10 Common Credit Union Myths
There is a lot to love about credit unions, especially when they’re compared to banks. They lack the huge conglomerate feel that many big banks have, and they often have a local flavor which lets them release a quirky video like this (can you imagine a wall street bank ever releasing an advertisement like that?)
Video: https://www.youtube.com/watch?feature=player_embedded&v=WHGTBuAlx5Y
Credit unions have continued to gain in popularity in the past decade as people switch from big banks. Still, there are many misconceptions out there about credit unions which have made some people wary of joining one. Below you’ll find 10 of the most common credit union myths and answers debunking those claims.
Too Many Membership Restrictions
Many people believe that it’s difficult to get an account at a credit union because they have overly complicated and detailed restrictions. However, this simply isn’t true. While credit unions did have a lot of membership restrictions when they first started popping up across the country, it’s fairly easy to sign up for a checking or savings account today. In fact, it’s almost as easy as singing up for those same accounts at a bank!
They Offer Fewer Services Than Banks
Most credit unions offer the same popular services that banks offer. So you can have a checking or savings account, online banking, loans, IRAs, and ATM cards. While large corporate banks may offer specialty services that you can’t find elsewhere, credit unions do offer the same popular services and accounts that almost all major banks offer.
continue reading »