Myth #1: You must meet strict eligibility requirements.
Fact: While credit unions do require that members meet certain requirements to satisfy a common bond, many of these are broad, and few of them truly limit membership.
Myth #2: Getting to the ATM is difficult because my branch isn’t nearby.
Fact: Withdraws can be made free of charge at over 1,275 Publix Presto ATMs accessible in 7 different states!
Myth #3: Changing my banking from a traditional bank to a credit union will be a hassle.
Fact: Credit unions offer the same services as banks, including automatic bill payments and direct deposit. Most services will transition easily and go uninterrupted.
Myth #4: With all the fancy advertising, banks must have more money than credit unions.
Fact: While this may be true, it’s because credit unions are not-for-profit organizations. Rather than spend money on advertising and marketing, credit unions rely on the community for marketing. The money saved is rolled back into services for members or distributed back to members as dividends.
Myth #5: Credit unions aren’t very tech-savvy.
Fact: According to a study by CFI Group, bank customers rated their satisfaction at 86 out of 100 in online and mobile banking versus 90 out of 100 among credit union members. Here at SACFCU, we also have a mobile app that provides you access to your accounts anytime, anywhere.
Myth #6: Credit unions are just like banks.
Fact: Credit unions are not just like banks. Members own a piece of the organization and own a vote in determining how the credit union is managed. Credit unions also return all earnings back to members with their low fees and great dividend rates.
Myth #7: Credit unions have an unfair advantage over banks because they don’t pay taxes.
Fact: Actually, credit unions do pay taxes. As a not-for-profit, member-owned financial cooperative, there are some taxes that credit unions don’t pay. Those “unfair advantages,” of course, are passed on to members.
Myth #8: Credit unions are not regulated.
Fact: Credit unions are held to the same laws and regulations as banks. In fact, credit unions face more restrictions on the investments and loans they make.
Myth #9: Credit unions are good places to save money, but that’s about it.
Fact: Credit unions offer consumer loans, debit and credit card services, online banking and bill pay, checking accounts, retirement investments, mortgages, car loans and more. They are a great place to take care of all your banking needs.