The first Credit Union was created over 160 years ago, yet there are a lot of misconceptions still floating around about these financial institutions. Hopefully, this will clear up some of the myths surrounding credit unions.
Credit Union Myths
#1 – Credit Unions aren’t big enough.
Some people are afraid that Credit Unions aren’t big enough to protect their money or to help them with their finances. Banks are insured by the Federal Deposit Insurance Corporation (FDIC), with a coverage of $250,000 per customer. Credit Unions aren’t required to have FDIC coverage, but that doesn’t mean the money isn’t protected. The National Credit Union Administration (NCUA) offers the same coverage. The Family Credit Union is a member of the NCUA, in fact, 98% of the credit unions in the United States are insured by NCUA.
#2 – I can’t be a member.
Eligibility can be based on several factors. Some Credit Unions are based on your employer, but allow family members to join. The Family Credit Union is a community-based credit union, so membership depends on where you live or work. You can click here to see a map of eligibility.
#3 – Accessing my money can be a hassle.
The Family Credit Union has 9 branches in Illinois and Iowa, with 13 TFCU ATMs in the area. In addition, The Family Credit Union is part of the Privileged Status network which allows access to thousands of free ATMs. You should have no problem accessing your money, no matter where you are.
#4 – Credit Unions don’t offer perks like banks do.
The Family Credit Union offers everything a bank does. We have checking and savings accounts and offer online banking. We also have debit and credit cards, and home and auto loans, in addition to offering IRAs and student loans. TFCU also offers shredding services, college scholarships, Kirby Kangaroo Club (savings program for kids) and more! We also offer financial resources such as Banzai, Credit Sense, financial coaching just to name a few. Credit Unions are non-profit institutions, owned by its members, so we are able to offer better rates than most banks. We have everything a bank has and much more.
Let The Family Credit Union Make Your Dreams A Reality
If you have any more questions about what a credit union can do for you, please call or stop in to one of our branches. We’re happy to answer any questions and help you get the most out of your money. Credit union myths are just that; myths! We want you to be secure and confident in your credit union. Contact us today and let us help you get started!
