It's a Money Thing^®

Credit Union Myths

Even though there are more than 5,000 credit unions in the United States, misconceptions about their structure and services still exist. Let's separate fact from fiction, as we address four persistent credit union myths.

Myth #1: "It's harder to access your money when you bank at a credit union"

Reality: First Florida has 16 branches statewide and is still growing, but if you don't currently have a First Florida branch near you, the CO-OP Shared Branch Network has got you covered. This network allows members of one credit union to perform transactions at another credit union. It is one of the largest branch networks in the country, with more than 6,000 participating credit unions in all 50 states. That means you still have access to your money when you're traveling or if you move away.

Credit unions also participate in large, nationwide ATM networks. Credit union members can get cash on the go at more surcharge-free ATMs than through some of the big banks.

Finally, with digital services, like online and mobile banking, members have access to their money right at their fingertips.

Credit Union Myths: It's hard to access your money at a credit union.

Myth #2: "Credit unions are basically banks with fewer services"

Some people mistakenly believe that credit unions are limited, compared to big banks.

Reality: Credit unions offer all the same services as big banks:

Savings and checking accounts
Credit and debit cards
Auto, home, and personal loans
And more!

All this means that credit unions can be big on service, even when they're small in size.

Plus, as a member, you own a share of your credit union and share in its success through better interest rates and fewer fees.

Myth #3: "It's hard to switch to a credit union"

Reality: Making the switch from a bank to a credit union is easier than you might think. First Florida even offers a "Switch Kit" which lists all the steps in one convenient package.

Follow the steps to ensure a smooth transition:

Check your eligibility. Most credit unions require you to live within a certain area or be connected to a certain industry.
Fill out some forms. Reach out to your credit union for a Switch Kit or ask a staff member for guidance.
Transfer your funds. Don't forget to update your direct deposit information, your automatic debits, and your online payments.
Close your previous account. Once you are sure that all your banking information has been updated, close your old account.

Credit Union Myths: Credit Union deposits aren't as safe as bank deposits

Myth #4: "Credit union deposits aren't insured"

Reality: While they don't have the same federal insurance fund that banks have, credit union deposits have their own federal insurance fund to keep your money safe.

Deposits at all federal credit unions and the vast majority of state-chartered credit unions are covered by the National Credit Union Share Insurance Fund (NCUSIF), which is administered by The National Credit Union Administration (NCUA). Not one penny of insured savings has ever been lost by a member of a federally insured credit union.

Federally insured credit unions offer a safe place for you to save your money, with deposits insured up to at least $250,000 per individual depositor. The NCUSIF is a federal insurance fund backed by the full faith and credit of the United States government. (Reference: ncua.gov)

It's a Money Thing®