Easy process. Live in California so opened share savings with online application that I had to mail. Very quickly acct was set up. Then it was easy to deposit money through shared branch network and fax applications to open cds requesting transfer of the funds from the share savings. I deposited it in California. Five minutes later Melrose could transfer it to the new cd. This was a lot faster than ACH. And I could verify it on line. Really kind people at the call center. Don't open a cd you will want to close early because of stiff penalties.
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.
I have mailed in two applications and both were lost. Their customer service reps give conflicting information. I am not sure that chasing the highest yield is worthwhile here. I have a lack of confidence that my principal will be safe here. This is not because of lack of fianancial strength as they are outstanding there but the operational risk in whether they can get things done properly.
I have been a Melrose CU customer for a long time. A year ago I tried to open an IRA account by transfering $15,000 from another institution to MCU. I received the wrong application. I called on three different occasions and spoke to two different representatives explaning the problem. They emailed several applications that were incomplete.I finally gave up and left my money where it was. Frankly I have the feeling that these people can't handle the flood of people seeking higher interests for their money. WHAT EXACTLY IS THE PROBLEM?!
Customer Service was asked how to deposit $90K. One month later there has been no reply. Fuhgeddaboudit.
They have the highest sustained CD rates in the nation, no gimic enrollment, no membership limitations, NCUA insurance... so why do they still have only 68 employees and 28,000+ members? With the paultry bank interest rates being offered in the USA, today, Melrose Credit Union's membership should be 10x what it is. I guess people just don't know how to find a good thing. MCU has to be one of the best kept secrets in the country.
WAKE UP, AMERICA! COME AND GET IT!
I had a terrible experience trying to open an account at this credit union. They misplaced some of the paperwork and it too over a 6 weeks to figure out what happened. It ended up being blamed on an customer service person's emergency. That tells me that the credit union's processes are inadequate and lame. Due to the gross delay interest rates changed and they would not honor the rates from the previous month. Needless to say, I would never put my money here.
I like Melrose Credit Union. Agreed with the prior review that Debbie Flamos is good, she's friendly and knowledgeable.
Mailed 1st set of paperwork with 25.00 fee. It was lost. Had to send 2nd set of paperwork, and new 25.00 check.
The CD early withdrawal penalties are the worst.
I'm impressed the quick service of the bank employees.