Credit Unions DayOctober 19 is International Credit Union Day and it seems fitting that we take time today to clear up some misconceptions about credit unions. Let's find out the facts when we uncover the 4 Biggest Credit Union Myths.   

4 Biggest Credit Union Myths

October 19, 2017

International Credit Union Day

Today we celebrate International Credit Union Day! In honor of this special day, we’d like to clear up the four biggest myths about credit unions.

  1. They aren’t big enough.

 

There are big and small credit unions. Redstone Federal Credit Union® has more than 400,000 members and $4.8 billion in assets. Its deposits are insured by the federal government up to $250,000.    

  1. It will be hard to access my money.

 

Redstone members have access to 75,000 surcharge free ATMs, making it easy for you to access your money anywhere.

  1. I can’t join.

 

There are lots of ways you may be eligible to join the credit union. You may be eligible based on your employer, where you live, your family, or where you worship, volunteer or attend school.  

  1. 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.

As a member, the credit union belongs to you. Members are both owners and members. The more people that participate, the more can be given back in the form of more products, lower loan rates, higher savings dividends, and fewer fees.     

Now, that’s something to celebrate! Tell us why you love your credit union!

What Makes a Credit Union Different?

Our community commitment matched with our not-for-profit business model make us very different from a bank. Learn more about the Credit Union difference and why you should join today. 

Learn More

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Equal Housing LenderThis credit union is federally insured by the National Credit Union Administration.

Redstone is an Equal Credit Opportunity Lender.

This content is provided for informational and educational purposes only and considered accurate as of the date posted. Views and opinions expressed in comments do not constitute an official endorsement by Redstone Federal Credit Union® or its affiliates. Redstone encourages you to seek professional advice for your personal situation before making any financial decision and is happy to assist you at any of our branch locations.

Must be RFCU® member to obtain or use any product or service. Must open a share savings account to join RFCU. A $5 minimum balance is required to open a share savings account and must be maintained in the share savings account at all times. Age and other restrictions may apply.