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Mich. league CEO touts Save to Win on IHuff. PostI
LANSING, Mich. (2/11/10)--Michigan Credit Union League President/CEO Dave Adams is the latest credit union leader to be featured in the Huffington Post's "Move Your Money" campaign, which advocates consumers taking their deposits out of big banks and moving them to local credit unions and community banks. Adams' column in the Post Wednesday suggests consumers move their money, make the switch and invest in America. There is "a rising tide of anger from the American public," but also "a growing tide of sentiment that resonates the theme of self-empowerment. 'I can vote with my feet.' 'I can switch to a local credit union.' And millions are doing just that," Adams writes. "In addition to the great rates, low fees and high service levels provided by neighborhood credit unions, they are also showing the power of cooperative innovation," he says. He cites three Michigan credit union programs as examples of cooperative innovation:
* The Save to Win program, where members receive an entry into a raffle for prizes for each $25 they deposit into their Save to Win certificate. Last year, credit unions awarded more than $39,000 in monthly prizes to more than 500 winners, plus a grand prize of $100,000 at year-end. More than 11,000 consumers saved nearly $9 million in less than one year. * The Invest in America program, incentives for credit union members to buy American cars and help create jobs in the domestic auto industry. More than 230,000 vehicle sales for General Motors and Chrysler were made during 2009 because 2,100 credit unions promoted the discounts. * A new Small Business Financing Alliance, where Michigan credit unions will provide $43 million in capital for small business loans in cooperation with the state.
Adams also mentioned a column in Huffington Post by Credit Union National Association President/CEO Dan Mica, which applauded the Post's "Move Your Money" initiative and advocated moving funds to credit unions.
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