Municipal Credit Union or MCU is a credit union that is chartered by the state and is also currently headquartered in New York City. Municipal Credit Union was regulated under the authority of the National Credit Union Administration otherwise known as NCUA. Municipal Credit Union is metro New York’s largest credit union. As of 2008, Municipal Credit Union had $1.3 billion in total assets and approximately 301,000 members. As of the present days, Municipal Credit Union has a total of 13 branch locations.
History Of Municipal Credit Union
Municipal Credit Union or MCU was founded in 1916 for the municipal workers in New York City. John Purroy Mitchel, the New York City Mayor at that time, wanted the city employees to have other alternatives to loan sharks. That is why he encouraged the immediate chartering of the organization.
On November 2, 1977, the NYSBD or New York State Banking Department took over Municipal Credit Union for a brief time, citing loan delinquencies and corruptions done by the Board members.
In 1986, right after the collapse of Hyfin Credit Union amidst different charges of fraud and embezzlement, Hyfin Credit Union was merged with Municipal Credit Union.
A computer error occurred in 2001 after the September 11 attacks which allowed credit union members to withdraw amounts that are in excess of their accounts. In the month following the September attacks, $15 million USD was stolen from Municipal Credit Union ATMs by its own members. 118 members were charged in the thefts.
Services Offered By Municipal Credit Union
Municipal Credit Union is a full service financial institution. But with the Municipal credit union difference is of better rates on products and other services and a customer-centric focus that puts MCU members first! It is also a credit union that complies with the general policy of all credit union: every member is a cop-owner of the financial cooperative.
Municipal Credit Union got what every member needs from basic installment loans to large mortgages, and from totally free checking accounts to high yield CDs and IRAs.
Joining The Municipal Credit Union
The Municipal Credit Union has been serving all of its members since 1916 so they are clearly doing something right for everyone who have believed and trusted their abilities. If you think you are eligible to open an account with Municipal Credit Union, then they may be just what you need to answer all your financial needs and demands that you want to get from a credit union.
Joining Municipal Credit Union is easy. Just visit the official website of the Municipal Credit Union and there you will find the application form that you need to fill out and submit. Fill out Municipal Credit Union’s Become a Member Form and they will send you what you need to get started.