Have you ever thought about joining a credit union but didn’t think you could? Well, fear not – YOU CAN JOIN! If you’re anything like the average American, you know you could be doing better than your bank. On average credit unions offer better deals and more personalized service. But misperceptions about credit unions keep many from giving them a try. Read on to learn more about why you can and should consider joining one.
Myth 1: I can’t join
Fact: There’s a credit union for nearly everyone. It’s true some have rules reserving membership for groups of people, typically where they work, but today you’ll find many credit unions are open to all who live or work in a community. The membership page on a credit union’s website will describe who’s eligible to join. Think about it, if you have the time to search for what to binge-watch next and what to buy online, you have the time to find the right credit union for you!
Myth 2: I can’t access my money
Fact: As a credit union member, you can access your money from anywhere. These days are part of a far-reaching network of financial service providers. That means your credit union ATM card can work across the country – in many cases without fees. Credit unions also offer smart online tools and apps giving you real-time access to your money wherever, whenever.
Myth 3: They’re only for people who are struggling financially
Fact: A lot of people are confused about this one because they’ve heard credit unions are great for people looking to build their credit. The fact is, high-income, middle-income, and low-income people all belong, regardless of credit score. Credit unions today have more than 100 million memberships across America. The roots of the credit union industry are more than a century old and continue to serve all people in cities, suburbs, and rural communities. They’ve been here through the good times and the tough times, and they’ll continue to be there for their members.
Myth 4: They’re too small
Fact: Today, a large network of credit unions across the country form a group of financial cooperatives that have $1.5 trillion in assets. Collectively, they serve more than 100 million people with modern financial service solutions to meet the needs of a growing membership as diverse as the United States. They’re small enough to know your name and large enough to meet your needs. And just like banks and the FDIC, individual credit union deposits are protected up to $250,000 by the National Credit Union Administration.
Myth 5: It’s too hard to move all of my money over
Fact: Wow, slow down! No need to take this relationship any faster than you want to. While you’re sure to fall in love with your credit union after you open an account, you don’t need an enormous deposit to get started. Consider starting with one account or service and having your new best financial partner in your back pocket. You can switch other accounts and your direct deposit over later if that’s your style. No need for headaches or stress!