i.e. Why You Should Choose a Credit Union
There are a lot of misconceptions surrounding credit unions. Many times the reasons people provide on “Why You Shouldn’t Choose a Credit Union” are more myth than reality. Marshfield Medical Center Credit Union wants to debunk some of the myths that are out there and share reasons why choosing a credit union is worthwhile. Below are a list of Credit Union Myths and the facts that counter them.
MYTH: Credit Unions are not as “secure” as banks
Reality: Credit Unions are held to the same level of security standards as banks. Your savings is federally insured to at least $250,000 and backed by the full faith and credit of the United States Government through NCUA National Credit Union Administration, a U.S. Government Agency.
MYTH: Credit Unions are not federally protected
Reality: 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: Switching to a Credit Union is a hassle
Reality: Credit unions offer many of the same services as banks, including automatic bill payments and direct deposit. Most services will transition easily and go uninterrupted. Learn more about switching to MMCCU – CLICK HERE.
MYTH: Banks offer more services than Credit Unions
Reality: Most credit unions offer the same services as banks, including credit/debit cards, ATMs, mortgage loans, consumer loans, etc.
MYTH: Getting to an ATM is difficult
Reality: Though credit unions may not have as many branches, through the Shared Branching network you can visit more than 5,000 locations at participating credit unions to conduct transactions including deposits, withdrawals, loan payments, transfers, or over 30,000 ATMs surcharge-free for MMCCU debit cardholders.
MYTH: Credit Unions and Banks are the same
Reality: Credit unions are not just like banks. Credit unions are cooperatively owned and democratically controlled financial institutions focused on serving members and their community. Unlike competing financial institutions, credit unions return their profits to members in the form of lower fees and interest rates and higher yields. Click here to learn how this works.
MYTH: Banks offer more rewards than Credit Unions
Reality: Many credit unions do offer reward programs on credit and debit cards (such as Kasasa). Plus, at a credit union, you’ll save on fees.
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! Learn more about becoming an MMCCU member today!