Your money is safe with us.

Your money is safe at American 1

Lots of news, and worries, surrounding California’s IndyMac Bank’s meltdown.

The Detroit News ran an article addressing concerns here in Michigan, and pointed out that because Michigan is so conservative in its banking outlook, things aren’t as bad as people think.

That’s especially true here, where we’ve been lucky enough to witness growth and success.

As the Detroit News points out, even if credit unions do face trouble, members will be safe:

Even if banking institutions face financial stress, customers’ savings are not in jeopardy.

“People who have deposits under $100,000 need not worry, the FDIC has always paid out their deposits,” said Donald Mann, a private banking consultant and former state banking regulator. The FDIC insures bank deposits.

Credit union deposits are insured by the National Credit Union Administration (NCUA), which is just like the FDIC. You might notice all the NCUA stickers and signs covering our branches; that’s to ensure you that your deposits are safe no matter what happens.

After the IndyMac collapse, people were thinking about withdrawing all their money from their bank or credit union and stuffing it in their mattress. This kind of hysteria is why banks and credit unions fall apart. There’s no need to withdraw all your money and bury it in the back yard: American 1 is doing just fine.

We don’t do mortgages, for one thing. That means we’ve avoided all the pitfalls of “sub prime” and “adjustable rate” mortgages that are grabbing so many headlines lately. By staying out of the mortgage business, we’re less likely to be affected by drastic swings in the marketplace.

So relax. Your money is safe, your loans are safe, and we’re not going anywhere.


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