Perfect Balance with a Credit Union

What is a Credit Union? 5 Myths Busted

September 9, 2021
by Team SESLOC

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 that 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 is a credit union for nearly everyone. It’s true that 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 is 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 anywhere. Credit unions 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 and around the world — in many cases without fees. Credit unions also offer smart online tools and apps giving you real-time access to your money wherever, whenever. Prefer to do business in person? Some credit unions participate in shared branches, so even when it’s not convenient to go to your credit union’s branch, you can go to a different credit union and perform transactions just as if you were at your own branch!

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 that 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 serving 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 Are Too Small

Fact: Today a large network of credit unions all 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 that is as diverse as the United States. They are 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 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!

Ready to find your next financial partner? Explore the benefits of membership at SESLOC, your local credit union.



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