Membership
- If you are an employee or elected official of the City of Madison, Madison Metropolitan School District or the County of Dane
- If you live or work in Dane County
- If you are immediate family (parent, spouse or child) of a MCU member, or you are a relative living in the same household as a member.
Services
As a member and owner of Madison Credit Union, you have access to an array of savings, checking and investment services. No matter what your need or financial situation, Madison Credit Union is here to help.
Member Rewards Program | Savings Accounts | MCUniversity
Checking Accounts |
Investment Accounts | IRAs | Other Services
Member Rewards Program
Madison Credit Union is built on service. In order to better serve our members we have created our Member Rewards Program.
This easy to use program surveys your active products and services monthly. Every product and service has an assigned point value. At the end of each month the Member Rewards Program will total the points you earned and place you into one of four categories: Bronze, Silver, Gold or Platinum.
Each category offers additional monthly rewards. The more products and services you use, the more rewards you will receive.
Each month your reward level will appear on your statement and home banking account.
Due to the convenience and 24/7 accessibility of this package it is perfect for students ages 18-23. The package includes:
- Fee Free Checking Account – No minimum balance, No check clearing limit, No monthly service fee
- Overdraft protection if you qualify
- Debit card with no annual fee and unlimited free ATM and purchase transactions
- Free online statements and bill pay
- Student credit card
Contact the credit union today at 608-266-4750 or 608-266-5500 for more information and sign up details.
Savings Accounts
1. Regular Savings Account
With a $5 minimum balance, you are eligible for MCU’s wide variety of products and services. Your savings will earn dividends with a balance of $100 or more. Dividends are calculated daily and credited to your account quarterly.
2. Youth Savings Account/Custodial Account
These savings accounts give the benefit of earning dividends with a balance of $5 or more. Members under age 18 are required to have an adult member as a joint owner on the account. Custodial accounts allow parents to save without the child having access to the funds in the account. Dividends are calculated daily and credited to your account quarterly.
3. Christmas Club
This savings account takes the pinch out of the holiday season by allowing you to save at your own pace throughout the year. Deposits can be made automatically through your payroll direct deposit or in office. Balances are disbursed to your regular savings account on September 31st each year. Early withdrawal of funds will close the account until the following year. Dividends are calculated daily and credited to your account quarterly.
4. Organizational Accounts
These accounts are designed with businesses, clubs and organizations in mind. In order to qualify for membership, the majority of the individuals listed on the account must fall into MCU’s field of membership.
5. Vacation Club
This account follows the same rules, and offers the same benefits as our regular savings account; but allows you to set funds aside in a separate account for your dream vacation.
6. Security Plus
This club gives extra benefits to MCU members age 50 and better, who maintain a $1,000 minimum balance in their membership (includes all savings, checking and investment accounts under a membership number). Monthly services include: 1 free domestic wire transfer, free certified checks and money orders, free travelers’ checks, free ATM/Debit card and 5 basis point bonus on 12 month certificates. Club members also receive free check printing after age 60*.
*To qualify for free check printing you must have either automatic deposit or payroll deduction of at least $500 per month. Limit one box per order. Free checks are of the Security Plus style, ordered through Liberty Check Printers. For other check styles, MCU will reimburse up to the cost of the Security Plus style.
7. Funeral Trust Accounts
The purpose for this savings account is to provide for a person’s burial expenses. Money is set aside in a trust and paid out upon the member’s death to the funeral home of his or her choice.
Checking Accounts
Members who have established their basic savings account can expand their membership with one of our three checking options!
1. Interest Checking
This checking account is designed for members who maintain larger balances and pays dividends with a balance of $500 or greater. A minimum balance of $250 is required to avoid a $3 monthly service fee. Clear up to 30 checks per month free. Your first box of 50 checks are free through Liberty Checks. A debit card is available once the account has been open for 30 days.
2. Fee Free Checking
This account is designed for members who have a fluctuating balance. There is no minimum balance, no check clearing limit and no monthly service fee. Fee Free Checking does not pay dividends. Your first box of 50 checks are free through Liberty Checks. A debit card is available once the account has been open for 30 days.
3. Youth Checking
Members age 16 and older are eligible for this account with a parent as joint owner. Members may choose either the Interest or Fee Free option. A parent must remain joint on the account until the minor reaches age 18. Your first box of 50 checks are free through Liberty Checks. A debit card is available once the account has been open for 30 days.
Investment Accounts
1. Money Market Account
This account has two service tiers. Tier one members earn dividends at a higher rate than that of a basic savings account with a minimum balance of $2,500. Tier two members earn even higher dividends with a balance of $25,000 or more. Money market accounts allow limited check writing privileges. Transfers are limited to six per month, three of which may be made by check. Dividends are calculated daily and credited monthly.
2. Certificate of Deposit
Certificates offer a fixed dividend rate and offer terms ranging from 91 days to 30 months. Open your certificate with as little as $500. 12 and 18 month options offer higher dividends for balances of $50,000 and $99,000. See our RATES page for current certificate rates.
Individual Retirement Accounts (IRAs)
An Individual Retirement Account is a great way to save for your future with varying tax benefits. Madison Credit Union offers two types of IRAs (Traditional and Roth) and Coverdell Educational Savings Accounts. Traditional and Roth IRAs both offer different tax advantages and have different restrictions for withdrawals. Listed below are some of the frequently asked questions for each IRA type. Madison Credit Union staff can give you information on different IRA options to help you make informed choices. MCU cannot offer tax advice. For information on tax law, please consult your tax advisor.
Traditional IRA
Q. Who is eligible?
A. Any member under age 70½ who earns compensation or is filing jointly with a spouse earning compensation or has received a disbursement from a qualified retirement plan.
Q. How much may I contribute annually?
A. $4,000. Members age 50 and better may contribute $5,000.
Q. What are the tax advantages?
A. Earnings are tax deferred until withdrawn. Contributions may be tax deductible.
Q. When can I withdraw without restriction?
A. Qualified higher education expense, first time home purchase, age 59 ½ or better, disability, certain medical expenses, payment to beneficiaries upon owner’s death, payment of health insurance while unemployed 12 weeks or longer.
Roth IRA
Q. Who is eligible?
A. Anyone who has income from compensation up to $95,000 (single filers) or $150,000 (joint filers).
Q. How much may I contribute annually?
A. $4,000. Members age 50 and better may contribute $5,000.
Q. What are the tax advantages?
A. Earnings are tax free if the account is open for five years or more and withdrawn for a qualified reason: age 59½ disability, death, first time home purchase. Not required to start withdrawals at age 70½.
Q. When can I withdraw without restriction?
A. Regular contributions can be withdrawn tax free and penalty free at any time. After the account is open for five years or more and withdrawn for a qualified reason: age 59½ disability, death, first time home purchase.
Coverdell Educational Savings Account
Q. Who is eligible?
A. Anyone who has income from compensation up to $95,000 (single filers) or $150,000 (joint filers).
Q. How much may I contribute annually?
A. $2,000 per child.
Q. What are the tax advantages?
A. Withdrawals are tax free for certain education expenses: tuition, books, computer equipment, and technology required for elementary, secondary, and post-secondary education.
Other Services
1. ATM Cards/Debit Master Card
An ATM Card is available to members who have a basic savings account open 90 days or longer and maintain an average balance of $100. Debit Cards are available to members with a checking account open 30 days or longer with positive activity*. Setup your own PIN at no charge by calling our accounting department.
*Positive activity is defined as transactions on an account without overdraft.
2. VISA Gift Cards
Available for purchase for dollar amounts between $10 and $500. Gift Cards are honored everywhere VISA is accepted with the following exceptions: casinos, pay at pump gas, hotel and car rental reservations. $3 service charge is waived for members between October 1st and December 31st to make holiday shopping easier.
3. CU*Talk Touch Tone Banking
Access your accounts over the phone with our toll-free touch-tone banking line 1-800-860-5704. Use your account number, password and credit union account code (117) to log in. Get account balances, make transfers and review transaction history 24 hours a day, 7 days a week. Get up to 120 minutes free with our Member Rewards Program.
4. "It’s Me 247" Home Banking
Access your accounts from the privacy of your own home. "It’s Me 247" gives you the opportunity to review your history, get balances, make transfers, receive statements and view cleared checks. You can also apply for new loans and open new accounts online. Get up to 150 minutes a month free with our Member Rewards Program.
5. Free Credit Reports
You have the right to get one free credit report per year from each of the three major credit reporting houses: Experian, TransUnion and Equifax. Get all three at once or spread them out through the year. Visit https://www.annualcreditreport.com or call 1-877-322-8228 to get started.
6. E-Bill Pay
Save on postage and pay bills from your home banking account.
7. Payroll Deduction
If you are a City of Madison employee you are eligible to have a portion of your check automatically deposited to your MCU account. You can also divide this amount between other accounts at MCU or have a set amount go directly towards a loan payment.
8. Elan MasterCard or Visa
Variable rate cards. Low or no annual fee
Equal Housing Lender