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Unmasking Credit Union Myths

Credit unions are always a great choice for banking needs. They tend to offer better rates, fewer fees, and their superior service and people-first values make them one-of-a-kind. If you’re a member of First Florida Credit Union, you’re probably thinking you can attest to this statement first-hand.

Although credit unions have a trusted reputation, there are a few a myths worth addressing.  

1. “They aren’t big enough to offer financial protection.”

There are big and small credit unions, but just like banks, your deposits at a credit union are insured by the federal government up to $250,000.

2. “It will be hard to access my money if I move or travel.”

Many credit unions have access to a network of 80,000 free ATMs and 5,500 shared branching locations, making it easy for you to access your money anywhere. First Florida is among the credit unions to participate in this conveniently shared network.

3. “I can’t join.”

Anyone can join a credit union that meets the credit union’s field of membership. You may be eligible based on your employer, where you live, or your family, as most credit unions allow members’ families to join too. First Florida’s membership eligibility includes 39 counties throughout Florida, Select Employee Groups, and family members.  

4. “They don’t offer as many perks as banks.”

Credit unions offer the same financial products as banks – checking and savings accounts, debit and credit cards, online banking, IRAs, Certificates, home and auto loans, personal loans and lines of credit, among other products. Because they’re not-for-profit, they return all profits to you through free financial resources, improved services, better rates, and fewer and lower fees.

Source: Credit Union National Association