History of Montauk Credit Union

History of Montauk Credit Union

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.

About the Author

Stacey Bumpus

Stacey Bumpus holds both her Bachelor and Masters degrees in Communications. After spending years in corporate communications, she discovered freelancing was really her cup of tea and fell in love with finding and writing about the latest financial news. Now, providing news and tips about banking, mortgages, taxes (and even logging her own efforts to save for retirement), she's not only fulfilling her lifelong passion, but also helping others manage their finances responsibly.

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