Credit Union Memberships: Debunking Common Misconceptions

When it comes to credit union memberships, a lot of people are hesitant about joining because of common misconceptions. Despite the high interest rates and fees imposed by banks, people still choose them over credit unions when in fact, there are numerous benefits to becoming a member—benefits you won't receive from traditional financial institutions.

First, the "members-only" factor is often deemed as elite and exclusive, and membership is reserved for the few and privileged. This couldn't be farther from the truth. Eligibility requirements for credit union membership can be easily satisfied. If you have a family member who is currently a member in good standing you may be eligible for membership. Or if your employer whose business is a member of the credit union and application privileges are extended to their employees, then you can apply for membership as well.

Second, a common myth is that loan options are limited. On the contrary, credit unions provide the same loans as banks, from home loans to auto loans, business, and personal loans.

For inquiries on credit union memberships at We Florida Financial, please call 954-745-2400.