THE WAVE F L O R I D A C R E D I T U N I O N M A R C H 2 0 2 2 Myths Debunked: Credit Union and Bank Differences Credit unions are not-for-profit financial institutions. Like banks, we offer a full lineup of products and services, but a bank’s primary focus is profits and its shareholders. For credit unions, each member is considered an owner, and profits go back to our members as better rates and technology, among other features. Myth: Banks Offer More Products than Credit Unions - Credit union products and services rival that of all the major banks. From checking accounts to mortgages and lines of credit, your local credit union can likely do everything your bank does while offering competitive interest rates. Myth: Banks Are More Convenient Than Credit Unions - Some say that banks are more convenient because you can find branches and ATMs nationwide; whereas, a credit union’s service area might cover a general area in a state. However, technology has made banking on-the-go easier than ever, reducing the need for members to visit branches. While branches have a very important place on the consumer journey, most issues can be resolved through online and mobile banking or through placing a call. ATMs are also a non-issue. Many credit unions, including Florida Credit Union, are part of large ATM networks, such as Presto! Myth: Banks Are More Technologically Advanced than Credit Unions - Credit unions have caught up with banks and are at the forefront of financial technology. From online and mobile banking to mobile check deposit, the offerings of credit unions are on par or better than most major banks. The value technology brings to our members cannot be understated, and that’s why we’ve made it a focus at FCU to continue enhancing our technology. For example, our members who use online banking can check their FICO® Scores, updated monthly! Myth: Credit Unions Are Just Like Banks - The main goals of banks and credit unions couldn’t be further apart. A bank’s goals are to create profits for shareholders. As not-for-profits, credit unions primarily serve members. This difference draws a clear line between what a credit union is and what a bank isn’t. Myth: Credit Unions Have Strict Eligibility Requirements - Each credit union is different in their eligibility, but as for FCU’s membership eligibility, we’re currently authorized to operate in 48 of Florida’s 67 counties. If you live or work in one of these counties, you’re eligible to become a member of our credit union. And it’s free! The Credit Union Difference - Credit unions continue to increase in membership and product offerings. Due to smaller size and scope, credit unions are also able to develop and grow more relationships within the communities they serve. We’re glad you recognize the credit union difference, and we look forward to serving you for years to come!