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CORPORATE OFFICE

Level One Bank

32991 Hamilton Ct.
Farmington Hills, MI 48334
Phone: 248-737-0300

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MORTGAGE LOAN CENTER

Level One Bank

1328 S Main Street
Ann Arbor, MI 48104
Phone: 734-213-1515

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BANKING CENTERS

ANN ARBOR

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195 N. Maple Road
Ann Arbor, MI 48103
Phone: 734-794-5225

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ANN ARBOR

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125 W William St.
Ann Arbor, MI 48104
Phone: 734-761-1475

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ANN ARBOR

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3930 South State St
Ann Arbor, MI 48108
Phone: 734-418-9995

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BIRMINGHAM

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1712 West Maple Road
Birmingham, MI 48009
Phone: 248-723-4800

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BLOOMFIELD

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6450 Telegraph Road
Bloomfield Hills, MI 48301
Phone: 248-406-8905

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BLOOMFIELD

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37100 Woodward Avenue
Bloomfield Hills, MI 48304
Phone: 248-530-7401

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DETROIT

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1420 Washington Boulevard
Detroit, MI 48226
Phone: 313-309-9980

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FARMINGTON HILLS

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30095 Northwestern Highway
Farmington Hills, MI 48334
Phone: 248-865-1300

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FARMINGTON HILLS

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30201 Orchard Lake Road
Farmington Hills, MI 48334
Phone: 248-737-1110

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FERNDALE

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22635 Woodward Avenue
Ferndale, MI 48220
Phone: 248-414-6500

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Grand Rapids

Level One Bank

2355 Burton St. SE
Grand Rapids, MI 49506
Phone: 616-827-4400

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JACKSON

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611 N Wisner
Jackson, MI 49202
Phone: 517-917-0908

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NORTHVILLE

Level One Bank

20550 Haggerty Road
Northville, MI 48167
Phone: 248-380-6590

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NOVI

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44350 W. 12 Mile Road
Novi, MI 48377
Phone: 248-735-1000

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Rochester Hills

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1880 S. Rochester Road
Rochester Hills, MI 48307
Phone: 248-710-3700

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STERLING HEIGHTS

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43683 Schoenherr Road
Sterling Heights, MI 48313
Phone: 586-412-1800

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Read Our Blog Articles

How to Save (and Make) Money During Economic Uncertainty

Posted on: April 08, 2020

Observations from One Michigan Bank

Woman with laptopWhile many of the U.S. economic indicators remain favorable in 2020, the spread of the novel coronavirus COVID-19 has a global financial impact. We’ve had 4 economic downturns in the U.S. over the past 30 years. Surprisingly, three of the four downturns occurred at the start of a new decade. Triggers of declines have included changes in monetary policies, global instability (wars), and market volatility, especially with commodities like oil or assets like real estate.

To help you weather times of economic uncertainty, this Michigan bank has compiled the following money-saving and money-making tips.

  1. Create a Budget. Understanding how you’re spending your money will help you have more control over your finances. We’ve outlined an easy-to-use budget process to get you started. Remember to pay yourself first by depositing into your savings account or your emergency fund.
  2. Pay Down Debts. Your budget will help you allocate money to reduce credit card debt or make personal loan payments. Keeping debt under control will help lower the stress of an economic downturn.
  3. Cut Back on Discretionary Spending. Reviewing your monthly expenditures helps you identify areas where you could cut back. Dining out, entertainment, and personal travel are areas to consider pulling back.
  4. Join the Gig Economy. More than 57 million people in the U.S. do freelance work, with 55% taking on a ‘gig’ as a second job. With the gig economy generating about $1.5 trillion in 2018, looking for an opportunity in this marketplace could help offset some financial uncertainty during a downturn. During the current COVID-19 pandemic many gig opportunities like grocery delivery are in high demand.

Boost Your Professional Value. As of April 2, 2020 the vast majority of Americans are under a stay-at-home order providing many the time to utilize online training or certification opportunities. Investing in additional training or certification programs is a useful strategy for protecting or increasing your earning power. If you’re considering a career shift consider targeting some of these most recent fast-growing occupations.

Planning for the Unexpected

Economic uncertainty doesn’t need to undermine your financial security. With a reasonable budget and a solid emergency savings fund to cover three to six months of expenses, you may be better able to manage through a downturn.

NotesFinding ways to creatively diversify your income through weekend work or freelancing can give you extra money for your savings account. And while it may be tempting to cut spending on auto, home, or medical insurance, keeping premium payments up to date will help protect your finances during emergencies.

Check with teams at Level One Banks in Detroit, Ann Arbor, Grand Rapids, and our other locations in Southeast Michigan to learn more about ways you can prevail during an economic downturn. We'll help you start an emergency savings account, show you how to use a free checking account as a budget tool, and answer questions about credit card or loan debt. Community is the cornerstone of our bank, and we're committed to serving our customers with a personalized, consultative approach. Contact us for support and information.

Many banks in Michigan are currently putting together resource tools to help their clients manage through the current COVID-19 pandemic. Our Level One Bank team is frequently updating our Coronavirus information page with useful information to help our customers during this unprecedented time.

“If you can take control over those things you can, you are better able to negotiate the unexpected.”
-Judy Sheindlin, a.k.a. “Judge Judy”

Posted in: Your Money, Your Life

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