Four Major Myths about Credit Unions

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While credit unions have been around for more than a century, plenty of consumers are often faced with myths about what credit unions are – or aren’t. Credit unions are an excellent alternative to banks, and often have plenty more to offer. Let’s take a closer look as we debunk some misconceptions about credit unions.

Myth #1: It is too difficult to join a credit union.

Fact: Becoming a member of We Florida Financial is easy. In fact, individuals who live or work in (or businesses located in) any one of 46 Florida counties are eligible for membership with We Florida Financial. To see all of the areas that we serve, click here. Additionally, if you are a family member of a current member, a licensed professional, or an employee of select employers in South Florida, you may be eligible for membership.

Myth #2: Credit Unions have less money than big banks.

Fact: While banks have more money to spend on marketing and advertising, credit unions are not-for profit organizations. As a member of the credit union you have a say in determining the credit union’s direction. Credit unions return earnings back to members in the form of low fees and great rates, or by offering additional services. These services can range from youth programs to financial education workshops to member discounts.

Myth #3: Credit Unions don’t have amenities, such as online banking.

Fact: Just like banks, We Florida Financial offers easy online access to your accounts. You can manage all of your finances from your laptop or mobile device. Check account balances, transfer funds, pay bills and even set up account alerts so that you stay in control of your money.

If you are already enrolled in Online Banking, you can download the Mobile App to access your We Florida Financial accounts on the go. Search for We Florida Financial Mobile in your device's app store.

Myth #4: Credit Unions only offer a place to save your money.

Fact: Credit unions offer a variety of services to help you keep your finances in check. Credit unions offer different types of loans, debit and credit card services, online banking and bill pay, checking accounts, retirement accounts, investment options, mortgages and more. They are an excellent place to take care of all your banking needs. Best of all? Credit unions are not-for-profit financial institutions whose focus is your community and make decisions with your best interests in mind.

At We Florida Financial, our members come first. For more information on how we can meet your banking needs, visit We Florida Financial today.