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Busting Seven Common Credit Union Myths

Contributed by: Heath Combs

Photo_of_Seven_fingersTruliant has been able to thrive for more than 65 years without a single customer. How? Credit unions do not have customers; anyone who banks with a credit union is a member-owner. Looking to learn a little more about credit unions? Follow along as we tackle seven common myths around credit unions. 

The Myth: I can’t join.

The TRUth: While some credit unions do have strict eligibility requirements, many, like Truliant, are
community chartered. This means if you live, work or worship in the these counties, you can join.

The Myth: A credit union can’t serve all of my banking needs.

The TRUth: Credit unions offer loans, debit and credit card services, online banking and bill pay, checking accounts, retirement investments, mortgages and more. Often offered with lower or no fees and better rates than traditional banks, a credit union is a great place for all of your banking needs.

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

The TRUth: Credit Unions often offer the same, and sometimes better, technology than large banks. At
Truliant, you can deposit checks with your phone, check and manage account balances, apply for loans and
much more.

The Myth: My money’s not safe.

The TRUth: All credit unions are part of the National Credit Union Administration. The NCUA provides the same amount of coverage and insurance for money deposited into credit unions that the FDIC provides for larger banks.

The Myth: Credit unions don’t offer any rewards programs.

The TRUth: Truliant offers a Rewards Visa, as well as a cash back program with debit cards at selected retailers and restaurants. In addition, Truliant pays interest on checking accounts and offers a low or no fee alternative to traditional banks.

The Myth: I have to pay to join.

The TRUth: When you join a credit union and deposit your money into an account, you essentially become a “co-owner” of that credit union. At Truliant, you have to maintain five dollars in a savings account, but it’s not a fee. And if you leave, you get that money back.

The Myth: Credit unions are not regulated.

The TRUth: 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.

Because of how numerous these groups are, more people than you think are able to join and enjoy the benefits of a credit union. For instance, if you live, work or worship in these areas, you can join Truliant.

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