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Connections - Summer 2014

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Card Fraud Detection Upgrade Coming Soon

fraud

As part of our continuing effort to bring the best technology and service to our members, Melrose Credit Union is upgrading the Card Fraud Detection and Notification System. The system will provide more immediate attention to notify members faster when fraud is suspected. The notification portion of the system includes a state-of-the-art automated assistant to help members review transactions and confirm their spending activity.

We Have You Covered

If you receive a notification call from the automated assistant, please answer all the questions regarding recent card activity. Also, be aware that the Card Member Security is available 24/7 to notify you of any situation that requires immediate attention and/or action.

rollofbillsWe React At the First Sign Of Trouble

If suspicious transactions are identified as fraudulent, calls will be transferred to the support team at Card Member Security
to help you take the necessary precautions to protect your cards and related accounts. If the recent activity is legitimate,
members will be able to close the case with the phone attendant using their touch-tone phone.

Thank you for your support during this upgrade and, as always, thank you for being a member of Melrose Credit Union.

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Last Winter Hit Home A Bit Too Hard?

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It’s Time To Make Needed Renovations With A
Low-Cost Home Equity Loan From Melrose CU

Talk to one of our mortgage loan specialists about using the equity in your home to get a low-interest Home Equity Loan to renovate your home before winter. Call (718) 658-9800 for more information.

 

 

 

 

 

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A Comfortable Retirement Is Still In Your Future

Have you thought about what happens when you retire? Have you saved enough to provide for your later years?

If you haven’t been thinking about your financial future, it’s time to talk with a Melrose Credit Union certified financial planner so you can retire comfortably.

Roughly two-thirds of Americans say they’ve done little or no planning for their future needs, according to a recent study from the SCAN Foundation. And many working people won’t have enough money to leave their jobs and live comfortably and securely, so it’s up to them to seek out a plan for retirement, aside from Social Security.

Being Prepared Means Saving Now

retirementA recent New York Times article suggested that roughly one-half of the Baby Boomer generation is at risk of not being financially prepared to retire, and for some it may be too late. But there is hope even for those who have been working for decades but haven’t put enough away – save now and save often. The path you take to that savings is key.

The Times article noted that people should save at least 15% of their income if possible, and that’s just for retirement, not taking into account rainy day funds and child education costs. With salaries tight for most people, especially in the age of burgeoning  debt, saving for later years becomes a delicate balancing act. Those just out of college are often stuck paying off tens of thousands of dollars in college loans, meaning they can put less into their savings and retirement, especially in a tight job market.
Others, who may have been on the job for years, have found themselves squeezed out of their careers by consolidation and  attrition, which means their savings may get depleted and their retirement put in limbo. And the resources available to those who want to save but have to watch pennies are slim.

Melrose CU Offers Free Expertise

Being able to talk with someone like Melrose Credit Union’s certified financial planner, Mr. Ed Huttick, CFP, is invaluable. Mr. Huttick  provides all Melrose CU members free, sound financial advice, whether you’re young and starting out, older with no kids and concerned about your estate planning, or mid-career and wondering how you’ll pay for retirement.

No matter what stage of life you are at, now is the time to plan your financial future.

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

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You’re Busy Enough

Our Convenience Services Save You Time

Melrose Credit Union has a multitude of convenience services to fit your busy lifestyle.

Convenience starts with our E-Z Checking Account, which offers:

  • No monthly fees or minimum balance requirements
  • Easy Access Online
  • Dividends Earned On Average Daily Balances Of $500 Or More
  • Convenient ATM Or Debit Card Access

yourebusy

EZMoneyOnline is your secure online banking option, open 24/7 and available to you anywhere. Log on to EZMoneyOnline at www.melrosecu.org to check balances, transfer funds and more.

That's Not All

You can also enjoy InfoLine. Perform transactions from the comfort of your home, car or office. All transactions are verified and confirmed instantly. Access InfoLine at (718) 526-3888 or (888) 635-2733 outside New York State.

ATM Card – Withdraw money, verify balances and make account transfers.

MasterCard® Debit Card – You’ll enjoy the cash-back convenience of an ATM Card with the purchasing power and worldwide access of MasterCard.
E-Z Bill Pay – Set up a convenient payment schedule, then relax knowing your bills are paid on time, every time.
Direct Deposit – The easiest, fastest and safest way to deposit your pay, Social Security or pension check into your Share Draft/Checking Account or Share Savings Account.
eStatements – The fastest and safest way to receive your monthly credit union statement is electronically. eStatements are free for every member, convenient and environmentally friendly.

Learn more about all convenience services at our website: www.melrosecu.org.

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The Melrose Taxi Stand

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Your Taxi Industry 411

HAIL Act Has Not Impacted TSA Credit Unions

New York’s HAIL act – the Hail Accessible Interborough License Act authorizing the establishment of street hail livery service was upheld over a year ago, but so far the law has not had an adverse effect on Taxicab Service Association credit unions.

In June 2013, the New York State Court of Appeals upheld the HAIL Act, after the TSA, which includes Melrose Credit Union, Lomto
Federal Credit Union, Progressive Credit Union and Montauk Credit Union, sued to try and invalidate the act. The TSA claimed HAIL
was in direct competition with yellow cabs. It also claimed that the law would devalue yellow taxi medallions and potentially trigger
a credit crisis for the $5 billion medallion lending industry.

Despite their efforts, the law was upheld. To date, the credit unions involved in the suit have not seen any disruption in the  marketplace and it appears to be business as usual.

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4 Ways Fraudsters Are Getting Their Hooks Into New Grads

New Financial Responsibilities And Opportunities Are Making Students More Vulnerable To Identity Theft

As new graduates climb down from the ivory tower, many face “real world” transactions for the first time, and they are at
risk. Identity-related crimes, bad deals and credit score pitfalls pockmark the road ahead. The bottom line for new grads:
Identities and credit are incredibly valuable assets. And while it may be a bit premature to be thinking about an investment
portfolio, they already have two investment-grade portfolios that should be managed: their credit and identity portfolios.

And for those grads who are thinking, "It can't happen to me," prepare to say hello to reality.

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Here are some general rules of the road for identity protection that, when followed, could make life much easier.

  1. Credit Cards - Be careful sharing credit card information. Undertake due diligence when sharing credit card information with websites, companies and even friends. Account numbers can be stolen any number of ways, even by roommates.
    • Check account statements regularly, daily even, for unauthorized purchases. If someone steals a credit or debit card number and goes on a shopping spree, and it’s not discovered soon enough to stop the damage, it could result in a world of
      financial pain.
    • Monitor credit reports and keep tabs on credit scores. Often the first indication of new account fraud comes from these reports. You can check credit reports for free once a year from each of the three credit reporting agencies. If there’s an  unexpected drop in credit scores, check reports for any problems, including fraudulent accounts.
  2. Utilities - So, what’s to know about utilities? You call a customer service representative who takes down your name, address and  phone number, and when your bill comes at the end of the month, you pay it. It’s so simple; really anyone could do it – which is precisely the problem. Identity thieves are more than happy to steal electricity fraudulently, and because it can be so easy for them to do it, it can go undetected until a collection agency starts calling for unpaid utilities.
    • Scrutinize bills and check on any questionable items. Pay bills on time (consider enrolling in a direct debit program). Protect personally identifiable information. There’s no such thing as being too paranoid when it comes to monitoring.
  3. Applying For Jobs - Many new graduates don’t realize that a significant number of companies and institutions will check credit reports before  making an offer of employment. They’re required to get consent (usually in writing) before checking reports and most  companies will ask for a Social Security number, a major asset in your identity portfolio, in order to do so.
    • Make sure the employer is legit. Most fake job scams will ask for an SSN upfront, even before an interview.
  4. Doing Your Taxes - For some college graduates, taxes have neither been a part of their lexicon nor their lives. Either their parents filed for them or they’ve not yet worked at a job that made it necessary.

    When dealing with filing income taxes for the first time, there’s something everyone should know: Not all individuals and/or firms who offer help are trustworthy.

    • Do some homework before hiring an accountant or a tax preparation service. Tax-related identity theft is another reason to be careful about who has access to personally identifiable information.
    • If a fraudster files a tax return, it could take months for the IRS to
      correct the mistake and send the correct refund.

A Final Note About Protecting Your Identity

In the world of personal finance, so many are poised to steal personally identifiable information and potentially wreck someone’s credit. They see new graduates as fresh meat. After all, most new grads have a clean credit history and may not be aware of the potential identity thieves lurking in the real world.

Originally posted on Credit.com, May 20, 2014

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Melrose Has Unclaimed Money!

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.

Aframian Itzhac
Alexandrou Louis A
Altinerlielmas Nurper
Aranbayev Ilya
Armand Carlo
Aviles Joselito
Aziz Abdul
Badine Enid
Bains Karnail S
Bains Paramjit S
Barahona Angel
Bascus Keita A
Basit Abdul
Bayala Mike
Beckford Annette R
Bedi Joginder S
Bentil Michael A
Bernard James W
Borbor Washington G
Brar Hardeep S
Bruno-Merchant Ann F
Butt Imran
Butt Shahzad
Casale Giovanna L
Castillo Giancarlos
Cerisier Suze
Chan Andy W J
Chan Mei-Lin
Chan Sabrina
Charles Joseph W
Chotalal Denise
Clarke Acosia S
Colbert Estelle R
Constantin Marin
Cosentino Frank
Couloute Christopher W
Davis Omeila R
De Sarno Henry
Deangelo Barbara K
Dhaiti Jean L
Diaz Kenneth S
Dietrick Maria C
Dorfman Alexander
Drezdner Faigy
Elahi Ch Maqsood
Encarnacion Cynthia
Engel Richard G
Estevez Rafael A
Factor Jennifer
Ferreira Vernon R
Finley Sylvia
Francis Lorraine H
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
Henderson Kollin A
Henry Demar
Hofstetter Martin H
Huq Shahida K
Hussain Ashraf
Hussain Syed K
Hussain Zille H
Iqbal Parvez
Jaisingh Kenny W
Janow Marilyn
Jean Jean Frethly
Jean-Francois Verne
Jean-Louis Jean M
Jean-Louis Margaret
Johnson Jacqueline P
Josephowitz Harvey
Kahn Samuel
Kanter Elise
Kanter Richard V
Kar Shyamol Chandra
Karakas Ahmet
Khan Jameel
Kiderman Nadia
Kunik Catherine F
Lamarre Felix P
Lambert Monifa D
Lambert Winston E
Launius Robert Sr
Lee Jung Hoon
Leroy Dargo
Leviyev Konstantin
Louis Hugue
Lundy Lyonel
Madan Darshan
Maharaj Gangaday
Maingrette Emile
Makridis Elisavet
Malatanos Ilias G
Manigat Marie Mineuve
Manson Aaron
Martin Corey N
Martinez Annemarie
Mateo Carlos M
Mensah Kofi
Mera Ruth L
Mills Alvin L Sr
Mohammed Seana B
Muchnick Laurie
Multani Tarsem
Nazaire Rose M
Nelson Clara G
Nemorin Elie
Nespas Hans M
Noy Jacob
Parsons Claire E
Paul Gurmej R
Perez David
Persad Chrisendeo
Popescu Vicentiu
Popovetsky Semyon
Probershteyn Mike
Protain Kemron J
Purnell Marion P
Quizhpi Pedro
Rainford Peter M
Rashid Khurshid A
Resnick Floyd
Reveil Carmel H
Reyes Jeannette D
Richard Steven L
Rivera Frank
Rosario Rose Marie
Russell Melvin L
Sakalis Elias
Sambou Moussa
Sancho-Persad Choonilal
Santana Carla Antonio
Sarah Rb & Phil Inc
Shah Sayed M
Shiff Ellen P
Sigal Zigfrid
Silverberg Ruth
Silverman Alan E
Simeon Sheyvon C
Singh Baldev
Singh Balihar
Singh Bhupinder
Singh Charanjit
Singh Gobind
Singh Gurinder
Singh Gurnam
Singh Gurpreet
Singh Jasvir
Singh Kamal J
Singh Kamaljit
Singh Karnail
Singh Rajinder
Singh Sarabjit
Singh Satwinder
Singh Surinder
Singh Surinder
Singh Victor
Singh Vikramjit
Smirnoff Alex
Smith Roy G
Sonmez Halis
Sraman Prabir
Subero DarronMarc G
Sulaiman SalehN
Suquisupa IrmaG
Talmaciu Ortansa A
Taylor Merle
Techeira Donna
Tentomas Nikolas
Timbuli Nicholas V
Tobar Miguel L
Tocaciu-Tusinean Michaela
Toner Mary C
Tsipenyuk FainaY
Tuck Jessica A
Upadhyay Anurag
Val Jacquelin
Vangelatos Sotirios D
Vasilopoulos Demetra
Vasquez Johan C
Velasquez Nelson
Vig Carina
Washington Taneea T
Whitlock SandraJ
Williams Leslie
Williams Tiffani M
Wu Jenny Mei Ching
Yu Robert
Yuabov Albert
Yurovsky Paul
Zilberman Nona

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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.

Mr. Kaufman:

I would like to take the time to tell you about one of your employees, Nirmal Narine.

I have had numerous CDs at different institutions, and with each I have had a contact person that I could turn to in the event I had any questions or concerns. Mr. Narine is the person I turn to at Melrose. He is by far the best person I have ever dealt with at any savings institution, and there have been literally hundreds.

He is knowledgeable, polite and has a lot of patience. Every time that I call him he answers all of my questions thoroughly. If he says he will get back to me, he does so within the time that he says he will.

In my business I have spent 40 years dealing with people, and he is a prime example of how customers should be treated. He is a credit to your organization.

J. F.

Please note that letters may be edited or summarized.

fireworks

Holiday Closings & Important Dates

Independence Day

Friday, July 4, 2014

Closed

All Saturdays in July and August

Labor Day

Monday, September 1, 2014

 

Reorder Your Checks Online

If your checkbook is down to its final few checks and it’s time to order more you can now order them online. Melrose Credit Union gives its members the convenience of reordering checks online when they register for EZMoneyOnline.

Register today for all the benefits of EZMoneyOnline.

Visit www.melrosecu.org/convenience-services/ezmoney-online/ to learn more.

Get Your Discounted Six Flags Tickets While They Last

Members can purchase tickets to Great Adventure at a savings while supplies last. Call for details or stop by the credit union to purchase your tickets.sixflags

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IRA Rollover Rule Changes

Effective January 1, 2015

An IRA owner is currently allowed one rollover per year for each of his or her IRAs. The IRS recently announced that it is changing its interpretation of this requirement to follow a recent U.S. tax court ruling in Bobrow v. Commissioner. The court ruled that, beginning next year, a taxpayer will be limited to one rollover per 12-month period, regardless of the number of IRAs he or she has.

The IRS position for many years has been that a taxpayer is permitted to roll over one IRA distribution per 12-month period for  each IRA that he or she owns. The IRS issued its announcement on March 20, 2014. It stated that it will apply the tax court's interpretation going forward, but that it will not apply this new interpretation until January 1, 2015. The IRS intends to issue new proposed regulations that will apply the IRA rollover limitation on an aggregate basis (per IRA owner instead of per IRA).

For more information on new guidance as it is released, please visit www.ascensus.com to view Latest News announcements and articles.

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Beware Of The Latest Phone Swindlers

Retirees Are Being Targeted

According to a New York Times article, a new wave of thieves is preying on retirees through phone scams, and it’s a problem that has gotten worse due to technology.

Scammers are buying lists of targeted individuals, e.g., “people over 60 living alone,” and taking advantage of their sense of civic or parental duties. They frighten some into complying with their scams by claiming to be from the courts and threatening legal action for not appearing at jury duty unless the caller pays them a certain amount, or they say they are lawyers and need money fortheir grown children’s court costs.

These scammers are finding that retirees are prime targets since many older individuals still use landlines, which makes them easier to find through those targeted phone lists. So, if someone calls asking for money, the best thing to do is just hang up.

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ATM/Shared Branch