Separating Fact from Fiction About Your Credit Union

When it comes to credit unions, there are a lot of myths floating around—especially if you’ve only ever dealt with traditional banks. But at the Credit Union, we believe in transparency and empowerment. So let’s clear the air.

Here are some of the most common myths about credit unions—and the facts that set the record straight.

Myth 1: “Credit Unions Are Just Like Banks.”

Truth: While we offer many of the same services—loans, savings, debit cards, online banking—credit unions operate very differently. We’re not-for-profit and member-owned, which means our priority is you, not shareholders. That’s why we can offer better rates, lower fees, and personalized service.

Myth 2: “You Have to Belong to a Special Group to Join.”

Truth: Credit unions do have fields of membership, but they’re often broader than you think. At the Credit Union, you can become a member if you're a civil servant, work for a government agency, or are an immediate family member of someone who is. We’re more accessible than many people realize.

Myth 3: “Credit Unions Don’t Offer Digital Services.”

Truth: Modern credit unions are fully equipped for the digital age. With CUOnline, our members can check balances, make transfers, pay loans, and more—right from their mobile device or computer. We’re constantly investing in tech to keep you connected.

Myth 4: “My Money Isn’t Safe at a Credit Union.”

Truth: Credit unions are regulated and insured just like banks. Your savings with the Credit Union are protected, and we adhere to the same rigorous standards to keep your money safe and secure.

Myth 5: “Credit Unions Don’t Offer Big Loans or Mortgages.”

Truth: Not true! At the Credit Union, we offer 100% financing on land and auto loans, flexible mortgages, and even interest rebates. Whether you're buying a car, a home, or just consolidating debt—we’ve got you covered.

Myth 6: “Credit Unions Don’t Pay Interest Like Banks.”

Truth: Credit unions may not offer “interest” in the same way, but we return earnings to members through dividends. These can be more competitive than what you’d receive from a typical savings account at a bank. Plus, you get access to annual rebates and member-exclusive promotions.

Myth 7: “It’s Hard to Switch from My Bank.”

Truth: It’s easier than you think. Our Member Services team can guide you step-by-step—from setting up payroll deductions to transferring loans or savings. Many members tell us they wish they’d switched sooner.

The Credit Union Advantage

Credit unions like ours exist to serve, not profit. Every dollar you save or borrow with us fuels the well-being of our members and community—not a distant boardroom. So if you've been unsure about what it really means to bank with a credit union, we hope this helps clear things up. Because at the Credit Union, you’re not just a customer—you’re a member, and an owner.