We want to say “Thank you” to all of our members!  In celebration of International Credit Union Day, we are providing coloring activities for children and complimentary snacks for everyone.  Please stop by any of our 12 branches!

Today, Tuesday, Oct. 13th @ 6pm Do not be alarmed if you drive by and see police cars and an armed SWAT team surrounding our Hamilton Place Branch. We are joining forces with the Chattanooga Police SWAT team to conduct a mock robbery at the Hamilton Place Branch on Tuesday, October 13th at 6:00pm. The purpose of the mock robbery is to provide TVFCU staff with the tools for robbery prevention, response and aftermath training. It is also a part of the SWAT team’s official training program.

Looks like some of our friends in the banking business are passing along the costs of their increased FDIC insurance coverage to some of their customers.  According to an article from the Dow Jones News Service (July 29) the Federal Deposit Insurance Corp. (FDIC) assessed the nation’s banks $5.6 billion to restock its insurance fund after costly bank failures.   And now some of the ‘big boys’ are passing that additional cost on to some of their customers.

Dow Jones noted that JPMorgan Chase & Co. paid $675 million out of second-quarter earnings and Wells Fargo & Co. paid $565 million. “But those two banks, along with many others, are passing their FDIC bills to some business customers,” the article said.

Both banks confirmed to Dow Jones that they are passing along the FDIC fees to some business customers, including some small businesses. A Wells Fargo spokesman said the fees affect business customers that account for a very small portion of its total deposit customer base.

Cincinnati-based Fifth Third Bancorp said it began passing its $55 million special assessment costs along to commercial customers in March.

Other banks, such as Bank of America Corp., KeyCorp., SunTrust Banks Inc., BB&T Corp. and Capital One Financial Corp., could not verify whether they charge fees to offset the assessment.

The article said line-item details of the fees aren’t readily visible and usually are found in “account analysis” or invoice documents, not on the account’s statement. It also noted banks levy the charges in a variety of ways, including basing fees on average account balance and fixed fees that mirror a bank’s assessment costs.

Credit Union deposits are Federally insured by the National Credit Union Share Insurance Fund who, dollar for dollar, is stronger than the FDIC.  If and when any type of assessment is made to increase our insurance fund credit unions don’t pass along that cost to its membership.  And besides, since we are ‘non-profit’ consumer cooperatives we aren’t driven to make profits for stockholders.  That means we didn’t get into those risky business practices that caused the losses for the banks in the first place.

It just seems to me that since the banks are in business to make a profit for their stockholders it should be those stockholders who should pay the cost of this assessment and not the customer.  But I guess that is just one more thing that really sets credit unions apart from the ‘for profit’ banking industry.

Last year we were completely honored to receive the Best of the Best award for the Best Credit Union. This was important to us because we were chosen by the community we serve. Our mission is to “Enhance our Member’s Lifestyles” and this award lets us know that the mission was accomplished. But the mission isn’t over. Every day and every year we strive to fulfill it again.

The Chattanooga Times Free Press is doing their survey again and we would love to be your 2009 recipient for Best Credit Union and any other category you would like to nominate us for. Here is how it works.

At the bottom of this post is a link to their survey. Please follow the link and fill it out. We would love to have your vote. Not because we win a cute sign that says we’re the best, although that’s nice, but because it means we are living our mission. Thank you for your support.

http://surveys.timesfreepress.com/opinio/s?s=2455

CHATTANOOGA (WRCB) - Several Athens Police reports show the fake bills have popped up in about a dozen local businesses in the past week. Police have called in the Secret Service to track down the suspects.

“One of the girls called me at home and said ’I want you to look at this $100 bill,’” said Tina Lovell, manager of the Subway restaurant neat Interstate 75 in Athens.

What Lovell saw was a fake $100 bill. The counterfeit bill made it into the register Wednesday afternoon.

We got our hands on the police report which says a man walked into the store during lunchtime and bought a sub with a fake one hundred dollar bill without anyone noticing.

“No it does not surprise me, but you don’t think about it until it happens then it is on your mind,” Lovell added.

For the full article from www.wrcbtv.com, click here.

Tennessee Valley FCU invites you to participate in this year’s 13th Annual TVFCU Golf Tournament Benefiting STARS (Students Taking A Right Stand) Monday, August 31 at Black Creek.

As a supporter of this event you will be making a difference in the lives of area elementary, middle and high school youth.  STARS teaches skills in conflict resolution and drug education while providing support services for students struggling with specific issues such as anger, grief, stress, etc.  STARS is the official Safe and Drug-free Schools program of the Hamilton County Department of Education and is also available in Marion and Bradley Counties.

Click Here to Register

Click Here for Sponsorship Levels

Click Here for a Blank Invoice