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.
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.
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.