5 Myths About Credit Unions
Misconceptions sometimes make credit unions seem like a lesser version of banks. But there’s a lot to love about credit unions once you separate fact from fiction. Let’s clear up a few credit union misconceptions:
Myth: Credit unions are strict on who can become a member.
Fact: It’s true that credit unions, including ours, have rules about eligibility. Not just anybody can join. But the requirements may not be as strict as you think. For example, at Orlando Federal Credit Union, immediate family members of current members are allowed to join — regardless of whether they meet any of the other requirements.
Myth: Credit unions have limited locations and few ATMs.
Fact: It’s true that the big banks are able to offer more branches and ATMs with their name on the side. But because our credit union participates with several branch and ATM networks, members get access to thousands of shared branch locations and ATMs across the country. This means our members can make a range of transactions, surcharge-free, at locations outside of those owned by Orlando Federal Credit Union.
Myth: Credit unions are inferior in terms of technology.
Fact: Banks may be louder in promoting online and mobile banking, but that doesn’t mean credit unions are lagging behind. Our app offers the same features as bank apps, such as ATM locators and mobile deposit. Learn more about our mobile banking app.
Myth: Credit unions don’t have rewards programs.
Fact: Banks aren’t the only ones to offer rewards programs. At Orlando Federal Credit Union, we offer Purchase Rewards for debit card holders and Platinum Rewards for credit card holders.
Myth: Credit unions offer worse rates.
Fact: Actually, the opposite tends to be true. According to the National Credit Union Administration, on average, credit unions offer lower rates on loans and higher rates on savings accounts. Why is this the case? Credit unions are owned by their members, meaning our profits go toward your interests and not the ones of investors or CEOs.
