From the entire staff of Melrose Credit Union, we wish you and your family a wonderful and prosperous New Year. We are excited to ring in the New Year with innovative financial services that make a difference in your life.
We hope everyone had a wonderful holiday season and a very happy new year celebration. As we head into 2016, we look back on a successful 2015, including our hometown Mets, who won the NL pennant. Go Mets!
Our New Year’s Resolution is to make Melrose even more business-friendly and accessible through technology. We are looking to add even more products and services, including our new mobile app for smartphones and tablets. Be sure we have your most current contact information so we can communicate all the details for the launch (see page one for more about our new app). We also plan to add more Business Services to help your New York business thrive. Call (718) 658-9800 to learn more.
We want to invite all our membership to join us at our Annual Meeting, coming up in March. Meet Melrose board members, staff and other members, and participate in our election process. We will be sending you a letter soon providing more information on the meeting.
We continue to add new members at Melrose Credit Union, and we invite you to share the benefits of membership with friends and family so we can offer them the same free or low-cost financial services that make life easier for you.
Thank you again for your membership and support. Please contact us with any financial question or problem you may have, and have a great 2016!
Alan Kaufman, CEO
Start The Year Off By Upgrading Your Home
If you want to make a new year’s resolution you can keep, resolve to get your home into the shape it deserves. A low-cost Home Equity Loan from Melrose Credit Union can help make that resolution a reality.
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
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
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 at www.melrosecu.org or at any branch office. Call (718) 658-9800 to learn more.
Dealing With Holiday Debt
Did you go a little overboard on holiday spending? If so, don’t despair. There are smart ways to lessen the sting of holiday debt and get back to a manageable cash flow, even if it involves pinching a few pennies this winter.
Pay It Down
Prioritize Payments – A cost-efficient method for paying down your debt involves paying the minimum on your lower interest rate cards so you can put your other funds toward the card with the highest annual percentage rate.
Consolidate Your Debt – Your credit union offers loans to help you consolidate your debt into one manageable payment.
Budget – Budgeting takes discipline and determination to do better Make a list of everything you spend each week and find places to cut.
Save For Next Season – Melrose Credit Union has direct deposit to help you put a little away each month so you have enough to buy for everyone on your list next year.
Entertainment On The Cheap
Hit The Library – Instead of ordering books online or buying at the store, discover your local library and check out your favorite reads.
Make It At Home – Instead of shelling out $4 for a latte, make your coffee at home for a fraction of the price. The same goes for lunches.
Have a Potluck – Rather than dining out, invite others over and have everyone bring a dish. It’s a great way to socialize without spending money.
Get A Credit Report Review
The start of a new year is a great time to check your credit reports and set yourself up for a worry-free year of healthy credit, or to plan to reach specific credit goals. A good way to see your credit reports is to visit annualcreditreport.com, where you can receive a free credit report from each of the three major credit reporting agencies, Experian, Equifax and TransUnion.
Scholarship Applications Now Being Accepted
Student members of Melrose Credit Union can now submit an application for statewide college scholarships. Scholarships will be awarded to college-bound seniors in the amounts of $1,000 and $500 and may be used at a two- or four-year accredited educational institution.
Melrose CU student members can take advantage of this opportunity by stopping in at Melrose to request a scholarship application form, or visiting www.melrosecu.org to download an electronic application.
Return the completed application and supporting materials to the Melrose Marketing Department no later than January 29, 2016.
Save On Auto Insurance Through MBS
Taking an online defensive driving course can save you 10% on your auto insurance and reduce up to 4 points from your driving record, and you can get a reduced rate on the course through Melrose.
Melrose Credit Union and the Member Brokerage Service are offering you the Empire Safety Council 6-hour online course, which you can take at home at your pace, for a reduced rate of $24.50. Visit www.EmpireSafetyCouncil.com/COP to arrange the course and get your discount.
Get The Same Personal Service With A Business Account That You Get As A Member
If you’re a Melrose Member who’s also a Sole Proprietor, Corporation, or LLC, our Business Banking Services offer solutions delivered by a Business Services Specialist, not “some teller, third from the left.” In other words, we’re here to provide our members with straightforward products, services and advice about business that you’d get from a trusted neighbor. We’ll help you manage money and time so that you can concentrate on doing what you do best – running your business!
Here Are Just A Few Of The Business Services We Offer:
EZBusiness Share and Share Certificate Accounts
SBA Loans, Term Loans, Business Lines of Credit
Employee Benefit Plans*
FREE Certified Financial Planning*
If your current business banking account has been delegated to “the next available teller” and not a specialist who knows your business inside and out, give us a call and let us show you what a difference we can make. Like we always say, You Can Get There From Here!sm
Call your Melrose Business Banking Specialist at (718) 658-9800 for more information about our merchant services.
*Offered through our CUSO Member Brokerage Services LLC, Insurance/Investment products not insured by the NCUA
Need Tax Help? You Have Options
Whether you made a little or a lot last year, we could all use help navigating our tax forms. Between financial planners, online forms and free services, there’s help for everyone in every tax bracket.
Contrary to what you may think, the IRS is there to help with your taxes, and their advice is free! On their website they have advice, forms and FAQs to help you complete your taxes. Find it at https://www.irs.gov/Help-&-Resources or https://www.irs.gov/uac/IRS-Offers-Free-Tax-Help-1. Plus, you can go to your local IRS office and talk with a specialist should you need further assistance.
There is plenty of tax preparation software on the market, with a few standouts, like TurboTax, TaxACT and H&R Block. Do some online research to find out which is the best and most economical, program for you.
A tax professional can give you the personal tax attention you need, especially if your taxes are more complicated. Whether they work for a big name tax service or are a small, private provider, you’ll want to make sure they are professionally qualified. Interviewing several tax professionals will help you find the right person for you. Professionals can often find ways to save you money that you may not have considered, though you will often pay more for their services than the software programs or filling out the forms yourself.
Should you choose to use a professional tax preparer, remember that you are still responsible for getting your forms, receipts and information together.
No matter what route you choose, make sure you give yourself enough time to get your papers together so you can file before the deadline.
Get Your Tax Refund Faster
Direct Deposit allows you to get quicker access to your tax refund money. It’s fast, it’s secure and it’s easy. If you use e-filing services, your refund should be deposited into your account within 10 days.
To have your tax refund deposited directly into your account, make sure you use the Melrose Credit Union ABA/routing number, #226075482. Note whether you want the money deposited into your checking account or savings account.
Last Chance To Contribute To Your IRA
As the tax deadline grows near, it’s time to make a final deposit to your IRA for the 2015 tax year.
To contribute to an IRA, call (718) 658-9800 or stop by to speak to a Member Service Representative.
Melrose CU highlights some facts about New York City you might not have known.
Rooftop Water Tanks
There are roughly 15,000 of those iconic cylindrical water tanks around the city. Most measure about twelve feet high and twelve feet across and are topped by a conical enclosure. They hold ten thousand gallons on average and cost about thirty thousand dollars. Tap water is siphoned off the top, while murkier bottom water, mixed with sediment, is reserved for firefighting. The tanks can be dismantled and replaced in as little as twenty-four hours and take about three hours to fill. They are typically made of wood and held together by sheer physics: when the wood gets wet, it expands and thus seals itself, while galvanized steel hoops keep the tank from bursting. With proper maintenance, each tank lasts around three decades.
Riot Over Summer Headgear
In the 1920s, it was considered tacky for men to wear their fashionable summer straw hat after September 15th. As such, some people would grab the straw hats from the heads of unsuspecting men and trample them. The problem got so bad that in 1922, roving bands of hooligans terrorized the streets of New York in a three-day-long straw hat riot. Hundreds of young men roved the streets, getting into fights and smashing each other’s hats using sticks covered in nails. There were several injuries, though no one was killed.
Fighter Plane On The Roof
The building at 77 Water Street in the Financial District has a bit of history ready to take off. It has a World War I-era fighter plane perched on the roof, with a bright green runway, just in case.
New Branch Hours
Starting January 1, 2016, Melrose Credit Union will have new branch hours for our members.
As always the credit union will be open Monday, Wednesday & Friday from 8:30 a.m. to 4:00 p.m.; Tuesday from 8:30 a.m. to 5:00 p.m.
We are extending hours on Thursday from 8:30 a.m. to 7:00 p.m., though we will now be closed on Saturdays. We hope that these new hours will make it more convenient for you.
As always, our professional staff will be available to assist you and answer any questions you may have. You can also use our surcharge-free ATMs 24/7 and EZMoneyOnline to access your accounts at your convenience.
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
Holiday Closings And Important Dates
All Saturdays in 2016
Martin Luther King, Jr. Day
Monday, January 18, 2016
Monday, February 15, 2016
Sunday, December 25, 2016
Hail “Taxi Dave” For Advice
Why I Will Always Use A Yellow Cab In NYC
A recent business trip to NYC gave me a chance to experiment with the several types of car services available in Manhattan. Since my business was all over the island, from Midtown to Battery Park, the LES to Chelsea, I had plenty of opportunities to grab crosstown, uptown and downtown rides.
I tried one of the ride share services with a colleague. While using the service’s mobile app, we found that we would wait over 10 minutes for our ride to arrive. Considering there were five yellow cabs within sight, we opted for the yellow cab, which quickly got us to our destination, even skirting around streets closed due to the President’s visit.
On our next ride, we tried another ride share company. With their app, we could track where the competing cars were located. The wait time was supposed to be 2 minutes, but the cars kept dropping out until our wait became nearly 10 minutes. We could have easily hailed a cab by that time.
We gave the other ride share a chance again, and while our car arrived on time, the driver called to say that it would be better to pick us up around the corner, so we had to walk half a block to meet him.
The final success for yellow cabs came when we had a late-night ride to two different locations. Our yellow cab driver was extremely efficient, driving my colleague across town to the East Village, then placing himself in perfect location to get on the FDR to get me to the Staten Island Ferry just in time to make the midnight boat.
Thank you, yellow cab drivers. You will be my only form of transport next trip.
- Kyle O.
Schumer Calls For Study Of High ATM Fees
Senator Chuck Schumer wants the federal Consumer Financial Protections Bureau to look into rising ATM fees, based on a report by Bankrate.com* that showed New Yorkers pay an average of $5.03 per transaction when taking out cash from outside their own financial institutions, with some fees rising as high as $8.
Schumer called the fees “exploitive ATM practices” and called for a probe by the Bureau.
Thankfully, Melrose Credit Union members have access to over 5,000 surcharge-free ATMs, just one of our many advantages.
*The study surveyed 10 of the top largest institutional banks in the top 25 U.S. markets.