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Connections-Fall 2015

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Melrose Mortgages Help Make Homeownership Possible

mortgagesMelrose Credit Union offers members some of the lowest loan rates in the region that beat the banks. We know the New York market and can help get you into a loan that fits your budget and your property needs, offering great rates, low-to-no fees and multiple mortgage options so you save more on your path to homeownership.

Start at the Melrose E-Z Mortgage Center, at www.melrosecu.org. Search current rates, use the mortgage calculators to help find your ideal number, comb our FAQ library to answer your questions and start the application process.

Melrose offers mortgage options to fit every potential home buyer, including:

  • Fixed And Adjustable Rate Mortgages
  • Co-Op & Condo Purchase Programs
  • Conventional & Commercial Mortgages

Investment Properties Available

Melrose also offers financing for 1-4-family residential investment properties.

houseApply Today!

Call (718) 658-9800, Option 3 to get started, or visit
the E-Z Mortgage Center at www.melrosecu.org and
fill out an application today.

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Melrose Credit Union Named One Of Top 200
Healthiest Credit Unions In America

healthiestMelrose Credit Union was recently named the number 25 healthiest credit union in America, according to DepositAccounts.com.

Each year DepositAccounts.com evaluates the financial health of every federally insured credit union in the United States. Each institution is graded on a number of factors, including capitalization, deposit growth, and loan to reserve ratios, in order to determine a comprehensive health score.

From the list of 6,655 credit unions, DepositAccounts.com recognized those who showed exceptional fiduciary responsibility in its 2015 edition of the Top 200 Healthiest Credit Unions in America.

Seven New York-based institutions made the Top 200 List. Their names and corresponding rankings can be seen below:

  1. Melrose Credit Union (#25)
  2. Greater Woodlawn Federal Credit Union (#91)
  3. Moog Employees Federal Credit Union (#132)
  4. CFCU Community Credit Union (#185)
  5. Self Reliance New York Federal Credit Union (#40)
  6. Sidney Federal Credit Union (#98)
  7. LOMTO Federal Credit Union (#64)

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The Business Evolution Solution At Melrose

business

At Melrose Credit Union, our mission is to help you succeed financially. We have a long history of helping entrepreneurs, small businesses and other local institutions thrive. Melrose Credit Union provides business clients a single point of contact to meet all your financial needs. We’ll help guide you through all of our business banking services to find the best solution for your current needs and future goals.

Stop by to speak with a Business Service Specialist – we’re here to help you. We offer a full suite of business banking services, including:

  • Loans
  • Checking Accounts
  • Investments
  • Cash Management Services
  • Remote Deposit Capture

Call (718) 658-9800 to speak to or set up an appointment
with a business banking expert.

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Fall Home Maintenance Must-Dos

maintenance

When you’ve turned off the air conditioner for good, put away the patio furniture and picked the last of the produce, it’s time to concentrate on preparing your home for the cooler months with a few must-dos and some suggested to-dos.

  • Clean your gutters. Make sure there are no blockages and keep the downspouts clear of leaves.
  • Check your paint. Peeling paint can lead to deterioration on the siding and potentially expensive repairs.
  • Replace filters in your heating system and have the system inspected by a professional to make sure it’s in proper working order.
  • Check windows and doors inside and out for leaks and drafts. Caulk or install weather stripping where necessary. Replace screens with storm windows.
  • Check carbon monoxide and smoke detectors and replace batteries.
  • Change the direction of your ceiling fan to create an upward draft for warm air to circulate.
  • Inspect your roof for damaged shingles, corroded flashing, or leaky vents.
  • Insulate water pipes in areas exposed to cold temperatures.
  • Have any wood-burning fireplace or stove inspected and cleaned.

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The Melrose Taxi Stand

taxistand

Hail “Taxi Dave” For Advice

If you have questions about any Taxi and Limousine Commission-related issues, see David Pollack, aka “Taxi Dave,” the Director of MTAC (Melrose Taxi Action Center). Mr. Pollack specializes in taxi advocacy, fighting on behalf of drivers, owners and lenders.

taxiTaxi Dave is the Publisher & Editor in Chief of the “Taxi Insider” newspaper, and the host of the Melrose sponsored radio show “Taxi Insider," airing Sundays at 8 p.m. on WOR 710 (http://www.wor710.com/pages/onair/the-taxi-insider.html).

He monitors the pulse of the NYC taxi industry and reports on anything that affects drivers/Medallion owners. We encourage members to tap into Taxi Dave’s vast database of knowledge and advice. Mr. Pollack can be reached at (718) 658-9800, ext 1080.

Monday, October 5, Melrose is hosting a Q&A meeting with NYPD’s Traffic Task Force. Melrose members will get to ask Task Force Officers questions after a presentation regarding summonses and enforcement issues.

Space is limited, so call (718) 523-1300 ext. 1054 NOW and reserve your seat. Free lunch, too!

 

 

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future

Plan Your Future With Free Financial Expertise

Most Americans aren’t prepared for their retirement years. The Federal Reserve's 2014 Survey of Household Economics and Decisionmaking found that about 38 percent of the more than 5,800 respondents have either no intention to retire or plan to keep working for as long as possible, and that thirty-one percent of non-retirees have no retirement savings or pension, including nearly a quarter of those older than 45.

Melrose Credit Union wants its members to be ready, and our professional financial planner will be happy to sit down with you and discuss your goals for the future. You’ll also have peace of mind working with someone you can trust. Mr. Ed Huttick, CFP, provides all Melrose CU members FREE, sound financial advice, no matter what stage of life you’re currently in. It’s never too late to think about your financial future, so take advantage of this important advice.

Members can get free advice on a number of topics, including:

  • Budgeting
  • Retirement
  • Wills & Trusts
  • Life Insurance
  • Social Security
  • Long-Term Care
  • Annuities
  • Estate Tax Planning
  • Mutual Funds
  • Long-Term Disability
  • 529 College Funding
  • Income Tax Review & Planning

For more information, contact Ed at (718) 658-9800 ext. 1136.


Insurance and other investment products are subject to investment risk, are not obligations of, or guaranteed by Melrose Credit Union and are not federally insured against losses.

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Free EZ Legal Services

ez_legal

Free basic legal help is just a phone call or internet click away for members of Melrose Credit Union. Unlike similar programs offered elsewhere, there is no enrollment charge or annual fees.

The program includes:

  • Free WILLS, LIVING WILLS, POWERS OF ATTORNEY, HEALTH CARE PROXIES and FUNERAL DIRECTIVES
  • Free follow-up letter or phone call, if likely to resolve a legal matter
  • Most additional services are discounted by 30% (including attorney’s hourly rates and flat fees for most common legal cases)
  • On-site attorney meeting by appointment

For names of participating attorneys in your area, call (516) 377-7100 or (800) 696-9529 (outside New York) or visit www.1800nynylaw.com.

 

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How Students Can Save More

Most students live on a razor-thin budget. Saving money when you have little income and are paying for school may seem near impossible, but students can take several steps to build a little nest egg, no matter what.

You don’t have to refrain from all college fun to save. It’s about being smart, not only in the classroom but with your money as well.

student

Food, Drink & Entertainment

  • Make a weekly food budget. Going out all the time – and that includes daily coffee – can seriously dent your budget, so do as much at home as possible. If you have a meal plan, use it. If you do eat out, look for coupons and specials.
  • Don’t go out every night. You can’t afford it and it’s potentially bad for your grades.
  • Don’t shop hungry. You’ll buy more than you need.
  • Take advantage of campus perks. Students often get in free to campus museums and events. And your school’s sporting and theater/musical events are often free or discounted.

Room & Board

  • Live at home. If your parents live close to campus, you’ll save by keeping your childhood room.
  • Apply to become an RA. Resident advisors can receive free or discounted rooms and some get paychecks.
  • Get roommates. If you live off campus, get people to help shoulder the costs on rent and groceries.
  • Walk or bike to class. Cars are expensive. If you have a longer commute, take public transportation or look for free shuttles.

Personal Finances

  • Make a budget. Your parents, advisor or financial institution can offer advice on how to budget when you have little money, including how to save.
  • If you have a credit card, make sure you don’t overextend your credit. Pay off the balance every month. You’ll help establish your credit score, too!
  • Open a savings account. Every time you have a little extra, even if it’s just a few dollars a month, put it in a Melrose Credit Union account.
  • Purchase used textbooks if possible. And sell your textbooks back when you’re done with them.
  • Get a job. School may feel like a full-time job, but squeezing in a few hours per week at a job can get you enough to put some away in savings.
  • Shop at places that offer student discounts, including at retail stores, cafes and online locations.
  • Take advantage of the free or inexpensive resources at your school, like the health center, gym or computer lab.
  • Sell your extra stuff. If you aren’t using something, like a bike or desk, sell it. Use your campus bulletin board or websites like Craigslist to get some cash.

Finally, if you keep your grades up and visit your financial aid office regularly, you could be open for scholarships, grants or other forms of financial aid, so you can save more while still in school. For more ways to plan, save and learn, use the tools on the Melrose Money Education Center webpage at www.melrosecu.org/resources/learning-center/, and visit our Sallie Mae weblink for information on Student Loans.

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E-Z Checking Offers Members More Conveniences

A free E-Z Checking Account from Melrose Credit Union lets you manage your money conveniently, with great features like online banking, bill pay and other free services to make your financial life easier. You will also earn dividends on average daily balances of $500 or more, plus, there are no monthly fees, no minimum balance requirements and no per-check fees. Plus, you’ll have access to all the financial resources and tools available on our website.
checking

If you’re paying excessive fees or a monthly charge for your checking at another financial institution, make the switch to E-Z Checking from Melrose Credit Union.

E-Z Checking

  • FREE Checking With No Minimum Balance equirement
  • SURCHARGE-FREE Access At Over 5,500 Shared Branches and over 30,000 ATMs Through The CO-OP Network
  • FREE Money Management With EZMoneyOnline
  • FREE E-Z Bill Pay
  • FREE ATM Or Debit Card
  • FREE Starter Checks

 

If you need help making the switch from your current institution, come see us!
Stop by Melrose CU or visit www.melrosecu.org.


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IRS Rollover Changes

rolloverEffective January 1, 2015, the IRS now allows only one rollover
in a 12-month period regardless of how many IRAs you own.
You may perform an unlimited amount of transfers. For additional
information, you may contact Member Service at (718) 658-9800
or your tax advisor.

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Start Them Saving Young With An EZKidz Account

As children go back to school, they should also be learning about the importance of saving. A Melrose EZKidz account* is a great way to teach kids the value of money while earning with their own account.

ezkids

EZKidz accounts are available for young members ages 6 to 12. Every child who enrolls gets their own Melrose Credit Union “Kiddy Piggy Bank,” which they can use to deposit spare change. When they fill the bank they can take it to the credit union and use the EZCoin Counter to find out how much they have before putting it in their EZKidz account. It’s a fun way to get them to appreciate money and it gives them a sense of accomplishment.

Open An EZKidz Account Today!

To sign up your children for an account, come to the credit union. For more information, call (718) 523-1300.

*EZKidz Accounts may be Share or Share Certificate Accounts only. Checking, ATM and VISA® Debit Card Accounts are not permitted. A parent or legal guardian must own the account jointly with the child. The child account owner must have a valid Social Security number and some form of identification, such as birth certificate or school ID.

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Melrose Supports The Community

Melrose Credit Union, together with the Jamaica YMCA and other local businesses, sponsored the 2nd Annual Jamaica Y 3 On 3 Basketball Tournament. The event was held at a local school hoops court on the third weekend in August. It featured teams from a wide range of age groups representing communities across Queens competing for round ball bragging rights.

community

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Holiday Closings And Important Dates

Saturday Closings

thanksgivingOctober 10, November 28,
December 26

Columbus Day

Monday, October 12, 2015

Veterans Day

Wednesday, November 11, 2015

Thanksgiving Day

Thursday, November 26, 2015

Christmas

Friday, December 25, 2015

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Important Notice

To report perceived credit union violations of rules and policies, unethical behavior, disagreement on account balances, unresolved member complaints or concerns about the financial integrity of the institution such as questionable accounting or auditing matters, it can be brought to the attention of the Supervisory Committee by emailing: supervisorycommittee@melrosecu.org

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Get The Protection You Need

Having the right insurance is important for everyone, so you’re covered no matter what may happen. Member Brokerage Service, LLC offers a full slate of insurance services to Melrose Credit Union members to protect you, your family and your business.

The insurance experts at MBS offer no broker fees, free claims handling and flexible payment terms. MBS services include:

  • Auto & Disability Insurance
  • Homeowners & Renters Insurance
  • Accidental Death & Dismemberment
  • Long Term Care Insurance, Life & Health Insurance
  • Business & Workers Compensation Insurance

For more information, call an MBS representative at (718) 523-1300, stop by their office on the 3rd floor of Melrose Credit Union or visit www.memberbrokerage.com.

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ATM/Shared Branch