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Connections - Fall 2014

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Jumbo Mortgages Make New York Real Estate Affordable

apartmentThe New York real estate market is like no other, with a wide range of properties ranging from co-ops and flats to lofts, brownstones and single family homes, and just about everything in-between, all at widely varying prices.

To get access to many of those diverse, but highly prized properties, buyers need to look beyond traditional mortgages to ones that are a bit bigger – jumbo mortgages. Jumbo mortgages are home loans that exceed the conforming maximum loan amount that Fannie Mae and Freddie Mac will buy, and for the New York market they are essential.

 

Jumbo Adjustment

In 2014, most banks and government-backed mortgage programs in the U.S. adjusted the limits of how much could be borrowed for single-family residences, making it more challenging for borrowers to obtain financing in areas where prices exceed the conforming loan amounts. Even with adjustments to these limits in New York, the median selling price in many desirable neighborhoods has left a large gap in options, which left some potential buyers in limbo.

Jumbo mortgages help to bridge that gap. Since 1922, Melrose Credit Union has been offering members some of the lowest loan rates in the region. More importantly, Melrose is able to provide up to $1.5M in real estate financing through jumbo loans, which many buyers need to purchase their New York dream homes.

The mortgage professionals at Melrose CU offer turnkey services, from application to appraisals to support through closing – and trustworthy advice about making this important decision.

Our lending staff is happy to help you package the best loan solution to meet your goals and fit your budget. Talk with us about pre-approval for your home loan.

Call (718) 658-9800, R.E. voicemail menu option 3, or visit www.melrosecu.org and fill out an application today.

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Use The Equity In Your Home As A
Tax-Saving Way To Pay For College

college

A low-cost home equity loan or line of credit from Melrose Credit Union can help you save on college costs. They can help you fill in the gaps not covered by grants or government loans, and are a tax-saving way to pay for education since the interest may be tax deductible.

With our Variable Rate HELOC, you can borrow against your home's accumulated equity and write yourself a check for only the amount you need. It is similar to a credit card where you have a fixed credit limit and as you pay back the loan, the amount you may borrow becomes available again. Talk to one of our loan specialists about a Home Equity Loan or Line of Credit to pay for education expenses and more. Call (718) 658-9800 for more information or visit us on line at melrosecu.org.

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Melrose Celebrated World Cup With Team Pride

worldcupThe FIFA World Cup has come and gone, with Germany winning the cup from Argentina in an exciting match. Along the way there were plenty of good matches among the participating countries, including host country Brazil, and Melrose Credit Union employees got in on the global fanfare.

Banner flags representing all countries were displayed in the lobby of the credit union in Briarwood, Queens throughout the tournament. As part of the celebration, Melrose employees were allowed to wear the jerseys of their favorite team. Melrose Credit Union staff and membership come from many different countries of origin, and since Queens County is the most ethnically diverse in the United States, both members and employees were happy to recognize and cheer for their native country flags while remaining especially prideful of the country they call home, the United States.

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Holiday Closings & Important Dates

Columbus Day

Saturday, October 11 & Monday,
October 13, 2014

Thanksgiving Day

Thursday, November 27, 2014
Saturday, November 29, 2014

Christmas Day

Thursday, December 25, 2014
Saturday, December 27, 2014

Veterans' Day

Tuesday, November 11, 2014

Christmas Eve

Wednesday, December 24, 2014
Close at 2 p.m.

 

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Who Doesn’t Like Free?

A Free E-Z Checking Account from Melrose CU has no monthly fees, no minimum balance and no per-check fees. In other words – free checking. Plus, you’ll earn dividends on average daily balances of $500 or more and receive free starter checks.

Simplify Your Life With A Melrose MasterCard®

Get a Melrose MasterCard® Debit Card with your E-Z Checking Account for ease at the checkout line and the ATM. Use your Debit Card anywhere you see the MasterCard logo and access your accounts surcharge-free through the CO-OP Network of ATMs with  over 30,000 machines and 5,000 shared branches nationwide.

freeFast. Easy. Safe.

You don’t have to wait in line at Melrose Credit Union to make a deposit. Set up Direct Deposit and have your paycheck, pension, social security or other government payments automatically deposited into your account and never worry again about lost or stolen checks. You can also set up Payroll Deduction to have loans and other installment bills paid automatically through your E-Z Checking Account.

It’s easy to enroll. Stop by or call (718) 658-9800. You will need your 10-digit Share Savings or Checking Account number and our ABA/routing number (226075482).

E-Z Bill Pay Starts With E-Z Checking

Don’t worry about late fees ever again. With our E-Z Bill Pay service you will have access to your account 24/7 and can schedule payments on a recurring basis or one-time only. And it’s FREE! To use this service, set up an E-Z Checking Account and sign up for secure online banking at www.melrosecu.org.

eStatements

Cut the clutter with eStatements. Sign up to have your Melrose CU statement delivered electronically to you each month. It’s environmentally friendly, convenient and free.

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taxistand

Melrose Welcomes “Taxi Dave”

Mr. David Pollack is now on staff at Melrose Credit Union. Taxi Dave, as he is affectionately and professionally known, is the new Director of MTAC (Melrose Taxi Action Center). His primary responsibility is to assist members with all Taxi and Limousine Commission related issues.

David has many years of experience in both the taxi and credit union industries. His connection to the taxi world through LOMTO (League of Mutual Taxi Owners) led David into the world of taxi advocacy, fighting on behalf of drivers, owners and lenders. He and his father helped operate and grow the LOMTO FCU. Taxi Dave is the Publisher & Editor in Chief of the “Taxi Insider” newspaper, and the host of the Melrose sponsored radio show “Taxi Insider," which is broadcast every Sunday at 8 p.m. on WOR 710 (http://www.wor710.com/pages/onair/the-taxi-insider.html).

Mr. Pollack monitors the pulse of the NYC taxi industry by communicating with members, maintaining contacts and relationships w/NYC and TLC decision makers, staying abreast of proposed taxi regulations, continuing the credit union's relationship w/taxi industry movers and shakers and reporting on anything that affects drivers/Medallion owners. We are pleased to welcome him aboard. We encourage members to tap into Taxi Dave’s vast database of knowledge and advice. David can be reached at ext 1080.

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Don't be a Victim. Just Hang Up!

Every year thousands of people lose money to phone scams. The caller may sound friendly, even calling you by your first name. They may claim to work for a company that you trust.

mobileOr, they may send mail or place ads to have you call them. Often, scammers who operate by phone don't want to give you time to think about their pitch, they just want you to say "yes." They may direct you to a website or send information featuring "satisfied customers."

These "satisfied customers," known as shills, are likely as fake as their praise for the company.

Here are a few red flags to help you spot telemarketing scams:

  • You've been specially selected (for this offer)
  • You'll get a free bonus if you buy our product
  • You've won one of five valuable prizes
  • You've won big money in a foreign lottery
  • This investment is low risk and provides a higher return than
    you can get anywhere else
  • You have to make up your mind right away
  • We'll just put the shipping and handling charges on your credit card

New Phone Phishing Scam Offers Computer Help

phone

A new phone phishing scam involves cybercriminals trying to get personal information by offering to solve computer problems.

Unsolicited phone calls from someone claiming to be from Microsoft are the most prevalent. The criminal offers assistance with  computers, then tricks people into installing malicious software on their computer, or takes control of their computer remotely. Or they will request credit card information to bill for phony services.

Consumers should know that Microsoft will never make unsolicited calls for computer service, so if you get a call like this, HANG UP, and file a complaint with the FCC.

callerQuestions to ask an unexpected sales caller:

Who’s calling – and why? The law says telemarketers must tell you it’s a sales call, the name of the seller and what they’re selling before they make their pitch. If you don’t hear this information, say “no thanks,” and get off the phone.

What’s the hurry? Fast talkers who use high pressure tactics could be hiding something. Take your time. Most legitimate businesses will give you time and written information about an offer before asking you to commit to a purchase.

If it’s free, why are they asking me to pay? Question fees you need to pay to redeem a prize or gift. Free is free. If you have to pay, it's a purchase – not a prize or a gift.

Why am I “confirming” my account information – or giving it out? Some callers have your billing information before they call you. They’re trying to get you to say “okay” so they can claim you approved a charge.

What time is it? The law allows telemarketers to call only between 8 am and 9 pm. A seller calling earlier or later is ignoring the law.

Do I want more calls like this one? If you don’t want a business to call you again, say so and register your phone number on the National Do Not Call Registry. If they call back, they’re breaking the law.

Remember that legitimate Sales Callers are out there, but scammers are, too. For more information on protecting yourself, visit stopfraud.gov.

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Melrose Has Unclaimed Money!

Could It Be Yours?

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. So contact us now before it's too late.

NY Residents

Alexandrou Louis A
Altinerlielmas Nurper
Aziz Abdul
Badine Enid
Bains Karnail S
Bains Paramjit S
Barahona Angel
Bascus Keita A
Bedi Joginder S
Bentil Michael A
Bernard James W
Borbor Washington G
Butt Shahzad
Butt Imran
Casale Giovanna L
Chan Sabrina
Charles Joseph W
Clarke Acosia S
Colbert Estelle R
Constantin Marin
Couloute Christopher W
Davis Omeila R
De Sarno Henry
Dhaiti Jean L
Diaz Kenneth S
Dorfman Alexander
Drezdner Faigy
Elahi Ch Maqsood
Encarnacion Cynthia
Engel Richard G
Estevez Rafael A
Factor Jennifer
Ferreira Vernon R
Finley Sylvia
French Natalie M
Friedman Sylvia
Ghose Biswajit
Glasgow Elfrida E
Gonzalez Harold
Gopaul Bhandat
Gordon Harriet R
Gounder Gunasekaran R
Greenidge Katrina L
Gregoire Theresa A
Grizotsky Alexander
Grossman Kimberly A
Gruber Christopher A
Guailacela Luis G
Guzman Rene
Haralampopoulos Philipos
Haralampopoulos Theodosios
Henry Demar
Hofstetter Martin H
Hussain Zille H
Hussain Ashraf
Hussain Syed K
Iqbal Parvez
Jaisingh Kenny W
Jean Jean Frethly
Jean-Francois Verne
Jean-Louis Jean M
Jean-Louis Margaret
Johnson Jacqueline P
Josephowitz Harvey
Kahn Samuel
Karakas Ahmet
Khan Jameel
Kunik Catherine F
Lamarre Felix P
Lambert Winston E
Launius Robert
Lee Jung Hoon
Leroy Dargo
Louis Hugue
Lundy Lyonel
Madan Darshan
Maharaj Gangaday
Maingrette Emile
Martin Corey N
Martinez Annemarie
Mateo Carlos M
Mensah Kofi
Mera Ruth L
Mills Alvin L
Mohammed Seana B
Nazaire Rose M
Nelson Clara G
Nemorin Elie
Nespas Hans M
Noy Jacob
Parsons Claire E
Perez David
Persad Chrisendeo
Popescu Vicentiu
Popovetsky Semyon
Probershteyn Mike
Protain Kemron J
Purnell Marion P
Quizhpi Pedro
Rainford Peter M
Resnick Floyd
Reveil Carmel H
Reyes Jeannette D
Richard Steven L
Rivera Frank
Rosario Rose Marie
Russell Melvin L
Sancho-Persad Choonilal
Silverberg Ruth
Simeon Sheyvon C
Singh Bhupinder
Singh Surinder
Singh Gurnam
Singh Jasvir
Singh Balihar
Singh Satwinder
Singh Surinder
Singh Victor
Singh Vikramjit
Singh Rajinder
Singh Gobind
Singh Gurinder
Singh Baldev
Singh Charanjit
Singh Kamal J
Singh Karnail
Singh Gurpreet
Smirnoff Alex
Sonmez Halis
Sraman Prabir
Subero Darron Marc G
Sulaiman Saleh N
Suquisupa Irma G
Talmaciu Ortansa A
Taylor Merle
Techeira Donna
Tentomas Nikolas
Timbuli Nicholas V
Tobar Miguel L
Tocaciu-Tusinean Michaela
Toner Mary C
Tsipenyuk Faina Y
Tuck Jessica A
Upadhyay Anurag
Val Jacquelin
Vasilopoulos Demetra
Vasquez Johan C
Velasquez Nelson
Vig Carina
Washington Taneea T
Whitlock Sandra J
Williams Tiffani M
Williams Leslie
Yu Robert
Yuabov Albert
Yurovsky Paul
Zilberman Nona

Non-NY Residents

Abdalla Eid
Acluche Pressoir
Adler Lorraine
Agyekum Kofi
Alwan Hamid
Andaraws El-Erian
Anjum Ghulam
Anyanwu Chizorom
Anyanwu Benjamin
Areh Magdalene
Arroyo Maria
Ashraf Nadeem
Ayika Ekoue
Bah Alpha
Baig Irfan
Baksh Farook
Balilaj Pellumb
Bangiyeva Asya
Barahona Cesar
Barash Roselin
Barua Shovan
Bassen Todd
Behal Rajesh
Bhatti Chaudary
Bhatti Thomas
Bolioli Alvaro
Bonderefsky Annabelle
Bonner Diane
Bonnet Jean
Breitel Vern
Breitel Corinna
Breshin Adam
Bretan Eric
Broman Robert
Brown Fred
Brown Beulah
Buxbaum William
Caban Luis
Cadet Mcarthur
Calderone Vincent
Canavan Gerard
Castillo Erick
Castle Richard
Ceceri Robert
Cheema Zia
Cheema Avtar
Cheung Chi
Cintron Jennie
Cloper Randy
Cohen Joshua
Colombo Patrick
Conant Heidi
Corrado Vincent
Daly Diane
Dann David
Darcy Debra
Davilus Vercanne
De Basantes Alexandra E
De Jesus Daniel
Deek Jamal
Demirdjian John
Devarajan Srinivasan
Devine Matthew
Dolcine Charles
Domanico Angela
Dorce Dieucius
Dorival Jaques
Dorvilus Jean
Dressler Fay
Elie Marie
Epstein Cherly
Fargalla Nagy
Farooqi Izhar
Faruque Hasan
Ferber David
Fermin Norma
Fidan Kenan
Filippi Nicholas
Fishman Brian
Fishman Andrew
Fishman Elliot
Fofana Abu-Baker
Forbes Timitra
Fordjour Frank
Francis Antoine
Franklin Micah
Fraumeni Vincent
Freestone Randi
Frimpong Harold
Galan Ricardo
Gantier Patrick
Garcia Raul
Garrett Sarice
Garzon Edison
Garzon-Ruiz Jose
George Abdele
Gertler Esther
Gill Bara
Gill Surinderpal
Gitlin Rori
Glaude Elie
Goldstein Jonathan
Goodman Jay
Gorelik Oksana
Grisales Carlos
Haine Stephen
Hammel Syril
Haughton Joan
Hauptman David
Hecht Ivan
Hecht Mary
Hecht Elliot
Hwang Myung
Illfelder Herbert Max J
Ionita Petre
Ishige Heisaburo
Jackson Gregg
Jackson Allyson
Jangjoo Delavar
Jinks Michael
Johnson Fred
Jordan Steven
Joseph Santaine
Junaid Abdul
Juste Max
Kaelber-Arapakos Living
Trust
Kagone Amadou
Kamagate Bafemo
Kaminoff Leo
Kaminoff Esther
Karuvannur Shyamala
Kasdon Robert
Katoni Haim
Kaufman Jeff
Kaur Charanjit
Kaur Kuldip
Kaur Jaswinder
Kaur Gurmeet
Kaur Manpreet
Kaur Jojinder
Kaur Surjit
Kaye Howard
Keller Danielle
Kerr Joseph
Kesic Daniela
Kesic Brenda
Khawaja Hafeez
Khawaja Naeemullah
Khokhar Abdul
Khosla Rajiv
Klein Jeffrey
Klotz Adam
Kofi Owusu-Mainoo
Konert Carmen
Koratekere Vani
Krumholz-Booth Jody
Kunin-Savinon Loretta
Kvachuk Marat
Lachapelle Michelle
Ladyzhensky Nana
Lafontant Jean
Lapinski Paige
Lapinski Lauren
Lash April
Latif Qazi
Laventure Alliantin
Le Pino Mark
Levenson David
Leventant Steven
Levy Vivian
Levy-Laird Stefanie
Lewis Sulanch
Lipan Michael
Louissaint Eddy
Ludwig Lisa
Luo Mei
Malatanos Ilias
Mallen Samuel
Mamadou Soumahoro
Mansylla Wayne
Matityahu Dorit
Matos-Quintero Judith
Maulshagen Heather
Mcgee Richard
Mecca Joseph
Mehar Dilbagh
Mertulien Marc
Min Kina
Mirons Walter
Mistriel Miriam
Monds Elena
Moran Richard
Morel Leonardo
Morinvil Clerveaux
Morris Trastman Living
Trust
Morse Peter
Moussavian Madjid
Mucaj Nimet
Nagaeva Emmilia
Nduka Cornelius
Newman Lynn
Norzius Edner
Olea Mario
Olshanetsky Osip
Opabola Jimoh
Oppenheim Richard
Ordonez Claudio
Panzer Bernard
Papadopoulos Panagiotis
Parafestas John
Park Ki
Parveen Niaz
Pattison-Martin Patricia
Paul Boaz
Paul Hafeez
Paul Sadoc
Petrone Lucy
Philippakos Stavroula
Pierre Joseph
Pierre Louis
Pierre Carol
Pierre-Antoine Raynaud
Plua Alejandro
Porchetta Joseph
Price Marvin
Prosper Jean
Pross Inga
Prowler Judy
Rabinowitz Selma
Rabinowitz Joy
Ramirez-Simon Nisselot
Ramos Dalila
Rashid Haroon
Reyhanoglu Haldun
Reynolds Charles
Richman Brian
Richman Famil
Trust
Riley Michael
Rinchere Claude
Rivera Hipolito
Rosen Wendi
Rosen Pauline
Rosenberg Ida
Rosenberg Robert
Rosenthal Denise
Rotary Mike
Rothblatt Pat
Rubio Jose
Rupnow-Bittner Wendy
Sageata Mircea
Saini Kuldeep
Saint Hilaire Willy
Sanchez Gerson
Sancho Claris
Sandhu Jaspal
Sandhu Navparkash
Santiago Catherine
Sapino Maria
Schaffer Shalva
Scott Keith
Seidenberg Ronnie
Seya Calvin
Shah Mirwias
Shaikh Wazir
Shannon John
Shark Yolanda
Shaw Kennecia
Sherer Meryl
Shiroma Halfred
Shojaian Shahriar
Siddiqui Mohammad
Sierra Ginger
Sinchegarcia Xavier
Sinclair Benjamin
Singh Lakhvinder
Singh Baldev
Singh Sukhdev
Singh Charan
Singh Kuldip
Singh Jaspal
Singh Inderjit
Singh Gurmeet
Singh Palwinder
Singh Biker
Singh Surjit
Singh Gurpal
Singh Surinder
Singh Bahadur
Singh Sukhdev
Singh Sohan
Singh Ujjagar
Singh Daljit
Singh Harpreet
Singh Jaswinder
Singh Savinder
Singh Ramanjeet
Singh Harjinder
Singh Hardev
Singh Dyal
Singh Harsimranjit
Singh Pavittar
Singh Daljit
Singh Sukhdeep
Sklar Rebecca
Skoran Procopia
Slater Anne
Smith Arlene
Solomon Solomon
Spears Walter
Spears Karen
Spellman Steven
St Felix Yves
Stiasny Felicia
Subianto-Morales Dewi
Subrahmanyam Joy
Sulcaj Ilir
Sullivan Anton
Syed Tahir
Tang Tommy
The Bottom Line
Llc
Thelusma Wilfrid
Thompson Onel
Tomko Steve
Toor Baldev
Tornyenyor Bernard
Treece Anna
Tsimberg Vladimir
Vance Anne
Vanderpurje-Welbeck
Eric
Vayntrub Vadim
Venturina Wannee
Virk Amandeep
Waite Wallace
Webb William
Wedderburn Andre
Weinberger Roger
Weinstein Deborah
White Keith
Williams Amina
Witzemann Valentine
Yacoub Ayman
Yalung-Maniti Whilma
Yarberry Milton
Young Damon
Zahn Brian
Zannetti Samantha
Zhou En

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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.

letter

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Join Us For Estate Planning And Medicare Seminars

The health and financial wellness of our members is important, which is why we are offering free seminars on Medicare &
Supplemental Planning and Estate Planning at the Melrose Financial Center this fall.

Free Medicare & Supplemental Planning With Kevin Lawrence

Prepare for your medical needs and learn how Medicare and Supplemental Planning Insurance Programs can have a positive impact on your future financial well being.

Kevin Lawrence, Director of Medicare Sales at Professional Group Plans, will review the following topics:

  • Supplemental Plans
  • Comparing Supplements
  • Application Process
  • Part D Application
  • Open Enrollment 2015 Rate Plan

Date & Time: 6:30-7:30 pm Wednesday, October 8th, 2014. Please RSVP by October 6th.

Free Estate Planning

Are you financially prepared for retirement and your future long-term care needs? If not, the time is now, and a Melrose Credit Union certified financial planner is leading a free Estate Planning seminar to help you plan wisely. Get a review of your retirement plan, Social Security, savings and investments and learn about products to prepare you for your retirement years, like Life and Disability Insurance, Long-Term Care Insurance and more.

Date & Time: 6:30-7:30 pm Tuesday, November 4th, 2014.

 

Both seminars will be held at the Melrose Credit Union
Financial Center, 3rd Floor, Terrace Room, 139-30 Queens
Blvd, Briarwood, New York. Seating is limited so please
RSVP by calling Member Brokerage Service LLC at
(718) 523-1300 ext. 0.

 

 

 

 

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Don't Lose Everything You Worked Hard For

Life is full or surprises and there are many hidden dangers that could devastate you financially.

Let the insurance experts at Member Brokerage Service, LLC, a Melrose Credit Union service organization, help protect you and save you money in the process. We offer flexible payment terms with NO broker fees.

  • Automobile Insurance
  • Homeowners & Renters Insurance
  • Disability Insurance
  • Long Term Care Insurance
  • Life & Health Insurance
  • Business Insurance

For more information, call an MBS representative at (718) 523-1300 or stop by our office at Melrose Credit Union. MBS is a member of the Professional Insurance Agents Association.

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ATM/Shared Branch