Montauk Credit Union (MCU), a New York State Chartered financial institution, was charted in the Montauk section of Brooklyn, NY in 1922. It was founded as a not-for-profit financial institution with the purpose of providing quality financial products in a professional, courteous and timely manner.
Unlike many credit unions created for specific groups of people and businesses, Montauk Credit Union has what’s known as an “open charter,” which means it is able to extend membership to anyone. It is state chartered and offers both branch banking and web access to accounts. Phone and ATM access are also available to check account balances, transfer funds, and withdraw funds (ATM).
Currently, the credit union has approximately 4,500 members, and over $50 million in assets to boot. Impressively, it functions with only a handful of full-time employees, and no part-time employees. To become a member, Montauk asks for a one-time fee of $25.00. Afterward, members are not charged.
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Do NOT open a C.D. here even if they have good rates.
I opened a C.D. here in Feb of 2008 — my first C.D. I received a letter in the mail that my C.D. was up for review and that I needed to either roll it over or redeem it. There was no deadline for this action.
I spoke with someone over the phone who told me how I could redeem, but again no deadline. I sent in the form about a month later.
She then calls to tell me the “told me over the phone that there was a deadline” — an outright lie and that I will have to pay the penalty of $21, about 1/t6 of my entire yearly gains. When i called to complain, this woman then hung up the phone on me.
I spoke with the manager, who at least had decent manners, but still they won’t give me my money back. I feel pretty taken advantage of and would not recommend putting any of your funds here.