Intro – Municipal Credit Union Reviews & Ranking

Municipal Credit Union was recently ranked and reviewed by AdvisoryHQ as a top rated credit union. Firms on our top rated lists were selected after they successfully passed AdvisoryHQ’s ground-breaking four-step banks and credit unions selection methodology

Click here for a step-by-step breakdown of the methodology and selection process used during our Municipal Credit Union review: AdvisoryHQ’s Methodology for Selecting Top Banks and Credit Unions.

The review below provides a detailed assessment, including some of the factors used by AdvisoryHQ News in its ranking and selection of Municipal Credit Union.

Municipal Credit Union Review

Municipal Credit Union was founded in 1916 in response to the concern of then-NYC Mayor John Mitchel who wanted city employees to have a low-cost borrowing alternative to loan sharks and a place to build up savings at a reasonable rate.

Since getting its start with just one branch inside the Municipal Building, Municipal Credit Union has grown to include 17 branches and a staggering membership of more than 400,000 members.

Holding $2.3 billion in assets, Municipal Credit Union is a credit union with an extremely strong financial foundation.

Key Factors Leading Us to Rank This Firm as One of This Year’s Top Credit Union Firms

Upon completing our detailed reviews, Municipal Credit Union was included in AdvisoryHQ’s ranking of this year’s best credit unions based on the following factors. 

Municipal Credit Union Review: FasTrack Checking

Municipal Credit Union’s FasTrack Checking account does just what its name implies: it gets customers on the fast track to experiencing easy and convenient checking.

This basic checking account offers everything that members need in a checking account without all the fees and requirements that are imposed by many traditional banking institutions.

The benefits and features of this FasTrack Checking account are:

  • No minimum balance requirement
  • No monthly fee
  • No per check charge
  • $250 overdraft line of credit with direct deposit
  • Free MCU online banking with bill pay
  • MCU debit card

Photo courtesy of: Municipal Credit Union

Municipal Credit Union Review: Low Auto Loan Rates

The APY rate on a loan can make a large difference in the cost of the loan over the selected term. The lower the rate, the lower the monthly payment and the less the consumer pays back over the life of the loan.

A low interest rate can potentially save consumers thousands of dollars over the life of a loan versus a loan with a higher interest rate.

One of the major benefits of choosing a credit union over a traditional banking institution is that they usually offer lower loan rates, and Municipal Credit Union is no different.

Municipal Credit Union offers rates as low as 1.45% on the purchase of a new car and 1.85% on the purchase of a pre-owned car with terms up to 60 months. They also offer the benefit of allowing up to 125% of the value of the car to be financed.

With such low interest rates, flexible terms, and a high maximum value-to-loan ratio, Municipal Credit Union makes the choice to get an auto loan with them an easy one.

Municipal Credit Union Review: Credit Cards

Municipal Credit Union offers several great credit card options for members to choose from.

They offer an MCU Platinum, Gold, or Classic VISA with many great benefits. They offer an MCU Student Visa to college students to help them establish and build credit.

An MCU Secured Visa is also available to those who wish to establish or repair credit but have been turned down for credit cards in the past.

Members who choose this option pick their own credit limit from $300 to $5,000, and the funds are deposited into a special interest-earning, 18-month Secured Visa Share Certificate account. The account will then serve as their credit line collateral.

All credit cards issued are embedded with EMV chip technology. This means that they are embedded with a microprocessor chip to store and protect cardholder data and help reduce fraud.

All of Municipal Credit Union’s credit cards also come with these great features and benefits:

  • Low interest rate
  • No annual fee
  • No-fee balance transfers
  • No penalty rate pricing

In addition to the above Municipal Credit Union review, you can click on any of the links below to browse exclusive reviews of AdvisoryHQ’s top credit unions:

AdvisoryHQ (AHQ) Disclaimer:

Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.

Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.