Credit unions are unique among financial institutions. Banks and other financial institutions exist to maximize profits to its shareholders — credit unions exist solely to maximize service to their members.
Credit unions are not-for-profit financial cooperatives, organized solely to meet the needs of its members, who govern the institution by electing from within the membership officers and directors, who establish the policies under which the credit union operates. Voting is one person, one vote, meaning every member has an equal voice regardless of the amount of savings or loans they have with the credit union.
Most common credit union myths:
Myth No. 1: Only employees of certain workplaces are eligible to join credit unions.
Myth No. 2: Credit unions are great places to stash savings but offer fewer services than banks.
Myth No. 3: Credit unions are great for local banking, but the lack of nationwide branches is a big inconvenience.
Myth No. 4: If I use a credit union rather than a bank, my savings won’t be guaranteed by the FDIC.
Myth No. 5: Credit unions require new members to pay a fee to join.
As far as
credit unions are concerned, any day is a
good day for a consumer to become a
credit union member. Nov. 5 is one good day to join. Nov. 5th is established as "Bank Transfer Day"
In fact, if all of the people signed up to
participate in "Bank Transfer Day" on Saturday do so, and remain
credit union members over the year that follows, those consumers will save a combined $4.8 million. Combine that with the $5 per month that they WON’T be paying in debit
card fees, and you’re up to $5.1 million.
