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Municipal Credit Union
The Municipal Credit Union (MCU) is a full service financial institution that offers City employees a broad range of services, such as:
- Free checking and savings accounts for eligible City employees
- Regular checking and savings accounts
- Visa cards
- Mortgages
- Loans
- ATM access
- Money market accounts
- Individual retirement accounts
The MCU is almost like a bank, but banks are profit-making institutions that offer their accounts to the public at large. Credit unions are member-owned, non-profit financial cooperatives. Once MCU covers its costs and reserve requirements, it passes its additional earned income to its members in more favorable rates and terms and lower fees for products and services.
MCU and Your Pay
After you join MCU, you can have your entire net pay electronically deposited directly into your MCU account or you can initiate deductions for a portion of your pay that will be deducted each pay day. You can pay back loans to MCU through deductions as well.
If you send money to your MCU account through payroll deductions, you may notice an unexplained debit on your statement periodically. This can occur under several circumstances:
- When your agency refunds your pay
- After you go on leave of absence, transfer to another agency, or are terminated
- If a payment is produced for an incorrect amount and has to be reissued
Even though you are not entitled to the payment, payroll deductions will have been credited to your MCU account. After pay day, these payments are refunded to OPA. When this happens, the earning and deduction credits that were produced when the payment was issued are reversed as if the payment never existed.
If there is a debit that you cannot explain, contact an MCU customer service representative for assistance. If you are advised that the account was debited by the City, the reason is most likely due to a refund requested by your agency. Contact your agency Payroll Office, not the Office of Payroll Administration, to find out the amount(s), issue date(s), and refund date(s).