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5 Myths About Credit Unions

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  • 4 min read
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f you’re like the average American, you aren’t that happy with your bank. Credit unions offer a better option for unhappy bank customers because, on average, credit unions offer better deals, rewards, and more personalized service than banks.

Even though credit unions have been around for more than 100 years, there is still a lot of confusion surrounding their services. And, in our experience, these misperceptions about credit unions keep many people from giving them a try. What a horrible reason to miss out on a better way to manage finances! 

Read on to see the top myths about credit unions, and the facts we want everyone to know.

Myth #1: Credit Unions Are Only for Specific Groups of People

Fact: There’s a credit union for everyone.

While it’s true that credit unions were created for a need to provide quality financial services for everyday workers, you’ll find that today’s credit unions are open to all who live or work in a community. Regardless of age, income, or industry, you can find the account or loan that’s right for you. Credit unions’ membership requirements tend to be broad, making them easy to join. Just look at the many ways you can qualify for membership at Maps.

Myth #2: Credit Unions Have Fewer ATMs Available

Fact: While credit unions may have fewer branches and ATMs than big banks, they participate in larger ATM networks that offer free ATM access across the county. In some cases, that means that you can have access to more surcharge-free ATMs through a credit union than you would with a big bank.

Here at Maps, members with checking accounts can use surcharge-free ATMs twice a month from our CO-OP system, or always withdraw money for free at any of our 10 branches. We also offer online tools and an app to give you real-time access to your money whenever, wherever.

Myth #3: Switching to a Credit Union Is Too Difficult

Fact: You don’t need to do everything all at once. 

If you’ve been with your bank for a while, it may seem like a pain to move your banking. You might have monthly direct deposits or recurring bill pay transactions that you’d rather not change. But credit unions like Maps help make switching simple. You can open an account at any one of our 10 branch locations, make an appointment and work with someone at the Maps High Street Branch, or easily open your account online. Our team is here to answer any questions you have about transferring funds, switching over direct deposits, or setting up online banking.

We know you’ll fall in love with your credit union after you open an account. Consider starting with one account or service, so you’ll have your new best financial partner in your back pocket. You can switch other accounts and your direct deposit over later.

Myth #4: Credit Unions Don’t Offer Rewards Programs

Fact: The benefits of joining a credit union generally include generous credit or debit card rewards programs, credit union membership rewards, and other big perks.

At Maps, our Member Rewards program helps you add to your savings with everyday actions, earn cashback on purchases on our cashback credit card, and build up your savings in a high-yield savings account with our Round Up program.

Myth #5: Credit Unions Are Low-Tech

Fact: Banks aren’t the only places where you can find 24/7 account access or the freedom to deposit checks or pay bills from your phone.

Most credit unions offer secure, easy-to-use online and mobile banking tools to keep you in control of your finances. Our free Maps app makes it easy to do your banking, no matter where you are. You can use mobile deposit to conveniently deposit money in the comfort of your home, or on the go. And there is never a charge to access your accounts from any of our remote banking options.

Key Takeaways
Whether you need a convenient local branch, free checking, an affordable loan for your next big purchase, or you want to grow your savings ― credit unions can offer more of what you need to make the most of your money.

Don’t believe the myths. Make the switch to your local credit union or, if you’re already a member, make the most of your membership! At Maps, our team is here to help you find the solutions that are right for you.

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