Credit Union Myths Debunked

When it comes to their finances, many Americans choose big national or multinational banks for a number of reasons. One of those reasons might include a lack of awareness regarding credit unions, and possibly believing any of the myths surrounding them. Credit unions have existed in the United States for more than 160 years, and with thousands all over the country, it’s becoming easier to dispel these myths and misconceptions.

If you’re still unsure whether a credit union is right for you, here are a few of the debunked myths regarding credit unions that you might find interesting:

Myth #1: Credit unions are small and inaccessible.  Compared to big banks that have branches all over the country, credit unions are smaller in size and are often limited to a certain geographical region. However, that doesn’t mean you won’t have access to your accounts and customer service – most credit unions are part of a shared network, allowing you to visit a different credit union local to you to access your accounts. Polam is also part of the shared CO-OP ATM network, providing free access to any of the 30,000 surcharge-free ATMs across the country.

Myth #2: Credit unions are too small.  If you have concerns that your money won’t be protected through a credit union, don’t worry – it’s in safe hands. Polam is among the 98 percent of credit unions that is insured by the National Credit Union Administration (NCUA), backed by the full faith of the United States government. When you bank with us, your savings are insured to at least $250,000.

Myth #3: Credit unions don’t offer the perks you get from big banks.  Not only does your membership with Polam guarantee you the same range of services you’d get at your standard big bank, you’re also not merely a customer. You’re a member and part-owner in our not-for-profit financial institution, and your membership entails benefits such as lower interest rates and fees and ongoing promotions. Our members also have access to our UChoose Rewards program where they can earn rewards points for every purchase they make, which can be used at a wide number of online retailers.