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Connections - Fall 2013


Credit Unions The Better Banking Alternative

More people than ever are joining credit unions according to CUNA’s 2013–2014 National Member and Nonmember Survey results.

thumbsupdollarsNearly 60 percent of members now say a credit union is their primary financial institution (PFI), up considerably from 42% percent in 2009. Meanwhile, banks’ numbers declined from 56 percent in 2009 to 38 percent this year.

People that belong to credit unions earn more on their savings, save more with lower loan rates and pay less in fees.

Credit unions are federally insured financial cooperatives and are not–for–profit. Their mission is to serve their members as opposed to raking in profits.

Members at Melrose Credit Union have many affordable loan options for all their borrowing needs and earn more with our higher yield Share Savings Accounts, Dividend paying E–Z Checking, IRAs and Share Certificates (CDs).

Overall, 57 percent of credit union members say they’re ‘extremely likely’ to recommend their credit union to others, while only 40 percent of members who also use banks say they’re ’extremely likely’ to recommend their bank.

Last year, over 2 million people joined a credit union, bringing total membership to 93.8 million according to the National Credit Union Administration.

Now is the perfect time to invite your friends and family to experience the credit union difference, and joining is EZ at Melrose Credit Union.

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melrosedebitcardComing Soon — A New Card’s In Town!

Beginning in October, Melrose is converting its Visa® Debit Card to a MasterCard Debit card. Members who currently have a Melrose debit card should be receiving mail notification shortly which will explain the conversion and the procedure to activate their new card.

The new MasterCard Debit Card has all the benefits and features of the current Visa card, but also enables you to change the PIN (personal identification number.) Be on the lookout for the new card mailing so you can continue to enjoy the convenience of your Melrose Debit Card.

Please be advised that all Melrose Visa Debit Cards will be deactivated on Oct. 23rd. If you do not receive your new MasterCard Debit Card information prior to that date, please notify us immediately.

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Melrose Credit Union Fights Fraud

At Melrose Credit Union you can feel safe knowing that we utilize industry–leading technology to protect your accounts 24/7 against fraud and respond immediately to any suspicious activities.

If a transaction is made with your Debit card that is not consistent with your normal spending patterns, an alert is created by our fraud detection partner, Falcon.

You can help!

To ensure our process is effective, it is imperative that we have your updated phone numbers, or call Falcon 24/7 at 1–800–437–9392 to verify transactions.

To register for this free service visit: www.mastercard.us/securecode.html or when checking out with participating online merchants.

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A New Member Benefit For You

atmThe next generation of ATMs has arrived, and Melrose members now have access to a new ‘enhanced feature’ ATM called CO–OP NextGen ATM.

With the NextGen ATM you can access the CO–OP shared branching option that provides the added convenience of accessing all your accounts at the credit union, enabling you to transfer funds between accounts and make loan payments with the use of your ATM/debit/credit card.

Getting Started Is Easy!

Simply follow the prompts on the ATM to enroll in Shared Branching.

Please have the following items when enrolling:

  • Any Credit, Debit or ATM card with the name as it appears on your account.
  • Primary Account Holders Social Security or Tax ID number associated with your account.
  • Phone number associated with your account.
  • The street number of the address and zip code on your account.

Once enCOOProlled, you’ll have access to all of your Melrose accounts. For more information contact a Melrose representative today.

NextGen ATM will save you time by not waiting in a teller line and provides you with easy access to your credit union accounts 24/7.

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Melrose Place
Making Melrose Credit Union A Better Place

We invite all members to send us your service experiences at Melrose Credit Union.

Please note that letters may be edited or summarized.

Mr. Kaufman,

As a member of Melrose Credit Union since the ‘70s when my parents opened my first savings account I can honestly say that the staff at Melrose Credit Union has always done an outstanding job! I would like to acknowledge Debbie Flamos for her many years of exceptional work. Her knowledge, patience and calmness have always been a great help to me and I appreciate it.

Thank you,

KL

Dear Mr. Kaufman,

I would like to ask you to please convey my deepest sense of gratitude to your Mr. Anthony Arturo. I have been a customer of your fine institution since 2005 when Mr. Arturo opened my f irst IRA CD.

Since then my wife and I have expanded our relations with Melrose CU. I attribute our great satisfaction with your credit union to your highly competitive rates and to the outstanding customer relations which we have been receiving through the years. Mr. Arturo has been serving us all this time with courtesy and a high degree of professionalism.

Please be so kind to thank Mr. Arturo in our name.

Yours with high regard

MM

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Holiday Closings & Important Dates

Columbus Day
Saturday, October 12, 2013
Monday, October 14, 2013

Veterans’ Day
Monday, November 11, 2013

Thanksgiving
Thursday, November 28, 2013
Saturday, November 30, 2013

Christmas
Tuesday, December 24, 2013
Close at 2 p.m.
Wednesday, December 25, 2013
Saturday, December 28, 2013

New Year’s
Wednesday, January 1, 2013

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Six Flags Great Adventure Tickets Still Available!

Now through the end of October you can still purchase Great Adventure tickets and save. Call for details or stop by the credit union to purchase your tickets.

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Be Aware: New Email Scams Are Popping Up

Inboxes around the globe continue to be deluged with con artists looking for an easy payday. These emails look very official and are hard to tell they are fake. Here are a few to look out for and report:

Scam Sellers On Auction Sites

The FBI urges consumers to protect themselves when shopping online. Be cautious if you lose an auction on an auction site but the seller contacts you later saying the original bidder fell through. securityimageBe wary if the price for the item you’d like to buy is severely undervalued; if it is, the item is likely fraudulent. And make sure websites are secure and authenticated before you purchase an item online. Use only well–known escrow services, like PayPal.

Cyber Criminals Using Photo–Sharing Programs

The FBI has seen an increase in cyber criminals who use online photo–sharing programs to perpetrate scams and harm victims’ computers. These criminals advertise vehicles online but will not provide pictures in the advertisement. They will send photos on request. The photos can often contain malicious software that infects the victim’s computer. After the victim agrees to purchase the item and makes the payment, the criminals stop responding to correspondence. The victims never receive any merchandise.

If you have fallen victim to any of these type of scams, file a complaint with the Internet Crime Complaint Center at www.ic3.gov.

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Join The Melrose/MBS Team

And Help Create A World With No Breast Cancer And More BIRTHDAYS!

Melrose Credit Union has again committed to be a Flagship Sponsor of the American Cancer Society’s Making Strides Against Breast Cancer Walk. Anyone who has participated in the past will tell you this is a powerful and inspiring event that honors those who have battled breast cancer and helps spread the word about what we can do to prevent breast cancer. The goal is to raise money for cancer research and support programs and services for those facing the disease.

Making Strides Against Breast Cancer Walk

Takes place on Sunday, October 20, 2013 at Flushing Meadows Corona Park at 10:00 am. Why walk with us? There are 2.5 million breast cancer survivors who celebrated another birthday last year because people like you signed up to walk or donate.

Making Strides.

Water bottles, cell phone holders and tote bags will be available for purchase at the event. Also, we’ll be building a Wall of Hope in the Credit Union’s lobby with the names of all supporters and raising additional funds with our Melrose/MBS Bake Sale. Any other ideas on how we can save lives and create more birthdays are always welcome!

To join our team or to make a donation, please visit http://main.acsevents.org/goto/melrosembs. Through the Making Strides website you can send emails to friends and family asking them to join you on October 20, or to support you by making a donation. If you need any help signing up, just let us know. Hope to see you there!

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Over 40 And Unprepared For What Lies Ahead?

About two–thirds of Americans say they’ve done little or no planning for their future long–term care needs, according to a new study from the SCAN Foundation.

Even among those with incomes over $100,000 a year, only about half of this group say they have money set aside to help cover these needs.

The time to plan your financial future is NOW.

goldenyearsA Melrose Credit Union certified financial planner is available to review your &squo;estate plan’ — retirement plan, Social Security, savings and investments and offer suggestions and products to prepare you for retirement.

Life and Disability Insurance is always a good place to start when planning for your financial future. At Melrose Credit Union, our Member Brokerage Services (MBS) offer a variety of insurance products with flexible terms and convenient payment options.

If your health takes a turn for the worse, Long–Term Care Insurance programs can help maintain your financial independence and greatly reduce the burden on your family.

Don’t be like three in ten Americans that don’t want to think about their “golden years” until it’s too late.

For more information, contact MBS at (718)523–1300 or visit us at www.memberbrokerage.com.

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Retirement — It’s On EVERYBODY’S Mind

The cost of retirement isn’t getting any cheaper. Here’s a quick glance at what these years look like by starting when you are young or waiting.

A traditional IRA account, started at age 25, has great potential to not only grow, but also withstand the ebb and flow of stock–related investments. Here’s an example:

At age 25, you earn $25,000, with a projected increase in earnings of 3% annually. By consistently putting aside 10% of your pre–tax earnings, roughly $208 a month in the beginning, you’ll accumulate about $759,492 by age 65, based on a conservative return of 7%. Don’t forget, the more you earn, the more that 10% contribution will have to increase along the way.

Let’s look at what happens if you wait 5 years, to age 30. Use the same parameters as above; only now use earnings of around $30,000. You should retire at age 65 with around $795,381. Not bad, but take into consideration your starting contribution will have to increase to around $250 per month. If you use your money wisely to pay off debt during those five years between 25 to 30, you’ll be in good shape.

Now what if you did nothing toward saving for retirement until age 45? This could be a drastic mistake. Again, using the same formula, even with a greater contribution based on your increased salary of $46,750, you’ll retire at age 65 with only $287,766.

These totals sound like a great amount of money, and they are, but consider the possibility that you will probably live another 20–30 years without a paycheck. That’s why it’s important to start early. A steady, committed plan, like the one your credit union can provide, will help your retirement years be comfortable, reliable and secure. Mr. Ed Huttick, CFP, our certified financial planner would be happy to discuss your financial future and offer advice on meeting your future goals. Call him at (718)523–1300 x1136 or stop by the credit union to learn more.

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Missing Some Money?

How To Claim Your Property

If your name appears on the list below, you have unclaimed property at Melrose Credit Union. Please contact us as soon as possible.

Owners of unclaimed property are required to activate their accounts by sending us a written acknowledgement or by making a deposit or withdrawal. If you have questions or need additional information, please contact Melrose Credit Union at (718)658–9800.

Money or property is typically listed as “abandoned” when the rightful owner moves and forgets to close an account or leaves no forwarding address. If there is no activity on the account for three years or longer, the money is considered unclaimed and is turned over to the state.

Adams-Benson Alana L
Adlerstein Hyman
Alauddin Dewan
Alba Ramona
Alvarado Cecilia
Apolonides Dimitrios
Atis Christian A
Atis Kenny A
Augustin Jean-Baptiste E
Awan Khursheed
Barr Lanscott A
Bashir Amir
Benson James F
Brar Nachhatar
Brown Edward C
Bucknor Oliver
Cardoza Paul A Jr
Celius Joseph G
Chaves Luis D
Churaman Nandani
Codreanu Christian
Cross Anthony
Damus Nancyann E
Davou Dina
Denizard Kerline
Derival Yvrose
Dhaliwal Harbans
Douyon-Remy Regine
Downer Michael A
Downes Carolyn
Eckhaus Robyn
Edwards Alphonse Leroy
Encalada Jaime
Ericson Richard C
Feld Jan
Filiandros Irini
Fischer Karen
Frazier Marianne
Genfan Alexander
George Santhamma
George Deneen S
Gil Henry
Gindin Mark
Godoy Kennard K
Goins-Castro Susan J
Goldstein Joseph
Green Tamika M
Gregory Stanley A Jr
Grewal Jamar
Guerrier Michel E
Guillaume Marc A
Gul Rohani
Gull Zubair
Gurm Talvinder S
Gutierrez Juan C
Haggerty John F
Hassan Sheik J
Haynes Lillian
He Jeff Pu
Hernandez Eva M
Hossain Mohammad S
Hussey Joseph A
Isme Jean
Jagdeo Parkash
Javaid Mohammad
Jean-Philippe Jean E
Jiang Dian Liang
Johnson Mark C
Johnson Nicole D
Jonka Glenda
Kacprzak Jan
Karayiannis Odysseas
Kestenberg Steven O
Khalique Abul H
Kim Vicki Chong
Kuttikan Geetha
Laskar Sujat A
Latouche Aimont
Lee Myung Hee
Lee Gumsang
Limage Ralph J
Lin Huiying
Lounds Doreen C
Lowe Louis C
Macias Jenny
Madathil Ann
Mahmood Arshad
Maignan Joseph R
Malaric Roman
Malatanos Eftihia
Manaa Mohamed R
Mansour Abdelazim
Mansour Mohamed A
March Denise K
Markman Sandra
Martinez David S
Mc Mahon Delia
Mikaelian Aram
Miller Richard H

Millington Earl W
Mohamed Ayman A
Morano John
Nektalov Narik
Nelson Jean R
Nicholson Giovanni A
Nwaghanata Adolphus E
Ocampo Julie P
Orkin Lorraine
Ourman David A
Pacheco Jorge E
Pae Young H
Papadatos Platon
Paulino Josetty
Payares Yadile A
Pierre Herald A
Pierre-Louis Roodler A
Pishchiker Leonid
Planken April A
Powell Charles F
Qureshi Sajid J
Rahimy Mohammad A
Rahman Shamsur
Rahman Mohammed M
Rajwinder Nfn
Razzo Natalia
Reina-Nieves Manuel A
Remy Frantz
Rosenholtz Harvey H
Rothschild Elyse
Safier Jacob
Sevaire Arago
Singh Gurpiar
Singh Amarjit
Singh Prem
Singh Jaswinder
Singh Davinder
Smith Kisha D
Speranza Anthony J
Stern Ari S
Stewart Spencer Sharon J
Stilson Ada J
Suleymanova Medine
Tamam Clarissa
Thiong Georges
Topal Ismail
Turovsky Alexander
Uzochukwu Christian
Vassor Lance K
Velovic Mehmet
Vontas Peter
Wall Stephen P
Wasserman Alice
Wedderburn Marjorie A
Whitfield Cynthia
Whitney Christopher
William Raymonde
Wright Seth
Wynn Kaleeif J
Yasar Muhammad
Zadran Zaheer
Zelenko Larisa
 

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Coming To A Branch Near You — With CO–OP Shared Branch

Personalized service is a major benefit of banking at Melrose Credit Union and you don’t have to sacrifice convenience to get it. Take advantage of Melrose Credit Union’s shared branching services through the CO–OP Shared Branch network, and access your SharedBranchaccount at any of 5,000 credit union branches nationwide.

The CO–OP Shared Branch network links participating credit unions electronically, allowing credit union members to do “branch banking” even when the branch near you doesn’t belong to Melrose Credit Union. This is a huge benefit to Melrose members who travel, whose workplaces don’t coincide with our branch locations, or who simply enjoy the convenience of expanded access. Wherever you are across the country, chances are good there’s a shared branch near you.

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Plafker Elected President Of Professional Insurance Agents Of New York, Inc.

Alan Plafker, CPIA, the president and chief executive officer of Member Brokerage Service LLC in Briarwood, NY has been voted president of the Professional Insurance Agents of New York Inc, (PIANY).

Active in the industry, Plafker is a member of the Council of Insurance Brokers of Greater New York. He is a member of the Insurance Advisory Committee for the United Jewish Appeal. Plafker also is a member of the Kingstone Insurance Co. Advisory Council.

Active in the community, Plafker was appointed by then–Gov. David Paterson to the New York Independent Livery Driver Benefit Fund where he currently sits as treasurer. He is also a monthly contributor on insurance issues to T L C Magazine; a taxi, limousine and car service industry publication.

PIANY is a trade association representing professional, independent insurance agencies, brokerages and their employees throughout the state.

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Preparing Today For Your Medical Needs Tomorrow

Free Medicare & Supplemental Planning Seminar With Randy Frey

Learn how Medicare and Supplemental Planning Insurance Programs can have a significant impact on your future financial well being.

Medi Gap Specialist Mr. Randy Frey will review the following topics:

  • Supplemental Plans
  • Comparing Supplements
  • Application Process
  • Part D Application
  • Open Enrollment 2014 Rate Plan

Free Gifts, Free Refreshments

  • Date: Wednesday, October 9th, 2013
  • Time: 6:30 — 7:30 pm
  • Place: Melrose Credit Union
    Financial Center
    3rd Floor, Terrace Room
    139-30 Queens Blvd, Briarwood,
    New York

Seating Is Limited

R.S.V.P. by October 7th by calling Member Brokerage Service LLC, the Melrose Credit Union service organization at (718)523–1300 ext.0

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Old Man Winter Is Nipping At Your Heels

Is your home ready for the ice and snow that’s just around the corner? Are there much needed home improvements you’ve been putting off that will help keep you warm and comfy this winter?

Does your kitchen or bath need a facelift before the holidays?

With an affordable Home Equity Line of Credit (HELOC) from Melrose Credit Union, you apply once and borrow up to your approved amount. There’s no need to apply again. Simply repay and your line is replenished again when it’s needed.

Talk to our friendly loan advisors today and get your home ready for winter or before the guests arrive for the holidays. And the interest may be tax deductible. Contact your tax advisor.

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ATM/Shared Branch