Breaking the Mold: Debunking Five Myths of Credit Unions

BP_WithJacket_SMALLby Bill Partin
President/CEO
Sharonview Federal Credit Union
August 11, 2017

Thinking of joining a credit union, but having doubts? Don’t worry. We understand that there are many concerns surrounding credit union memberships and we’re here to help. Here are five of the most popular myths encompassing credit unions today.

Myth 1: Eligibility

Yes. It’s true. Sometimes a credit union has tight restrictions for becoming a member. But, one of the most popular misconceptions about credit unions is that all credit unions are off limits for the general public. This is a myth. While credit unions do have membership requirements, they are broader than you might think. This can include where you live, work, or even other organizations in which you hold membership. Before you disregard a credit union, call to find out the exact requirements for membership. You may be surprised!

CU-Myths

Myth 2: Credit Unions offer fewer services than a bank

Credit unions are generally smaller, not-for-profit organizations. When deciding between a large bank and a sometimes smaller credit union, it is easy to assume that fewer locations equal fewer services. This couldn’t be farther from the truth. Credit unions offer most, if not all, of the same services that banks include with membership. Credit unions aren’t limited to just offering checking and savings accounts. They are authorized to give loans, credit cards and mortgages. In addition, credit unions keep up with technology and can provide online banking, mobile banking, and eStatements to their members.

Myth 3: Customer accessibility is limited

Just because an organization is smaller doesn’t mean they have a smaller reach. When considering a credit union, accessibility is a big factor for potential members. The location of the branch and ATM accessibility can be deciding factors for choosing a banking establishment. Credit unions still offer a large number of ATMs through various networks, not limited to union branch locations. This means you can find designated ATMs at your local gas station or grocery store, even if a branch isn’t nearby. Credit unions want you to be able to access your money in as many locations as possible, and they establish networks to make that a reality.

Myth 4: Credit unions don’t offer reward programs

Rewards associated with credit and debit card purchases are another important factor to choosing a financial home. Credit unions are well-rounded in their offerings to members and this includes credit card benefits. Learn about all the possible rewards that Sharonview offers to cardholders here!

Myth 5: Transferring to a credit union is a hassle

Are you ready to make the switch? One final myth to debunk is that changing from your current bank to a credit union is a headache. This is typically not true. Because credit unions offer comparable services to their members as banks, transferring services should be a breeze. At Sharonview, the process is broken down into one easy Switch Kit for your convenience. Don’t take our word for it. Try it for yourself!

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