With International Credit Union Day right around the corner, we’d like to clear up the four biggest myths about credit unions.
They aren’t big enough.
There are big and small credit unions, but just like banks, your deposits at a credit union are insured by the federal government up to $250,000.
It will be hard to access my money.
Accessing your money is never far away using our mobile app. Need todeposit a check? you can do that too using our mobile deposit app. White Sands FCU is also part of the Allpoint ATM network. Allpoint provides you with the freedom to get your cash where you want, when you want, wherever you are – without the ATM fees. With over 55,000 ATMs in the Allpoint Network, your cash is never far away. Just look for the Allpoint logo or, better yet, use our locator or mobile app to find the nearest Allpoint ATM.
I can’t join.
Anybody can join a credit union. You may be eligible based on your employer, where you live, or your family, as most credit unions allow members’ families to join.
They don’t offer as many perks as banks.
Credit unions offer the same financial products as banks—checking accounts, debit and credit cards, online banking, IRAs (individual retirement accounts), and home and auto loans—but because they’re not-for-profit, they often offer better rates than banks.