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Featured Accounts

Melrose Credit Union

Popular Accounts at this Credit Union

APYACCOUNT TYPEACCOUNT NAME
2.42%5-year CD5 Year Share Certificate
1.41%1-year CD1 Year Share Certificate
1.81%3-year CD3 Year Share Certificate

Overview / Commentary
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

Melrose Credit Union has an open New York charter. Membership is open to anyone regardless of geographic location or affiliations.
See current membership details

Related Posts

Melrose Credit Union Placed into Conservatorship Under the NCUA - 2/10/2017

The New York State Department of Financial Services (DFS) today took possession of Melrose Credit Union this afternoon and appointed the NCUA as conservator.

Melrose CU Raises APY's On Its' Long Term CD's. Quick Look. - 2/1/2017

Today Melrose CU increased the APY on its' 5 year CD (was 2.32%) to 2.42%, also      "         "        "        "         "     "      "   "  4     "     "  ( "    1.91%)  "  2.07%. Beware the EWP.

Melrose CU Ups 5 Year CD APY. Quick Look. - 12/17/2016

Melrose CU raised the APY on its' 5 year CD (was 2.22%) to 2.32% today.  Beware the EWP.

View all posts from:

10/30/14 - New Top 5-Year CD Rate at Melrose Credit Union
10/29/14 - Melrose 5 Year CD Rate Hike
3/28/14 - Largest CD Rates Hikes on Long Terms at Melrose Credit Union
3/27/14 - New Rates At Melrose CU
12/19/13 - Higher CD Rates at Melrose Credit Union
12/18/13 - CD Rate Increases
5/3/13 - CD Rates Down But Still Competitive at Melrose Credit Union
7/25/12 - Melrose Credit Union's 5-Year CD Rate Drops below 2.00%
7/24/12 - Rate Drop Melrose Credit Union
4/27/12 - Melrose Credit Union CD Rates Fall But Remain Competitive
3/8/12 - Harsh Early Withdrawal Penalties at Some Banks & Credit Unions
1/17/12 - What to Do with Maturing CDs? Choosing Long-Term CDs with the Highest Rates
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
9/5/09 - Melrose Credit Union CD Rates Are Down But Still Competitive - Nationally Available
6/23/09 - Melrose Credit Union Continues To Offer the Best One & Two-Year CD Rates - Nationally Available
4/12/09 - Update on Melrose Credit Union and Its High Yield CDs - Nationally Available
3/10/09 - 3.65% 12-Month CD and Other High Rate CDs at Melrose Credit Union in New York - Easy Membership
12/2/08 - 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
3/10/08 - 5.56% 12-Month CD at Melrose Credit Union (Open to All)
7/12/06 - 5.82% 12-Month CD at Melrose Credit Union (open to all)
3/13/06 - 5.35% 12-Month CD at a New York CU (Open To All?)
3/13/06 - Melrose CU - High Yield CDs with Easy Membership

Good Rates Good Service

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.

Address Change

Posted by: Casy Karl | Mar 9, 2017

I have been with Melrose many years. I like the rates of their CDs. From time to time I have had problems with them being slow opening my accounts. We moved in July 2016 and I finally got them to change my address. They refused to put my new address in.. Most banks I just call or get online and do it myself. With Melrose, they made me send a whole letter with signature requesting the change of address. I did that twice and both times they claim they never received it. I finally had correspondence with someone who was wonderful. It did take a long time but finally they approved and changed my address. omg it was not fun. I am not used to dealing with banks that give you such a hard time. I don't however have a hard time getting my money upon maturity and that is what is most important.
Is this bank rated F because of the service and harsh fees for early withdrawal? I still have a few CDs with them and want to make sure I get my money back. Life isn't easy these days where they treat their customers so bad but I guess with everything going on they are being protective.

Been With Melrose For Over 30 Years

Posted by: Jeffrey | Mar 8, 2017

I have bought numerous CDs with Melrose over the years and always held them to maturity. I received the dividends via ACH to my bank. I never had a problem with Melrose. I found them to be fair. In regard to CDs, if you are not sure if you will be able to hold the CD to maturity, don't buy the CD.

Review Of Experience With Melrose Credit Union

Posted by: mike67 | Feb 17, 2015

In reading the reviews I noticed that there are no recent reviews. I always read my fellow investors reviews so I though I would share my experience with Melrose. As a result of Deposit Accounts.com I have openned several CD's with this credit union. I very rarely speak to them over the phone. I receive monthly paper statements (no charge). The web site is very helpful. There have been no problems at all over the past four years. When I want to open a new CD I email them for the current CD application form and they always respond quickly. I do not close CDs early, I know this is an issue for some. Recently I got a notive by mail of a maturing CD. I returned the form indicating a wanted a check sent. Again no problem. All my correspondence with them is by mail. No ACH transfers. I know "old school" but that's just me. I hope this is helpful to someone.

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Health

Melrose Credit Union was placed into conservatorship on February 10, 2017 to "resolve operating issues with the goal of protecting member assets and seeking a resolution to identified problems." Deposits remain protected to $250,000.

Overall
NCUA #62005
Year Chartered1922
Employees76
Primary Regulator
Profit Margin
Return on Assets - YTD-8.76%
Return on Equity - YTD-299.28%
Annual Interest Income$13.6MM
Assets and Liabilities
AssetsQ1 2017vs Q1 2016$1.71B$1.93B
LoansQ1 2017vs Q1 2016$1.71B$1.99B
DepositsQ1 2017vs Q1 2016$1.58B$1.64B
Equity CapitalQ1 2017vs Q1 2016$51.0MM$187.0MM
Loan Loss AllowanceQ1 2017vs Q1 2016$188.2MM$241.7MM
Unbacked Noncurrent LoansQ1 2017vs Q1 2016$577.8MM$370.8MM
Real Estate OwnedQ1 2017vs Q1 2016$0$0
Rates
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Melrose Credit Union Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.50%--Share Savings Account
0.50%--IRA Savings Account

Melrose Credit Union Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.25%$500-E-Z Checking

Melrose Credit Union CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.42%$5k-5 Year Share Certificate
2.22%$5k-5 Year Share Certificate for Financial Institutions
2.07%$5k-4 Year Share Certificate
2.02%$5k-4 Year Share Certificate for Financial Institutions
1.88%$5k-2 Year Share Certificate for Financial Institutions
1.81%$5k-3 Year Share Certificate
1.81%$5k-3 Year Share Certificate for Financial Institutions
1.69%$5k-1 Year Share Certificate for Financial Institutions
1.56%$5k-2 Year Share Certificate
1.41%$5k-1 Year Share Certificate

Melrose Credit Union IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.42%$4k-5 Year Share IRA Certificate
2.07%$4k-4 Year Share IRA Certificate
1.81%$4k-3 Year Share IRA Certificate
1.56%$4k-2 Year Share IRA Certificate
1.41%$4k-1 Year Share IRA Certificate
Locations


Melrose Credit Union Locations
Branch Office13930 Queens BlvdBriarwood, NY 11435