Frequently Asked Questions

What is a credit union?

A credit union is a cooperative financial institution, owned and controlled by the people who use its services. These people are members. Credit unions serve groups that share something in common, such as where they work, live, or go to church. Credit unions are not-for-profit, and exist to provide a safe, convenient place for members to save money and to get loans at reasonable rates.

What is the difference between a bank and a credit union?

A bank is a “for profit” corporation owned by its stockholders and is established to provide financial services to the general public. A credit union is a “not for profit” organization owned by its member depositors and is established solely for the benefit of its members.

Is my money insured?

Yes. All deposits are insured to at least $250,000 by the NCUA with IRAs separately insured up to $250,000. For more information on the NCUA please visit

Am I eligible for membership?

Since Melrose Credit Union has an open New York State charter there are no geographic or group affiliation fields of membership restrictions. So, regardless of where you live or how you earn a living, you may qualify for membership.

How do I become a member?

Click here to apply online. You may also call Melrose Credit Union and request a membership kit to be mailed to your home or business.