD Penalty Rates Are The Worst

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 !!!

Melrose Credit Union

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!!

Melrose Credit Union: Good Rates, Helpful Csrs, But Can Have Trouble Getting Them On Phone

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.

Be Careful W Melrose

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.

 

 

 

VIEW MORE REVIEWS

Health

Data for Q1 2014

Institution Health

A

Texas Ratio

GRADE:
A+

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.

Texas Ratio Trend

GRADE:
C+

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.

Deposit Growth

GRADE:
B

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.

Capitalization

GRADE:
A+

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.

Institution Statistics

Overall
NCUA #62005
Year Chartered1922
Employees66
Primary Regulator
Assets and Liabilities
Assets$1.92 billion
Loans$1.78 billion
Deposits$1.48 billion
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
Assets$1.88 billion
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 Margin0.98%
Return on Assets1.4%
Return on Equity7.24%
Interest Income$18.27 million
Rates
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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.

Melrose Credit Union Savings Account Rates

DetailsAPYMINMAXPRODUCT
0.50%--Share Account
0.50%--IRA Share Account
0.50%$25-Roth IRA Share Account
0.50%--Coverdell Education Savings Account

Melrose Credit Union Checking Account Rates

DetailsAPYMINMAXPRODUCT
0.25%$500-EZ Checking

Melrose Credit Union CD Rates

DetailsAPYMINMAXPRODUCT
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

Melrose Credit Union IRA Rates

DetailsAPYMINMAXPRODUCT
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
Locations


Melrose Credit Union Locations
Branch Office13930 Queens BlvdBriarwood, NY 11435