New York Municipal Credit Union

Overview

Municipal Credit Union has been serving the financial needs of our members since 1916. The credit union was chartered in response to the concern of New York City Mayor, John Purroy Mitchel, who wanted city employees to have a way to save at reasonable rates and a low cost borrowing alternative to loan sharks.

MCU started out with one branch in the Municipal building using handwritten ledgers. At the end of the first year, nineteen charter account holders had combined deposits of $570. Today, we have 17 branches, more than 400,000 members and over $2.4 billion in assets.

Mission Statement: build lifetime quality financial relationships with each member by providing competitive products and excellent service.

Loan Features

Auto Loans
Whether you’re looking to buy a new or used car, MCU has the loan* to fit your borrowing needs. Features & Benefits:
Low interest rates and flexible terms
Up to 125% financing available
Pre-approved financing available
Rate is locked in for up to 30 days while member shops for car
No down payment for qualified borrowers
Low cost payment protection plan (Disability and Credit Life Insurance)
Guaranteed Asset Protection Insurance (GAP) available
Direct Deposit or Automatic Payroll Deduction for payments
Used vehicles must have less than 100,000 miles

*MCU only finances vehicles purchased from a car dealer. Automobile financing is only available to MCU members residing in NY, NJ, CT or PA. We do not offer financing for private or individual sales.

Auto Refinance
Pay off your current auto loan with a new auto loan from MCU Features & Benefits
Loan must be refinanced from another financial institution
Vehicle must have less than 100,000 miles
You must be the registered owner and the existing loan must be in your name
Vehicle cannot be registered as a taxi or used as a taxi, Uber, Lyft, etc.
No application fee
No prepayment penalty

Mortgages
We have the mortgage loan options to suit your goals and budget. Features & Benefits:
Conventional – Fixed 10 to 30 year terms
Jumbos – borrow up to one million dollars
High-Balance – higher loan amounts based on high-cost area limits
Fixed home equity loans
Financing for 1 to 4 Family homes, Co-op and Condo loans available
Equity Lines of Credit
Investment Property Loans
No Pre-Payment Penalties on our Conventional Loan product
Dedicated Mortgage Team to work with you throughout the process
Closings scheduled at most branch locations

Home Equity Line of Credit
From low interest rates to minimal closing costs and fees, MCU offers a variable Home Equity Line of Credit (HELOC) to meet our members’ needs. Features & Benefits: Features & benefits of an MCU HELOC include:
Rates as low as Prime
Line of Credit up to $500,000 and for 10 years
Up to a 20-year repayment term
1 – 4 family “Owner Occupied” Residential Properties and Condos only
Financing in New York and New Jersey
Monthly statements are generated and sent to the borrowers

Personal Loans
An MCU Personal Loan helps you meet your important or unexpected needs. Features & Benefits:
Low interest rates and affordable payments
Members who qualify may borrow up to $50,000 (minimum $1,000)
Use borrowed funds for any purpose
Consolidate your bills and lower your payments
Get extra cash for unexpected expenses
Direct Deposit or Payroll Deduction for payments

Share secured loan
If you have money on deposit in your MCU Share Account, a Share Secured Loan allows you to borrow against those funds. Features & Benefits:
Minimum loan amount $500
Funds are “frozen” to match the principal balance of the loan
Interest accrued on funds is frozen in Share Account
Borrow against savings for a low rate
As payments are made, the amount posted to principal is automatically released for member access
On-the-spot approval; no credit check required
Members can build or rebuild their credit
Direct Deposit or Automatic Payroll Deduction for paying back loan

To Apply for an MCU Share Secured or CD Secured Loan, visit your nearest MCU Branch.

CD Secured Loans
If you have money on deposit in your Share Certificate of Deposit (CD), a CD Secured Loan allows you to borrow against those funds. Features & Benefits:
Minimum loan amount of $500
2 month minimum term/60 month maximum term
Continue to earn a dividend on the deposited funds

To Apply for an MCU Share Secured or CD Secured Loan, visit your nearest MCU Branch.

Credit Cards
MCU offers a VISA® card to meet your credit needs. Our Low-Rate cards and Cash Back Rewards card give you the option to choose the VISA® card that is right for you.

Savings
With a variety of savings account options, MCU makes it easy to put money away and watch it grow.

Application Process

Join MCU and experience the benefits and security of credit union membership. With our convenient online account opening process, you can join MCU in just a few minutes.

Eligibility:
You can Join MCU if you are:
An employee of the City of New York
An employee of a hospital, nursing home, health facility, or their affiliates located in New York State
A Federal employee who works in the five boroughs
A State employee who works in the five boroughs
All students enrolled in a college, university, school, or institution, in the City University of New York (CUNY) education system
All students enrolled in St. John’s University who are attending campuses located in New York State
An employee working for agencies operating within the City of New York metropolitan area and which are at least in part funded by the City of New York or the State of New York
A retiree receiving a pension or annuity from one of the organizations that qualify for membership in MCU
An employee of an insurance company that offers health related insurance in the State of New York
An employee of companies that produce and/or supply hospitals in the State of New York with medical and other types of healthcare products
An employee of the City of Yonkers or Mount Vernon
An employee of a private college located in the City of New York
An employee of a private or public college in the counties of Nassau, Suffolk or Westchester
An employee of the Archdiocese of New York or Brooklyn
A member of certain private employers or industry groups
A family member of a member or individual who is eligible for membership. Eligible family members include those related by blood, marriage, adoption or living in the same household, including spouse, parent, stepparent, child, stepchild, sibling, stepsibling, grandchild, grandparent, or great grandparent. “Household” means living in the same residence and maintaining a single economic unit.

Applying for Membership:
1. Online
2. In Person Visit one of our branches during normal business hours and bring the following: a) Proof of identity (a clear copy of an unexpired Government issued ID) b) Proof of eligibility (current job ID or pay stub)c) Proof of address bearing your name, such as a utility bill or credit card statement (dated within the last 30 days.)* *Required if your identification does not display your current address.
3.By Phone Call 1-866-JOIN-MCU.

Please have the following ready when you apply online:
Registration to verify the VIN
Insurance card
10 day payoff letter from your current finance company (the payoff is your loan amount)
NY State Title to verify the title number (NY State only)

Repayment Terms

Minimum Loan Amount $500
Maximum Loan Amount $50,000
Maximum Loan Term 7 years
Min APR Auto Loan 1.95%, Personal Loan 5.95%, Mortgages APR 30 Year Fixed 4.308%, HELOC 4.500%

Customer Support

+1 212-693-4900

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