Credit unions which are prominent all across the globe are known for disbursing credit and providing investment solutions for consumers all across the globe. The history of credit unions is traced back to the early part of the twentieth century with the opening of the first credit union in Canada. Since then, Credit unions have made their presence felt in all parts of the world. Credit unions are established with the motive of providing services to the general public. Like a bank, credit unions provide all type of credit and investment solutions to potential customers. Credit unions are established as cooperative financial institutions with the aim of not for profit.

In the United States of America, these credit unions are tax exempt as well as chartered under various rules and regulations put in place by the various state and federal governments. United States of America has the largest number of credit unions closely followed by the Republic of India. In America, credit unions provide services to a majority of the population and are extremely popular. One of the famous credit unions in the state of New York in the United States of America is the Melrose credit union. This credit union offers a variety of credit and investment solutions including savings accounts, certificates of deposits, loans, bill payment solutions, payroll solutions, debit cards, savings bonds, individual retirement accounts, kids accounts, to name a few.

Established in the year 1922, the Melrose credit union has grown over the years and has catered to the needs of millions of population in the state of New York in USA. The products of Melrose credit union are designed to meet the requirements of individual consumer and small businesses. It is under the control of the New York state banking department. The loan and savings rates offered by Melrose credit union to its consumers are one of the most competitive in the industry. The loan products offered by Melrose credit union includes auto loans, second mortgage loans, personal loans, share secured loans, Jumbo mortgage loans, Fixed rate mortgage loans, Flexible rate mortgage loans, Commercial mortgage loans, No Income check mortgage loan and Home equity line of credit. The auto loan is meant for those who are purchasing a car or any automobile. The personal loans, share secured loans and home equity line of credit are designed for meeting the various cash requirements of various individual consumers. Jumbo mortgage loans, Fixed mortgage loans and Flexible mortgage loans are designed to target the new home buyers.

The investment products offered by Melrose credit union include individual savings accounts, individual retirement accounts and insurance products. The various other financial products offered by Melrose credit union include debit card services, payroll solutions including online payment of payroll taxes and other deductions, savings bonds and online bill payment solutions. The membership of the Melrose credit union can be obtained at a one time membership fee of USD one. Along with the filled up application form, the applicants social security number, a valid photo identity proof along with a present address proof has to be provided to Melrose credit union. The minimum deposit amount to become a member of Melrose credit union is USD 25.