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Consumer Alerts

Your Credit Union:
We've been here for you during tough times in the past, we're here for you now; and we'll be here for you tomorrow.

     When it is all said and done, 2008 will probably not be a year looked upon with nostalgia by many of us.  Nationwide, many are struggling with tough economic challenges, and we have certainly had our share of those here in Ohio and southern Michigan.

     It is in times like these that the difference between your credit union and other for-profit providers of financial services becomes more evident.   Because our focus is on our members, and what is best for them, we never engaged in the kinds of practices that have produced what we are now calling the “Subprime Mortgage Meltdown”.   It now seems likely that a bailout costing taxpayers more than $700 billion will be necessary to bring our nation through this “Meltdown”.  Your credit union did not contribute to this meltdown; and, we have not asked for, nor will we receive, any of these bailout funds.

     Regardless of all the disruption and confusion in the financial marketplace, we are ready to do whatever is necessary to help our members through this difficult time.

Important  Information -Passage of the Emergency Economic Stabilization Act of 2008 on October 3, 2008 increases federal share protection to $250,000 on all types of accounts until December 31, 2009. Your Savings in Directions Credit Union are insured up to $500,000. The first $250,000 is covered by NCUA , a U.S. Government agency, with an additional $250,000 of coverage provided by Excess Share Insurance (ESI), a private corporation.  -NCUA Share Savings Insurance - Understand Your Coverage - Excess Share Insurance(ESI) - Coverage Brochure -Ohio Credit Unions are Safe & Sound

     Despite some unbelievable rates offered by banks in need of liquidity to shore up their injured balance sheets, we saw a surge in deposit balances during the first half of the year, as members sought a safe place for their savings.  And indeed, your credit union remains a safe place for your savings.  All deposits are insured for at least $250,000 by the NCUA, an agency of the US Government. Further, Directions has purchased additional deposit insurance through the Excess Share Insurance (ESI) Corporation giving your deposit balances an additional $250,000 in coverage. Not all financial institutions go to the trouble and expense of providing this kind of extra protection, but we do, because it is important to you, our members.

     We have also made a lot of new First Mortgage Loans this year, as members refinance existing mortgages and yes, despite what we see in the news, purchase new homes.  Since our focus is on our members, we never made the kinds of risky mortgage loans that have caused others to suffer large losses and that have put people at risk of losing their homes.  We remain committed to helping our members with their mortgage needs, and in fact are on pace to have one of our best years for new mortgages.

     We know that some of our members are facing tough times financially. It is in times like these that our members need us most.  We're here today to help, with a strong commitment to our members, as well as a strong balance sheet that includes $43.5 million in capital, and we'll be here tomorrow too.

Barry Shaner
President and CEO

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