We’ve heard quite a few myths about credit unions over the last 40 years and figured it was time to set the record straight. With so many credit union myths to bust, there’s no way we could fit them all into one blog post (at least not a post
anyone had time to read in one sitting); here are just a few of them we’ve heard over the years:
MYTH #1: “Credit unions don’t have the products/ATMs/technology I need to easily access my money and do my ‘real banking.’”
Don’t let our local focus and seemingly small footprint confuse you. While it might look like we’re just two branches, you can actually bank with SoundView across the country. We belong to networks giving you over 30,000 surcharge free ATMs. With our mobile app, you can deposit a check, move money between your different SVFCU accounts, find free ATMs, and even temporarily disable your lost or stolen debit card.
When it comes to products and services, we’re not small either. Savings accounts and auto loans are really just the tip of the iceberg.
We offer three different checking account options so you can find the best fit. You can borrow to get that new home or take advantage of the equity you’ve built up in your house with a Home Equity Loan or Line of Credit. If college is in your future, we have student loan options available. Need more spending power? You can apply for a credit card or personal loan. Saving for the future couldn’t be easier with options including money market accounts, certificates of deposit, IRAs, education savings, and more.
You really are covered for all the important things in life when you bank with SVFCU.
MYTH #2 - “I’m not able to join a credit union because I don’t work at a certain place or I’m not in the labor union.”
The words “credit union” can understandably cause a bit of confusion about who can join. While some still require you to work a certain place, SVFCU has several ways you can qualify for membership:
- If you live, work, worship, or volunteer in the Connecticut counties of Fairfield or Litchfield, you’re eligible.
- If you’re a family member or cohabitant of a current SVFCU member, you can join.
- If you’re an employee of one of the 48 affiliated Select Employee Groups (SEGs).
Once you become a member, you can remain one for life - even if you move outside one of our eligible groups.
MYTH #3 - “My money isn’t safe or insured at a credit union.”
This one couldn’t be further from the truth. Of course, we take every precaution to protect the money you entrust with us. It’s safe and secure in our hands. We don’t just say we’re financially sound with a view toward you. That’s a fact. Plus, your deposits are insured.
While banks have the Federal Deposit Insurance Corporation (FDIC) as an insurance option, credit unions have the National Credit Union Administration (NCUA). The two organizations are practically identical. You can rest assured your deposits at SVFCU
are federally insured by the NCUA up to $250,000, backed by the full faith and credit of the U.S. government.
More myth busting coming soon!
We’ll keep busting credit union myths in future blog posts. Hopefully this helped clear up some confusion about banking with SoundView Financial Credit Union. In the future, if you hear something negative about credit unions, be sure you find out the facts. The truth is, we’re a member-owned force for good in the financial services world.