Unmasking Credit Union Myths
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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, 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."

Many credit unions have access to a network of 30,000 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 convenient 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 26 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, and home and auto loans, among other products. Because they’re not-for-profit, they return all profits to you via improved services, better rates, and fewer and lower fees.

Source: CUNA