University of Michigan Credit Union

UMCU News & Updates continued

IMPORTANT: Changes to the debit and credit card transaction processing

Recent regulations have prompted UMCU to change the way that signature debit and credit card transactions are processed. Funds now will be placed on hold when a signature card transaction is authorized. The hold will be released when the transaction is presented for payment.

As you are aware, if you enter your PIN when completing a debit card transaction, the funds are withdrawn immediately from your account. Currently if you sign for a transaction, the transaction doesn't appear on your account for a day or two. Funds now will be placed on hold at the time of authorization until the transaction is presented for payment. Card users must be sure to track and record their transactions as they are completed to be aware of the balance and the amount that is available to use.

Recording every transaction authorized on your account, whether by check, electronic transfer or card, will ensure that non-sufficient fund fees are not incurred as transactions are presented for payment, as well as prevent an authorization decline for a card transaction at the cash register.

Please contact our Member Service Phone Center at 734-662-8200 if you have questions or need additional assistance with your account.

UMCU Continues to Invest in the Community

The University of Michigan Credit Union (UMCU) has purchased the former Ann Arbor News building in downtown Ann Arbor. The 58,000-square-foot office building will be used as UMCU's administrative offices and will allow the credit union to centralize our non-branch employees.

Over the past several years, UMCU has been planning to build administrative offices with the ultimate goal of moving our employees out of leased property. After a detailed cost analysis, the current real estate market allowed your credit union to purchase the former Ann Arbor News building for less than what it would have cost to build with the same square footage. In addition, the downtown location provides UMCU with great visibility and allows us to maintain our close proximity to the University of Michigan.

UMCU's conservative financial management has enabled your credit union to remain financially strong, even in these difficult economic times. We have been able to increase the number of products and services available to you, while keeping your deposits safe. Over the years, we have managed to build enough capital to allow us to explore options that we believe will keep the credit union strong for years to come. To offset some of the cost of the building, UMCU will potentially lease part of the building to tenants.

The three-story Art Deco-style building, made of limestone and polished granite, was built in 1936 and is the only Ann Arbor commercial building designed by famed architect Albert Kahn. Located at Huron and Division streets, the property offers more than an acre of land and features a 58,000-square-foot office building with parking.

Contrary to earlier reports, all existing branches (including the branch at 333 E. William Street in downtown Ann Arbor) will remain open to serve our members.

As part of UMCU's conservative financial management, your credit union continues to remain financially strong and had net income of $1,852,573 in 2009. Due to this ongoing strong financial performance, UMCU continues to receive Bauer Financial's independent 5-Star “Superior” rating (www.bauerfinancial.com)..

University of Michigan Credit Union's (UMCU) Commitment to Financial Safety and Soundness

Recent national news events have raised public concern about the safety and soundness of financial service providers. University of Michigan Credit Union continues to effectively manage risk through adherence to industry best practices, including solid lending and underwriting policies and a conservative investment strategy. As a result, we have not been affected by the developments in the national sub-prime lending market.

For your peace of mind, you can view the UMCU’s quarterly financial highlights on our website by clicking here.

Our continued commitment to you

At the University of Michigan Credit Union we are dedicated to building and maintaining life-long relationships with you, our member. Your opinion matters and helps us to provide you with the best products and services available.

To truly understand your financial needs, we are asking for your participation. UMCU will be calling members asking to hear your thoughts about UMCU and how we can make it better.

What do you like about UMCU? What do you like better about another financial institution?

Help us help you and offer us some feedback. It's your opportunity to let us know how we can make your credit union even better.

Please keep in mind that:

These calls will only be used to understand what we can do for you.

At no time, will a representative ask for your account information.

If someone were to contact you requesting your account information, they are not your credit union. It is a scam and we ask that you contact us immediately; to alert us of the situation.

Facing foreclosure or have you been foreclosed on?

Do you know someone 55+ who is in foreclosure or has been foreclosed upon? Don't worry because help is available! Call the Housing Bureau for Seniors at 734-998-9346 for assistance.

Free Dinosaur Tours

Come out for a free 30 minute tour of the dinosaur exhibit at the University of Michigan Exhibit Museum of Natural History. This takes place every Saturday and Sunday beginning at 2 p.m. Sign-up takes place on the day of the tour and is limited to 15 people. For more
information click here.

U.S. automakers offer credit union members great discounts

There's never been a better time for credit union members to "Invest in America". That's why credit unions have teamed up with GM to offer members great discounts on new American-made vehicles.

All eligible current and new credit union members in participating states have the unique opportunity to get a great discount on a new vehicle from GM. While the discounts vary depending on which vehicle you choose, everyone will drive away with a great deal. Visit lovemycreditunion.org for more details.

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