4 Reasons why Credit Unions remain a safe harbor for consumer savings

With so much chaos and uncertainty in the financial market, we wanted to provide you with reassurance that Team One Credit Union, along with other Michigan credit unions, remains very strong financially, and is a great place for your hard earned savings.

1. Savings at credit unions so far this year have grown nearly 7%. In today's economy, consumers are increasing their savings in response to concerns about their economic future.
2. More people seeking to put their money in a stable source offering good rates are turning to credit union.
3. As not for profit cooperatives, credit unions typically offer higher savings rates than banks. For a daily rate comparison, visit http://www.creditunion.coop/ratedex.php.
4. Consumers saved $10.9 billion last year by using credit unions rather than banks. The savings comes in the form of lower fees, higher savings rates, and lower loan rates. That works out to about $126 per credit union member or $239 per household.

Source: Michigan Credit Union League & CUNA

Team One is still a safe place for your money

You may have heard or read about the recent financial troubles of Lehman Brothers and Merrill Lynch. This is because of their investments in sub-prime loans*.

We want to once again reassure you that Team One remains a very safe place for your money.

Since 1935 when Team One first organized as Saginaw Teachers Club Credit Union, we have never lost any of our Members' deposits. We strive to offer the most competitive rates and quality service so that our members can feel secure bringing their financial needs to us. Your savings at Team One are insured by the National Credit Union Association, and backed by the full faith and credit of the United States Government.

*Sub-prime lending is the practice of making loans to borrowers who do not qualify for the best market interest rates because of their deficient credit history. Sub-prime lending is risky for both lenders and borrowers due to the combination of high interest rates, poor credit history, and adverse financial situations usually associated with sub-prime applicants.

Text Message Phishing Scam

Please be aware of fraudulent cell phone text messages claiming that your "bank account has been shut down" with a contact phone number. Do not call this number.

We will never contact you in regards to your account status in this manner.

If you receive such a text message, please contact your cell phone service provider immediately to alert them of the fraud attempt, and discuss recommendations for handling scam text messages.

Here are the contact information for the following cell phone providers:

• AT&T Wireless
• Verizon Wireless
• Sprint
• Thumb Cellular
• CenturyTel