Melrose CU Can Save You
Money On Your Next Project
Your home’s equity is a valuable resource for low-cost financing. No matter what you have in mind – home renovations, debt consolidation, education or other big ticket expenses – a Melrose CU Home Equity Line Of Credit is the affordable way to fund it. Plus, we’ll pay the closing costs!**
Let Us Help You Do More For Less
No annual fee
Up to 70% combined LTV (Loan to value)
A $100 Home Depot® Gift Card*
Make Your Next Project A Reality Today!
Don’t wait for an emergency – open a Home Equity Line Of Credit right now. Learn why having this safety net can be your better option for the unexpected. Stop by the credit union, call (718) 658-9800 to learn more or visit www.melrosecu.org/LowRateHELOC.
*Borrowers will receive a $100 Home Depot® gift card if Home Equity Line of Credit is closed by Sept. 15, 2016. Restrictions may apply. Limited time offer, cannot be combined with any other offer and is subject to change at any time. Limit 1 (one) gift card per household with Line of Credit opened through 9/15/16. $100 Gift Card will be presented at closing and will be reported to the IRS as interest income, as required. The Home Depot trademark is the property of Homer TLC and is not affiliated with Melrose CU. **Melrose CU pays all closing costs with a minimum of $25,000 drawn at closing. Other restrictions may apply. Limited time offer. All loans subject to approval, normal loan underwriting guidelines and other requirements. The rate applicable for each borrower will be based on their individual creditworthiness. Home Equity Lines of Credit are variable rate, available up to 70% maximum combined loan-to-value (LTV). Minimum Line of Credit amount to be determined by Melrose CU. Melrose CU Membership is required. Loans may have geographic restrictions. Call us for more details.
Greetings to all our members! We want to thank everyone who attended our Annual Meeting in March. We are excited to be approaching 95 years of doing business in New York.
Melrose continues to give you what matters most – high savings rates, low loan rates and low fees. And our real estate lending department currently has a strong portfolio of over $450 million.
Membership remains the heart of our business with over 1,100 new members joining Melrose in 2015. Please share the benefits of credit union membership with friends, co-workers and family and ask them to join so we can keep the membership growing strong. Also, let us know when your email changes and unblock the “sender” address if necessary to make sure you get our communications so you can share them with others and help grow our membership family.
We value your membership! Please stay in touch and contact us with any questions you may have. We are here to serve you.
Alan Kaufman, CEO
Melrose Share Certificate Rates
Exceed The U.S. Average
Our NCUA insured Share Certificates are truly some of the highest in the country, making them a safe, secure and solid investment. A minimum of $5,000 from a one to five year term will let you take advantage of our fantastic rates.
Melrose has some of the highest yielding certificates in the country. We also offer great rates on IRA, Jumbo and Institutional Certificates.
Invest today at our branch office or call (718) 658-9800 to learn more. View all our current rates at www.melrosecu.org.
*APY=Annual Percentage Yield. An early withdrawl penalty applies to all Share Certificate Accounts. The interest rate will be determined at original opening and at Renewal. Please note that members have the option of their quarterly dividend being transferred to another Share Account or kept in their Share Certificate (compounded). The minimum purchase for Share Certificates is $5,000. Call or e-mail the credit union for a Certificate disclosure and application.
Set Your Student Up For Financial Success
College is the first time some students may be in charge of their own money. Make it easier for them by opening up a Melrose E-Z Checking Account with MasterCard® Debit Card.*
With a FREE E-Z Checking Account, they’ll have these advantages:
No monthly fees
No minimum balance requirements
No per-check fees
Overdraft protection available
Plus, your student will have the convenience of a MasterCard Debit Card – accepted wherever MasterCard is taken, making purchasing easy, since funds are deducted directly from their checking account. And they’ll have access to 30,000 ATMs and over 5,000 shared branches through the CO-OP Network.
Open An Account Today!
Visit the credit union or call (718) 658-9800 for more information.
*Must open a Share Account with a minimum deposit of $25 and pay a one-time membership fee of $1.00 per new member.
Beware of Text Scams
Text scams are on the rise. There have been several high-profile fraud attempts on credit unions and banks to get valuable member account information through deceptive text messages. So what is a text phishing scam and how do you protect yourself and your information?
As more consumers use their phones to make purchases and conduct other financial transactions, text fraud is becoming more prevalent. Credit unions in Pennsylvania and Virginia have recently been hit by text scammers and have been forced to issue statements to members that read something like this:
Here’s what to do if you get a questionable text:
Delete it and do not click on any links.
If you clicked on the link and entered your personal or financial information, you should notify your credit union immediately so we can make a note on your account.
Report it to the Federal Trade Commission at www.ftccomplaintassistant.gov, or the Anti Phishing Working Group by emailing firstname.lastname@example.org, or by going to the group's website at www.antiphishing.org.
“If you have received a text message stating that your credit union has detected an issue on your account, this is a fake message not from your credit union. Do not click the links or respond, as doing so could install malware on your device; simply delete the message. Your credit union does not solicit you for information we have on your accounts. Please do not give your identifying information out.”
How To Stay Financially Safe While You Travel
Are you planning a trip to the beach, the mountains or maybe abroad this summer? Make sure you’re ready financially, and stay alert for those who might try to take your money while you travel. Here are a few tips to stay safe during your vacation.
Use a safe deposit box – Keep your valuables in a safe deposit box rather than at your home.
Keep your home safe – Use light timers, have neighbors or family check on your house often and wait to post FaceBook photos until you return.
Use travelers checks – While using your credit card may seem more convenient, travelers checks can be replaced if lost or stolen at no charge by the issuing company. Plus, they are redeemable for the current rate of exchange.
Research where you’re going – If traveling overseas, know the ins and outs of the countries you’ll be visiting, and know where the U.S. consulate or embassy is, just in case.
Keep your hotel door locked – And use the hotel safe to store valuables.
Contact your credit union and credit card company if you are traveling – This will let them know that your purchases in other states or countries aren’t fraudulent, and it will alert them if something odd shows up.
Use the CO-OP Network – Visit co-opcreditunions.org/locator to find one of 30,000 surcharge-free ATMs or 5,000 shared branches near you when you travel.
Instead Of Traveling, Book A Free Staycation In NYC
If you aren’t planning a big trip this summer, keep more money in your pocket by doing free or inexpensive things in and around New York City. There are endless events, happenings and attractions to visit right in your own backyard.
Explore Central Park – This might seem obvious, but the 843-acre green space has everything from walking trails to turtle ponds, a castle, a carousel and incredible rock formations. Plus, there are often free concerts throughout the summer months.
Walk the Highline – A true Manhattan gem occupies an abandoned elevated rail line, running from the Meatpacking District to its new terminus at the Hudson Yards. It hosts arts events and boasts incredible views of the city, with lush vegetation throughout the length of the park.
Take the Ferry – The Staten Island Ferry is free and well worth the trip from Battery Park to St. George and back. You’ll pass the Statue of Liberty for a great photo opp and you’ll get to see the skyline from the harbor. Plus, if you spend some extra time on the Island, you can take a bus to Snug Harbor, a beautiful park with a botanical garden.
Visit a Museum – Many NYC museums and galleries have free days, including MoMA and the galleries in Chelsea. Call to find out which days are no-charge.
Get Cultural at the Library – The New York Public Library has plenty of free lectures, events and things to do throughout the year.
Go to a Festival – There seems to be a fair or fest every week in various neighborhoods, and most all are free to visit. Check out this link for a list: www.newyorkled.com/nyc_events_street_fairs.htm.
Making Melrose Credit Union A Better Place
Dear Mr. Kaufman,
I am writing to you today to say thank you. I would like to thank David Pollack and Melrose Credit Union for making it possible for me to purchase a NYC taxi medallion in December of 2014. The purchase of this medallion has changed my life in so many positive ways.
Because I was able to purchase this medallion and have a steady job with steady income, I was able to see my family again after 18 years. I have had nothing but wonderful dealings with all of the people at Melrose Credit Union and Member Brokerage Service.
I would also like to thank Dino Velentzas for making my taxi closing go so smoothly. I also would like to thank him for always being so helpful when I need advice about the taxi, and also on ways to help myself get out of debt by consolidating my debts.
Next, I would like to thank Karen Myers from Member Brokerage for always helping me with my insurance needs for the taxi. Karen also helps me with most of the clerical duties needed to keep my medallion running without problems, such as my MTA payments, IMP surcharge payments, tax stamp payments, and medallion renewal payment requirements.
I am so happy to know that if I ever need help with my medallion issues I have such helpful and professional people to turn to at Melrose Credit Union and Member Brokerage Service.
We invite all members to send us your service experiences at Melrose Credit Union.
Please note that letters may be edited or summarized.
One of the biggest complaints I receive from Melrose members at MTAC world headquarters, is illegal street hails. Here is great news for ALL Melrose members: MTAC helped with this legislation: The NYC Council passed a new law increasing the fines for Illegal Street Hails. Below 96th Street on the East-side, 110th Street on the Westside and at airports, the fines are as follows: 1st offense - $2,000 fine, 2nd offense - $4,000 fine, 3rd offense within 10 years - $10,000 fine and loss of your driver's license.
For years Melrose member-drivers have wanted to remove the cumbersome partitions from their taxis, and more recently, not being able to “hack-up” a used wheelchair accessible vehicle. Your complaints have turned into new TLC rules! Partitions are no longer mandated. That's right, every medallion owner will have a choice of either installing a camera system or a partition. And, a USED wheelchair accessible vehicle can now be “hacked up!” Keep those suggestions and complaints coming!
MTAC represented Melrose Credit Union in Albany by attending the New York State Credit Union Association’s Governmental Affairs Conference. We visited elected officials to help protect the NYC medallion industry by explaining the insurance flaws in current legislation and how the NYC Taxi & Limousine Commission regulations protect the drivers, the passengers and the public better than any current proposal. I was also one of three credit union speakers who educated the NYS credit union community about the current status of the medallion industry.
Don’t forget to listen to the TAXI DAVE SHOW every Sunday evening between 8:00-9:00 p.m. on WOR 710 AM Radio. Just last week (for example) you would have heard the lead attorney for our Federal lawsuit, Todd Higgins, giving a detailed update on the current lawsuits. It is a live call-in radio show that is informative and entertaining! Always read the TAXI INSIDER newspaper distributed at garages, credit unions, leasing agents, insurance brokers, JFK, LaGuardia and other locations throughout the city.
David Pollack (Taxi Dave)
Director MTAC | Melrose Taxi Action Center
139-30 Queens Blvd., Briarwood, NY 11436
718-658-9800 x1080 | DavidP@MelroseCU.org
Credit Union Hours
Monday, Wednesday, Friday, 8:30 a.m. - 4:00 p.m., Tuesday, 8:30 a.m. - 5:00 p.m.,
Thursday, 8:30 a.m. - 7:00 p.m., Closed Saturday and Sunday
Cutoff for all transactions is 1/2 hour prior to branch closing time
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: email@example.com