Credit unions, like Expree Credit Union, are an excellent resource for financial products and services. But if you don’t know a lot about credit unions, it’s easy to be deceived by the myths surrounding them. Here are just a few myths about credit unions and what they’re really all about:
Myth 1.) Qualifying for membership at a credit union is difficult. Not true. Membership criteria for credit unions is very clear, and criteria is such with community-chartered credit unions (Expree Credit Union included) that there are more ways than ever to join.
Myth 2.) Your money isn’t safe in a credit union. False. Funds you have in your credit union accounts are insured by the NCUA, just as bank deposits are insured by the FDIC.
Myth 3.) Credit unions don’t have as many loan products or financial services as traditional banks. Total myth. Credit unions can offer a similar array of loans and other financial services to banks. You can go to expree.org and browse the variety of loans and products offered through membership.
Sources: http://www.investorguide.com/article/11729/what-is-a-credit-union-and-how-is-it-different-from-a-bank-igu/, https://thecollegeinvestor.com/927/are-credit-unions-as-good-as-banks/, https://www.mycreditunion.gov/Protect/Pages/SI.aspxhttps://visual.ly/community/infographic/economy/what-credit-union