5 Things: Myths about Credit Unions

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5 Things: Myths about Credit Unions

Myths about credit unionsThere are many benefits of joining a credit union. From free checking accounts to excellent customer service to lower interest rates on loans, credit unions offer a variety of benefits that help out its members.

This perhaps is the main reason credit union membership increased to more than 98 million in 2012. Still there are still many consumers who are apprehensive about joining a credit union or feel they can’t join due to common misconceptions.

Today, we’ll discuss five myths about credit unions.

1. Credit Unions don’t have a lot of ATMs

While it’s true that each individual credit union may not have as many ATMs as a large bank, it’s not true that you won’t be able to find an ATM to withdraw money from your account for free. In additional to the many CFCU ATMs, members can use any of the more than 1,000 ATM Zone locations without a service charge.

Additionally, Communication Federal Credit Union will refund up to $25 a month in ATM fees each month when you sign up for estatements and direct deposit, with select checking accounts.

2. Credit Unions don’t have enough branche
s

Communication Federal Credit Union has twenty-one branches in Oklahoma and two in Kansas. These branches are in many convenient locations, including Edmond, Norman, OKC, Tulsa, Broken Arrow, Owasso, Enid, Ardmore and more.

Additionally, CFCU is part of shared branching, a national network of credit unions from all over the country that share facilities to give members thousands of convenient locations to perform transactions just as if they were at their home credit union. This means you can visit any credit union listed on this website and make any deposits, withdrawals, just as you would at a CFCU branch.

3. Credit Unions are behind on technology

Communication Federal Credit Union offers many of the same benefits that the largest banks offer, including online banking, a mobile app, online and mobile bill pay, and, coming March 18, Apple Pay.

As new technologies arrive, CFCU will continue to adapt to provide our members with the products and services you want.

4. Difficulty getting an account

In the early years of credit unions, membership was restricted to employees working in a particular industry. However, over the years the restrictions have been loosened and now it’s much easier to join Communication Federal Credit Union.

If you are an employee of one of our Select Employee Groups, you can become a member just by opening a shared savings account with $5 in it. If your employer is not listed as a Select Employee Group, you can join Oklahomans for Energy and Jobs through our online application for a one-time $5 membership fee.

5. Credit Unions aren’t insured


Many people fear their money won’t be federally insured if they are a member of a credit union, but this isn’t the case. While credit unions aren’t insured by the FDIC but are federally insured by the National Credit Union Association (NCUA). The NCUA insures your shares the same way the FDIC insures banks.

Conclusion:

Now that we’ve debunked these myths, join Communication Federal Credit Union by filling out the online membership application.

Still have questions about opening an account? Post them below or email us at cfcu@comfedcu.org.

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