Credit Union Myths

Lesson 42 - Credit Union Myths - Pathways

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Are credit unions basically banks with fewer services?

a. Yes—credit unions are small, unsophisticated financial institutions with limited services

b. No, credit unions offer all the same services as big banks, including credit cards, debit cards, savings, loans and more

Is it harder to access your money when you bank at a credit union?

a. Yes—you have to go into your credit union branch to access your money

b. No—credit unions form a nationwide ATM network to increase accessibility to your finances; plus, online banking features and top customer service add to the convenience

Are your deposits guaranteed at a credit union?

a. Yes—credit union deposits have their own federal or state insurance fund to keep your money safe

b. No—credit union deposits are not insured

Is it hard to switch to a credit union?

a. Yes—it is very difficult to make the switch from a bank to a credit union

b. No—making the switch from a bank to a credit union is easier than you might think

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