Wednesday, April 6, 2011 - 1:16 AM

Why Hasn't This Country Found Melrose CU Yet?

(5 stars)

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!

bbaldwin1 posts since
Apr 6, 2011
Rep Points: 4

1. Wednesday, April 6, 2011 - 11:42 AM

Melrose CU continues to have very competitive CD rates. Opening CDs at Melrose is not as easy as at the bigger credit unions (Alliant, Pentagon FCU), but the rates reward the extra effort. Helpful to have a fax machine handy since they require a signed form for each new CD.

Alan32 posts since
Jun 7, 2010
Rep Points: 156

2. Wednesday, April 6, 2011 - 1:24 PM

bbaldwin, do you work at Melrose, you sound like the head of marketing for them. I am not sure but I think their EWP's are onerous, and that is a big issue right now for a lot of people.

lou196 posts since
Aug 3, 2010
Rep Points: 1,171

3. Wednesday, April 6, 2011 - 4:09 PM

Melrose CD rates have remained very competitive, but as Alan has said, the CD opening process isn't as easy as it could be. The same applies to the membership application process.

And as Lou said, the CD early withdrawal penalties are harsh.

My last Melrose Credit Union CD review was in February.

I noticed Melrose now has over $1 billion in deposits which makes it a sizable credit union. However, it seems to have low overhead compared to other credit unions. Perhaps that has helped it to maintain top CD rates. It only has one office and 68 employees. As a comparison, Austin Telco Credit Union has just under $1 billion in deposits but it has 109 employees and over 20 branches.

KenBDG4,048 posts since
Nov 29, 2009
Rep Points: 106,905