Unmyth'd: Shattering the Stigma

The Truth About Credit Unions

  • Financial Advice
  • September 13, 2018
  • FCU Team

Choices regarding your finances should be researched well, and often.  Sometimes, the choice really just comes down to not knowing enough about a financial institution to make a sound decision. We want to make that process a little easer for you by laying it all out there. The difference between us and the big banks is evident when it comes to rates on loans and deposits, but there may still be some lingering misconceptions that we can address to help out.

 

1. They aren’t big enough to offer financial protection.

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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. Currently, the NCUA  monitors more than 7,000 credit unions, serving more than 110 million customer accounts nationwide.

2. It will be hard to access my money.

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Florida Credit Union offers you 24/7 access to your money, anytime, anywhere, via online and mobile banking. And if you’d rather give us a visit, that’s ok too! We have 11 local branches to serve you, from Lake City to Ocala. We even have extended hours (open on Saturday and until 8 p.m., M-F) at two locations, in addition to our contact center.  Need cash fast? Access your account at any Presto! (at any Publix store) or STAR network ATM.

3.I can’t join. 

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Well, this one is easy. As long as you live, or work, in one of the counties that we serve (A WHOPPING 36), you’re eligible for membership. And it’s called membership for a reason. When you join Florida Credit Union you’re becoming part owner of an institution that is democratically controlled by its members.

4.They don’t offer as many services as banks.

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Because we’re not-for-profit, we return all profits to you. We do this via improved services, better rates, and fewer and lower fees. In addition, we provide the same financial products as banks—checking accounts, debit and credit cards, online banking, IRAs (individual retirement accounts), and home and auto loans. The wide array of financial services we offer not only focus on the now, but also help set a solid foundation for the later.

 

At Florida Credit Union, we believe in investing in the community we serve. We’re going places, and we’re taking over 94,000 members with us.

https://www.cuna.org/uploadedFiles/Global/About_CUNA/MessagingGuide-022818.pdf

 https://www.cuna.org/aboutus/

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