With International Credit Union Day right around the corner, we’d like to clear up the four biggest myths about credit unions.
They aren't big enough
There are big and small credit unions, but just like banks, your deposits at a credit union are insured by the federal government up to $250,000.
It will be hard to access my money
Credit unions have access to a network of 30,000 surcharge-free ATMs and 5,000 shared branching locations, making it easy for you to access your money anywhere.
I can't join
Over 110 million people bank at a credit union in August 2017 according to Credit Union National Association. You may be eligible based on your employer, where you live, or your family, as most credit unions allow members' families to join.
They don't offer as many perks as banks
Credit unions offer the same financial products as banks - checking accounts, debit and credit cards, online banking, IRAs (Individual Retirement Accounts), and home and auto loans. Plus, because they're not-for-profit, they often offer better rates than banks.