Montauk Credit Union

Not Accepting New Deposits
- cheapnewyorker - Thursday, March 8, 2012 - 2:40 PM

I opened a 3 year 2.75% Roth IRA CD with Montauk Credit Union last year and wanted to open another Roth IRA CD last month.  I went into the branch last month only to be told that the credit union is not accepting new deposits and has not been since September 2011, and they do not know when they will be accepting new deposits.  There is no indication of this on the web site, either.  Very disappointing.

Hidden Debit Card Fee
- ovrwurqd - Tuesday, January 10, 2012 - 11:06 AM

I followed the national trend and closed my bank account and opened a share draft at a credit union.  There wasn't a ton of info out there on Montauk, but the little there was was all good.  The people there are VERY pleasant and helpful, especially Ben.  There's kind of a lot of inconvenience, which I suppose is to be expected since there are no fees.  Just one location and it's only open from 8:30-5:00 (soon to be 3:00, I think) M-F.  So if you need to deposit an actual check, you either have to get there during those hours or mail it in.  The actual place is kind of dingy with this super annoying huge vent that comes on every 30 seconds and makes it impossible to hear the clerk behind the glass.  They have online banking, but it takes almost two weeks to get it set up.  But my biggest beef with them is that you get charged a $1.00 every time you use your debit card (as in, you enter your PIN to make a purchase).  When I found that out after the fact, I assumed that I'd just overlooked that info in the check card application, but it's not there.  I was never told about this fee, which is kind of ridiculous.  In most instances, it's easy to make sure it runs through as credit, but some places, like Duane Reade, it automatically swipes through as debit and adds a buck to your purchase.  Not cool.  Back to the bank for me, though I am going to keep the share and share draft accounts I've opened at Montauk as back-ups.

CD Rates And Availability
- johnnyrotten - Thursday, October 25, 2012 - 10:43 AM

Thanks to this invaluable website, and the reviewers, I knew enough to call Montauk CU to find out if they were accepting new deposits in CD's, before driving 150 miles (each way) to apply for membership, which must be done in person. As of 10/23/12, they were not. The woman with whom I spoke politely informed me that their Board (of Directors, I believe) meets the end of the month (each month, if I recall correctly), and decides then whether or not to accept new deposits. She suggested I call back after November 1st to check again then.                      It would be helpful if the credit union made the situation clear on its website, preferably above the interest rate section, which states "rates in effect as of 09/20/2012". Of course, it also states that rates are "subject to change without notice", so it's always advisable to call to confirm rates, as this website suggests.                                     

Question: Does anyone know what "Under supervision of the NY State Banking Dept." means? That line is right under the credit union's name on its website. Does it mean they were in financial difficulty and the state stepped in to supervise them, or is that a stock phrase which any state-chartered CU might use?

Thanks to all who provided information.

Update: June 19, 2012
- grnbsh - Tuesday, June 19, 2012 - 1:56 AM

I just called Montauk Credit Union yesterday and asked them if they are accepting new CD's for 7 years @ 2.75%.  The lady said no they were not, but she said they might start accepting those CD's on July 11, 2012.  She was professional and polite to me.

This Credit Union Stinks
- agoodrate - Monday, February 25, 2013 - 4:46 PM

I drove into Manhattan today with the idea that I would join this Montauk credit union since they advertise such high rates on their website(ie 2.5 percent for 5 years or 2.75 for 7 years).  They have only one tiny branch.  They have 2 tellers behind glass.  they told me they have not been accepting deposits for CDs in 2 years.  One teller said they have too much money and not enough loans.  I wish I had read these reviews ahead of time.  I did join for 25 dollars with the thought they might be offering CDs in the near future.  They said to check back once a month.

   It's easy to offer 2.5 percent if you are not accepting deposits. I am offering 10 percent for 5 years but I am not accepting deposits now or in the future.

Still Not Accepting New Deposits
- cheapnewyorker - Friday, January 4, 2013 - 12:28 PM

With another year's IRA contribution deadline approaching again and continually abysmal CD rates everywhere, I noticed that Montauk still advertises some of the best CD rates around.  So I just called to see if I could open another IRA CD.  The representative told me that they still are not accepting new deposits, and the next shareholders' meeting has not been set, and the rep has no idea when they will start accepting new deposits again.  So my hunt for an IRA CD continues with more urgency.

5 Year Cd Rate
- sabre82af - Thursday, April 7, 2011 - 9:15 AM

The 5 year cd rate just changed today to 3.0% APY