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9 Myths About Credit Unions

How much do you know about credit unions? Test yourself on these 9 myths: How many did you believe until today? Learn more about what sets Radiant Credit Union apart, truly giving our members the power to shine, at: RadiantCU.org

How much do you know about credit unions? Test yourself on these 9 myths: How many did you believe until today? Learn more about what sets Radiant Credit Union apart, truly giving our members the power to shine, at: RadiantCU.org

Myth #1: You must meet strict eligibility requirements.

Fact: While credit unions do require members to satisfy certain common bond requirements, many of these are broad, and few of them truly limit your access to membership.

Myth #2: Getting to the ATM is difficult because my branch isn’t nearby.

Fact: With up to 65,000 ATMs available through various networks, availability is not an issue. All Publix Presto ATMs are free for members utilizing a Radiant Credit Union ATM, credit or debit card.

Myth #3: Changing my banking from a traditional bank to a credit union will be a hassle.

Fact: Credit unions offer the same services as most banks, including automatic bill payments and direct deposit. Most services will transition easily and go uninterrupted.

Myth #4: Credit unions don’t offer reward programs.

Fact: Many credit unions do offer reward programs on credit and debit cards. At Radiant Credit Union, we offer many products that reward you just for doing business as usual. For example, our Dime Back VISAR Credit Card Rewards program automatically pays you when you use your Radiant credit card for purchases; and Nickel Back Rewards pays you every time you use your Radiant debit card for signature purchases. – it’s never been easier to earn rewards than it is at Radiant Credit Union. Learn more at RadiantCU.org

Myth #5: Credit unions aren’t very tech-savvy.

Fact: Credit unions don’t promote mobile options as aggressively as banks, but that doesn’t mean we don’t offer them. According to a study by CFI Group, bank customers rated their satisfaction at 86 out of 100 for online and mobile banking, versus 90 out of 100 among credit union members. Have you downloaded the Radiant Credit Union mobile app? You can find it for free on Apple and Android App stores, just search “Radiant Credit Union” or “Radiant CU” to make your life easier with mobile check deposit, BillPay, and all of the convenience of eBanking right on your phone. 

Myth #6: Credit unions are just like banks.

Fact: Credit unions are not just like banks. Members own a piece of the organization and own a vote in determining how the credit union is managed. Credit unions also return earnings back to members with their low fees and great rates.

Myth #7: Credit unions have an unfair advantage over banks because they don’t pay taxes.

Fact: Actually, credit unions do pay taxes. As a not-for-profit, member-owned financial cooperative, there are some taxes credit unions don’t pay, but credit unions still pay substantial tax bills on everything from automobile tags to property assessments.

Myth #8: Credit unions are not regulated.

Fact: Credit unions are held to the same laws and regulations as banks. In fact, credit unions face more restrictions on the investments and loans they make.

Myth #9: Credit unions are good places to save money, but that’s about it.

Fact: Radiant Credit Union offers consumer loans, debit and credit card services, online banking and BillPay, checking accounts, IRAs and HSAs, mortgages, car loans and more. Radiant Credit Union is the perfect place to take care of all your banking needs.

In the comments below, please let us know the number one reason you prefer a credit union over a bank. Is it the lower loan rates, the fact that credit unions are owned by their members, not a few wealthy stockholders; or is it that credit unions just seem friendlier than banks?