The 4 Biggest Credit Union Myths
With International Credit Union Day right around the corner on October 19, 2017, we’d like to clear up the four biggest myths about credit unions.
- They aren’t big enough.
There are big and small credit unions, but just like banks, your deposits at a credit union are insured by the federal government up to $250,000. When you factor in that The Energy Credit Union gives you a personal touch while still giving our members all the products and services they can find at a large bank, why would you choose to be a faceless number?
- It will be hard to access my money.
Credit unions have access to a network of 30,000 free ATMs and 5,000 shared branching locations, making it easy for you to access your money anywhere. You can also access your Energy CU account 24/7 with our mobile app and online cyber teller. If you are not set up cal lour offices today!
- I can’t join.
Anybody can join a credit union. You may be eligible based on your employer, where you live, or your family, as most credit unions allow members’ families to join. We serve both active and retired employees of Toronto Hydro Corporation, Toronto Transit Commission Signals, Electrical, Communications (SEC), Gerdau and Southlake Regional Health Centre. Also included are individuals employed by any municipality as defined in the Municipal Act, 2001, individuals employed in any health care facility operating in the Province of Ontario and related persons, and any persons employed in the transportation sector or affiliated entities. Your immediate family can also become members here, and once you are a member, you are a member for life!
- 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, RRSPs (individual retirement accounts), and home and auto loans—but because they’re not-for-profit, they often offer better rates than banks. All our profits go back to our members in the form of free products and services. If you have any questions about how you can get he most out of your CU account please give out offices a call!