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Melrose Credit Union

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Connections – Winter 2013


Welcome

From the entire staff of Melrose Credit Union, we wish you and your family a wonderful and prosperous New Year. We are excited to continue providing you with innovative financial services that make a difference in your life.


 

rightResolve To Give Your Home A Boost!

With A Home Equity Loan From Melrose CU

Many of us begin the year with a personal strategy to get in better shape. Why not resolve to get your home in top condition, too? A low-cost Home Equity Loan from Melrose Credit Union can help with the financing – to give your home the boost it deserves.

First, decide what needs to be done along with a manageable timetable. If you desire to get those improvements or repairs finished by spring, call us now. We can get your application underway. Then select the type of loan that fits your needs. You can choose from our fixed rate option or variable rate line of credit.

Two Versatile Home Equity Loans

  • A fixed rate Home Equity Loan is perfect for a single project. It offers a low fixed rate and set repayment term.
  • A variable rate Home Equity Line of Credit is replenished as you repay. It’s available to use again and again, as your needs change.
  • With both, you’ll enjoy low monthly payments and possible tax savings. Always consult your tax advisor regarding the tax deductibility of your loan.

Your Equity Can Fund Most Any Project:

  • New Roof Or Windows
  • A New Kitchen Or Bath
  • New Furnace
  • A Room Addition For A Growing Family

Whatever boost your home needs, a Melrose CU Home Equity Loan or Credit Line can help. Apply online or any branch office. Call (718) 658-9800 to learn more.

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Say Goodbye To Holiday Debt

How To Pay Down Debt Faster

The New Year brings resolutions, a fresh start, and sometimes, a mound of debt left over from the holidays. Get rid of that debt with these money-saving ideas. It’s a fresh start for a better, more balanced checkbook!

  1. Give your debt an honest look. Even though it may be painful, you have to know the amount of debt you have before you can determine a realistic payoff plan. Tally it up. Then assess the damage before going further.
  2. Consider a balance transfer. Consolidating your higher interest rate debt with a less expensive credit card or loan is the sensible way to lower monthly payments. It can also reduce the overall cost of your debt. By consolidating, you can save hundreds of dollars in interest charges, depending on how much you owe.
  3. Stop using credit cards until your debt is paid off. This step may seem obvious, but it’s easy to talk yourself into buying things you don’t need, especially if you start receiving promotional offers from other credit card companies.
  4. Make that bonus check work harder for you. If your employer gives you a year-end bonus, or if you anticipate getting a tax refund, dedicate most (if not all) of those funds to paying off your loan and credit card debt.

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E-Z Checking:

The EASY Way To SAVE!

Make life easier. Manage your finances more quickly. And save money. All of these perks can be accomplished through one flexible account – E-Z Checking from Melrose Credit Union.

Do you pay a monthly service charge with your current checking account? Do you need to maintain a minimum balance? If you pay any fees at all, you’re paying too much!

Make The Switch Today And Save

As an added plus, you’ll earn dividends on average daily balances of $500 or more.

E-Z Checking: it’s one simple way to make life easier. If you need help making the switch from your current institution, come see us! We can assist with the paperwork for a smooth transition. To learn more, stop by Melrose CU or visit www.melrosecu.org.

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EZMoneyOnline

After you experience the simplicity of E-Z Checking, the next step is to take advantage of our virtual branch. We call it EZMoneyOnline. With its safe, secure technology, you can access your Melrose CU Accounts from anywhere

Visit EZMoneyOnline from your computer or mobile device. After you log in, you can check balances, pay bills, transfer funds and more. Take your accounts with you 24/7. And take care of business when it’s best for you, with EZMoneyOnline, your virtual branch.

Try EZMoneyOnline Today! Call (718) 658-9800, visit www.melrosecu.org or stop by any branch office.

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Get Your Tax Refund Quickly

With Direct Deposit, there’s no better way to receive any type of payment into your account. The same is true for your tax refund. Direct deposit makes it easy and fast. It’s also the safest way to receive your money. Combined with e-file, your refund will be deposited into your account in about 10 days. Effective 2013, any benefit payments received from the government will require a Direct Deposit account. This must be implemented no later than March 31, 2013. To ensure proper credit, include the Melrose Credit Union ABA #226075482. The savings account information is the five-digit account number following the string of zeros on the Melrose statement and the Melrose checking account is the 14-digit account number at the bottom of your Melrose check.

Get Peace Of Mind. Get Direct Deposit.

  • Security
  • Convenience
  • Simplicity

For information or tax preparation forms, visit the IRS Forms and Publications section at http://www.irs.gov or call 800-TAX-FORM (800-829-3676).

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Cure For Cancer Events

Melrose CU employees held a Bake Sale on Tuesday, October 9th to support Breast Cancer Awareness. Participants baked and took turns selling the delicious goodies. Their efforts raised $1,000+ in contributions.

cancer walk

Melrose Board, staff, friends and family members participated in the 2012 Making Strides Against Breast Cancer Walk.

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One Hundred Grand

From the New York Post | Sunday, January 6, 2013

Grand Central Terminal has been the gateway to the city since it opened at 12:01 Feb. 2, 1913 and the first train left the station – the Boston Express No. 2 – a century ago.

Everything about the terminal is massive, starting from the entrance on 42nd Street. A 13-foot-wide clock, bedecked with the world’s largest display of Tiffany glass is surrounded by a stunning 48-foot-high limestone sculpture of three mythological figures, Minerva, Mercury and Hercules.

It took 10 years to build this sprawling, 48-acre hub, at the cost of $2 billion in today’s dollar. To lay 67 tracks and build 44 platforms, 3 million cubic yards of earth and rocks had to be excavated.

It is an urban cathedral, New York City’s front door, where, in its first days, red carpets literally were rolled out for train passengers and is ranked by Travel & Leisure magazine as the 6th most visited attraction.

There are 4,000 bare light bulbs illuminating public areas of the station. Leaving the bulbs bare was a way to impress the public of its modernity. In 2008, it took six people to switch all the incandescent bulbs to fluorescent.

There are acorns everywhere in the terminal, carved into archways and walls. Because the Vanderbilts had no official family crest, they adopted the acorn as their own, with the motto, “From the little acorn a mighty oak grows.”

Grand Central’s concave 128-floor-high ceiling is a view of the heavens from Aquarius to Cancer in an October sky, consisting of 2,500 stars, 59 of them illuminated.

There’s a five inch hole in the ceiling just above the constellation Pisces that dates back to 1957, when the US and the Soviet Union were in a space race. The US transported a 5-ton, 63 foot long Redstone missile by flatcar from Detroit. A hole was cut in the much higher ceiling in order to install a cable to keep the rocket from tipping over.

Ninety feet below the Lower Level is a secret room called the M-42. It’s also the deepest basement in New York City. During World War II, it was rumored that Nazi saboteurs had wanted to destroy the rows of transformers in that room.

The system’s 795 miles of track are controlled from a command center on the 6th floor and for security backup there is another command center at an undisclosed location.

In 1971, hundreds of people lined up for hours to place a bet on the county’s first off-track betting parlor. The slogan: “Nothing Brightens the Rat Race Like a Horse Race.”

Two years later, the city’s first ATM was installed at the Chase Manhattan Branch beneath the giant Kodak Colorama screen.

There’s a special rail spur directly under the Waldorf Astoria Hotel. A secret train stored there was used by dignitaries who stayed at the hotel.

In the mid-1800s, cities kept their own times – so while in New York it might be 12:12, in Boston it would be 12:24, 12:07 in Philadelphia, or 11:17 in Chicago. It was the railroads that pushed for a national standard and four time zones – if for nothing else than to avoid collisions.

Finally, it was agreed that on Sunday, Nov. 18, 1883, everyone would follow the same clock. (Weirdly, some communities resisted standard time, thinking it was a railroad plot.)

In 2011, there were 24,691 items turned into the lost and found. More than half were returned. Some unusual lost and found items include a pet beagle, artificial limbs, $9,999 stuffed into a pair of socks and a silver urn deliberately left by a widow whose husband lied too many times about coming home late because he was stuck on a train. She decided to let him ride the rails for eternity.

Mary Lee Read began as the terminal’s organist in 1928 and played at the east end of the Philosopher’s Gallery. The day after Pearl Harbor was attacked, she played the National Anthem and the entire station came to a halt. Commuters missed their trains. She was forbidden from playing “The Star- Spangled Banner” after that.

It’s been ranked by Travel and Leisure magazine as the world’s sixth-most visited attraction. And it keeps growing. By 2011, its ridership surpassed 82 million. On its hundredth birthday, it is heading toward 100 million commuters.

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Personal Loans Can Save You Money

Are you paying too much in interest on loans? Do you have credit card debt? Melrose Credit Union has an affordable alternative to those high rate loans and credit cards.

Apply for a low-cost Shared Secured Loan. Using your savings as collateral, you’ll obtain a great rate and swift approval!

When you need extra cash, a Share Secured Loan could be your best option. For more info, call (718) 658-9800, click here or stop by today.

 

 

 

 

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Need One More Tax Break?

Open An IRA For The 2012 Tax Season

IRAs are an excellent retirement planning tool. They can also help lessen your tax burden right now. For potential savings, you have until April 15th to open or contribute to an IRA for the 2012 tax season.

At Melrose CU, you can invest in a variety of IRA options. All earn excellent rates; but first, take a close look at each of their benefits. Then decide which best suits your savings strategy.

Traditional IRA – This IRA is designed for long-term retirement planning. It also offers potential tax savings today, because funds aren’t taxed until withdrawals are made in retirement.

Roth IRA – A Roth IRA allows you to establish a savings account for retirement, but with money that has already been taxed. When you make withdrawals in retirement, funds you receive will be tax-free.

IRA Share Certificates – These interest-bearing Share Certificates are housed within your IRA, and function like a Traditional IRA. You will still receive the same tax benefits. Your minimum investment for an IRA Share Certificate is $4,000.

Experts estimate you’ll need between 70-85% of today’s income to maintain your lifestyle into retirement. But like all averages, they depend on a great many factors. Determine your goals. And review your options. For more details on all of our IRAs, call (718) 658-9800, visit www.melrosecu.org or stop at any branch office.

Always consult your tax advisor for specific details regarding any IRA investment. Your IRA is federally insured to at least $250,000 by the NCUA.

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Melrose Place

Making Melrose CU 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.

Dear Mr. D’Amico,
After my insurance rates with Travelers increased, I called Michael Jeanmarie at Member Brokerage. I had previously done my own shopping to obtain Auto, Umbrella and Home Insurance Rates, and I wanted to keep all three of my policies with the same company. There were some issues. Michael reviewed my needs, checked out the rates and rewrote the policy with Travelers. That still didn’t give me the savings I needed. He continued to research products for me. Finally, we came up with a plan from Member Brokerage which offered savings on all three products I needed.

Michael was great. He took the time to explain my current coverage while recommending changes where I was under-insured. He explained the difference in dealing with an insurance agent versus dealing directly with an insurance company.

I am retired from JP Morgan and know what it is like to have an excellent employee. He extended himself, kept great communication and was very polite. It was a pleasure dealing with him.

C.S.

Dear Mr. Huttick,
Thank you for coming to our World of Working Women Conference and Job Fair at the Sheraton LaGuardia East Hotel in Flushing, New York, on October 26, 2012. At this time of economic crisis, holding the conference was more important than ever and the majority of women expressed great appreciation for the opportunity to attend this event.

We were pleased with the success of our event and appreciate how much your contribution helped. It provided us with the financial resources we needed to support our services. Just as important, it gave us moral support knowing you appreciate the importance of our work.

Many thanks again,
A.J.

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Holiday Closings & Important Dates

Presidents’ Day
Monday, February 18, 2013

Annual Meeting
March 17, 2013 – 11:30 a.m., Leonard’s of Great Neck

Memorial Day
Monday, May 27, 2013

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Government Payments

Direct deposit will be required for all government payments by March 31, 2013.

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Need Some Extra Cash?

To assist with small cash needs, a Personal or Share Secured Loan can be your best option. To apply, call (718) 658-9800, visit www.melrosecu.org or stop by any branch office.

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ATM/Shared Branch