Melrose CU progress
Got forms and disclosures from Melrose. One of the shortest fee schedules I have ever seen for a financial institution. Also some of the lowest fees.
Membership in the credit union is open to anyone. This is different from most other credit unions that have a specific industry(s) or geographic areas that they serve. It doesn't matter were you live or work.
They also have a 5 star rating from www.bauerfinancial.com which is the best you can get.
Rolling a maturing CD to them was a simple process requiring an IRA application, a beneficiary designation and an investment selection. Got a check from the old holder of the IRA CD made payable to Melrose FBO IRA (my name) and sent it to Melrose.
If you don't need to physically go to the bank, this might be a good institution to do your banking through.
Appreciate any feedback on this credit union.
Great CD rate 3.91%
Found a 3.91% APY on a 5 year CD at Melrose Credit Union. Was able to complete the application on-line and get an acceptance notification e-mail shortly afterwards. Had to print the application for membership and mail it in with a $1 membership fee and a $25 share (savings) deposit. Will be interesting to see if they will honor the rate in two weeks when my current CD matures. I have made that request on the application. Will let you know what happens.
The reason I am looking at a 5 year CD is because I built a ladder starting in the fall of 2007. A piece of it matured several weeks ago and I was able to get 3.75% at Mechanic's Cooperative Bank in Taunton, Mass. This next piece that matures on 9/12 will probably go to Melrose Credit Union. Their financial statement is on their website and looks very strong.
Two more examples of small institutions offering better rates than the big guys.
Check back in a couple of weeks to see how I made out. Also, would appreciate any feedback from those who have done business with Melrose CU.