Credit Union or Bank?

A recent article by the Associated Press (AP) was posted on Yahoo! Finance that compares a credit union to a bank based on safety, rates, services, and loans.

Here are some points worth mentioning:

• On credit union safety:
  "The coverage for credit unions is provided by an insurance fund run by the National Credit Union Administration, a government agency that supervises the industry." "There's a common misconception that credit unions aren't insured."


• On credit union rates:
  "Credit unions generally offer more competitive rates on savings accounts, CDs and other financial products. This is because their not-for-profit status means that they aren't motivated to substantially mark up their services."


• On credit union services:
  "So even if your credit union doesn't have a big physical presence, it may be in networks that make it easy to access, said Fred Becker, president of the National Association of Federal Credit Unions, another industry trade group. Customer service at credit unions may also be better since they're member owned and operated, he said."


• On credit union loans:
  "It may be easier getting loans from credit unions these days since they were less impacted by the risky mortgages. As not-for-profits, credit unions generally did not push subprime loans."

You can find the complete article here.

Based on the key points above, you can feel reassured knowing you made the right choice trusting Team One Credit Union for your finances.

Your funds are insured up to $250,000

With the recently signed legislation by the US Government, the National Credit Union Administration (NCUA) has increased the amount of insurance coverage for individual accounts up to $250,000 providing you with additional insurance and confidence that your funds are even more secure.

Please be sure to read, Business as Usual, a special message from the CEO/President of Team One.

Proposed Increase in Insurance Protection for Our Members

By Konnie M. Werner, President/CEO

Great news! Recently introduced legislation being considered would give credit union members even greater insurance protection for their savings accounts. If passed, the National Credit Union Administration (NCUA) would increase the amount of insurance coverage for individual accounts up to $250,000 possibly as soon as next week. This proposed change would provide additional insurance and confidence that your credit union account is even more secure. I wanted to share this news with you and will keep you updated about any changes.

Update 10/3/08:

President Bush has recently signed into law HR 1421, the financial market bailout bill. Included in this law is an increase of the NCUA insurance coverage for credit union savings accounts from $100,000 to $250,000. We are still receiving the details of this new law and how it impacts the credit union and our membership. We will keep you informed about the specific changes as we get additional information.

Fraudulent NCUA email

Below is a sample image of a fraudulent National Credit Union Administration (NCUA) email that is circulating on the Internet. Please do not click on the link, or give out any personal information at the address given in this email message.




A special thanks to Alice G. for reporting this phishing attempt.

Business as Usual

By Konnie M. Werner, President/CEO

At a time when many of our nation’s largest banks are facing some very serious financial difficulties, we are proud to inform you that it’s business as usual at Team One Credit Union. Due to our healthy financial position and responsible business practices, we continue to offer competitive savings and loan products.

As the debates in Washington continue to determine the best way to provide an “Economic Rescue Plan”, please keep in mind that Team One remains a safe and trusted place for your money.

Our members enjoy the benefit of a credit union that has a very healthy financial position supported by over $35 Million in reserves that are accessible in times of emergencies if needed. As a reminder, Team One’s Savings Accounts are insured by the National Credit Union Administration and backed by the full faith and credit of the United States Government.

Team One Credit Union has provided financial services for over 70 years and will continue to make safety and soundness our highest priority in order to protect our members’ financial future.