Busting 3 Credit Union Myths
By Max DiNatale
What comes to mind when you think of a credit union? Needing a quick loan? Getting cash fast? There are so many “credit” places these days that sometimes the terminology gets confusing. Some think of it as a low-income banking option; some think of it as something more elite where you have to pay to be a member; etc. So, we wanted to dig a little deeper into what a credit union actually is.
In truth, a credit union is just like a bank, but with more benefits. They are not-for-profit, and they return their financial success back to members (not stockholders) in the form of low-rate loans and high-rate savings accounts. Because they are so member-focused, you’ll typically find that credit unions are even more personable, with great customer service.
So,where does the confusion come from? Some common misconceptions about credit unions are as follows:
- A common misconception is that credit unions are always smaller than banks, and that that is a disadvantage. However, First Class American Credit Union has been around for over 85 years, with two locations and a third on the way. Plus, the benefit of credit unions is that they are usually part of co-ops, meaning there are additional service locations everywhere. Co-op shared branching allows credit unions from all over the country to share facilities in order to give members thousands of locations for performing transactions. FCACU is conveniently a shared branch credit union, providing services to their members at over 5,000 credit union sites across the states.
- Another misconception of credit unions is about who is eligible to join. Some people may even think that membership must go through your employer. Although each credit union’s membership is unique to its own standards, at FCACU, it’s actually pretty simple. If you live, work, or worship in Fort Worth, you are eligible! Beyond that, if you have a relative who is a member, or if you happen to belong to one of the 100+ employers in FCACU’s employer group list, you are also eligible! There are even connections to the Postal Service, people in neighboring counties, etc., so membership isn’t as limited as one might think.
- Lack of technology. A third misconception is that credit unions are a thing of the past. Some people associate credit unions with being dated – internally and externally – in terms of their business look and service offerings. Actually, it’s quite the opposite. FCACU offers the latest services in mobile and online banking, plus they go above and beyond with free financial planning assistance too! You’ll find that most credit unions really do go above and beyond for their members.
So, if you thought credit unions were a quick gimmick, or something that only worked in the past, think again. They may have just what you’re looking for – and more!