8 Myths About Credit Unions

Women shaking hands at a credit union while becoming a member

How much do you know about credit unions? Test yourself on these 8 myths: How many did you believe until today?

Myth #1: You must meet strict eligibility requirements.

Fact: While credit unions do require that members meet certain requirements to satisfy a common bond, many of these are broad, and few of them truly limit membership.

Joining We Florida Financial is a lot easier than you may think! If you live or work in 46 Florida counties, or if you’re a family member of a current member, you’re invited to join. How much does it cost to join? There is no fee! Simply open your savings account with a minimum $5 deposit. As long as your $5 stays on deposit, you're eligible to benefit from any Credit Union service.

 Myth #2: Getting to the ATM is difficult because my branch isn’t nearby.

Fact: Availability is not an issue. We have branches and ATMs throughout Florida ready to assist in all of your financial needs. Members also receive free transactions at Publix Presto! ATMs. If there is not a branch in your area, we also offer a network of Shared Branch Locations in all 50 states for your convenience.

Myth #3: Changing my banking from a traditional bank to a credit union will be a hassle.

Fact: Credit unions offer the same services as banks, including automatic bill payments and direct deposit. Most services will transition easily and go uninterrupted.

Not only do we offer the same services, we make switching easy with ClickSWITCH - A complimentary, automated account switching solution that makes it easy for you to quickly and securely switch your recurring direct deposits and automatic payments from your previous financial institution account to your new financial institution account.

Myth #4: With all the fancy advertising, banks must have more money than credit unions.

Fact: While this may be true, it’s because credit unions are not-for-profit organizations. Rather than spending money on advertising and marketing, credit unions rely on the community for marketing. The money saved is rolled back into services for members or distributed back to members as dividends.

Myth #5: Credit unions don’t offer reward programs.

Fact: Many credit unions offer reward programs on credit and debit cards.

With our DreamMore Rewards Card, every purchase earns points, which can be used for a variety of services, merchandise, experiences and can even be turned into cash. We support your dreams, no matter how substantial. Whether working toward your goals, helping your community or treating yourself to something extra special, you’re all set – so get dreaming.

Myth #6: Credit unions are just like banks.

Fact: Credit unions are not just like banks. Members own a piece of the organization and own a vote in determining how the credit union is managed. Credit unions also return all earnings back to members with their low fees and great dividend rates.

Myth #7: Credit unions are not regulated.

Fact: Credit unions are held to the same laws and regulations as banks. In fact, credit unions face more restrictions on the investments and loans they make.

We are federally insured by NCUA – this guarantees that you'll receive the money that you're entitled to from your deposit account if your credit union goes under.

Myth #8: Credit unions are good places to save money, but that’s about it.

Fact: Credit unions offer consumer loans, debit and credit card services, online banking and bill pay, checking accounts, retirement investments, mortgages, car loans and more. They are a great place to take care of all your banking needs.