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Myth Busting: Credit Unions

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Most people (mistakenly) think credit unions have only limited services or serve only a specific set of customers. While this may have been true several decades ago, times have changed — and so have credit unions. Read on to learn what’s fact and what’s fiction about credit unions:

1. You must meet strict eligibility requirements.
Credit unions require members to meet certain eligibility requirements, most requirements are broad and few of them truly limit membership. City CU offers membership to anyone who lives, works, worships or attends school in Dallas, Collin, Denton, Rockwall, Kaufman, Ellis, Grayson and Cooke counties.

2. Getting to the ATM is difficult because my branch isn’t nearby.
Most credit unions — including City CU — belong to several nationwide ATM networks that give members thousands of ATM locations to get cash surcharge-free. City CU Members can get cash surcharge-free at many ATMs, including CVS, Kroger, Walgreens and 7-Eleven locations.

3. Credit unions aren’t very tech-savvy.
It’s pretty common these days for credit unions to have online banking and a mobile app. Members can check balances, deposit checks, transfer funds and pay bills — all without coming into a branch.City CU offers all that, plus we invest in technology for added security and fraud-prevention for our Members.

4. Credit unions are just like banks.
Banks answer to shareholders and Wall Street; their main goal is to make a profit. Credit unions return earnings to their members in the form of lower loan rates, higher dividend rates and fewer fees.

5. Credit unions are good places to save money, but that’s about it.
Credit unions are a great place to have your savings and retirement fund and they usually offer the lowest loan rates. And when you add that to debit and credit card services, online banking and bill pay, checking accounts, mortgages, car loans and insurance, credit unions provide all your financial services needs.

Now that you have a better understanding of credit unions, visit City Credit Union today to get started!

Learn more here.