Credit Union Myths
There are a lot of myths that surround credit unions, how they function, and what they have to offer their members. Here are some common credit union myths, and the real truth behind them.
Myth #1: Credit unions have limited and strict membership requirements.
Facts: It is easier to join a credit union than you may think. Credit unions do require you to meet certain criteria to be a member, known as their “field of membership.” Most credit unions, however, have a broad field of membership, and some credit unions even have members across the country.
Myth #2: Credit unions aren’t as high-tech as banks.
Facts: It is a common misconception that banks have more digital features than credit unions. In reality, credit unions offer the same, if not more, online features as banks. Some of these features include:
- Bill Pay
- Mobile Deposit
- Mobile Wallets
- Direct Deposits
- Video Banking
- and more!
Myth #3: Credit unions offer fewer services and products than banks.
Facts: Credit unions offer all of the same popular services that banks do. You can find checking and savings accounts, credit cards, loans, mortgages, and so much more at a credit union!
Myth #4: Credit unions have fewer locations and ATMs.
Facts: Most credit unions are local, however, due to online banking and shared branching, you have easy access to your money even if you aren’t close to your credit union. Through the shared branching network, you can walk into almost any credit union anywhere and access your account through your account number. Credit unions are about working together, and shared branching truly brings that to life. The CO-OP network also allows you access to over 30,000 surcharge-free ATMs across the nation! That is more than most banks!
You can search for credit unions and ATMs that are in the CO-OP network here.
Myth #5: My funds aren’t as protected at a credit union.
Facts: Credit unions insure your money for up to $250,000. Credit unions are federally insured by NCUA (National Credit Union Administration).