Are you ready to join the credit union movement? Credit unions have better rates, lower fees, and personalized service that will have you loving your membership. But there are myths popping up that can make you question whether you want to join.
Myth 1: Credit Unions Rigorously Limit Eligibility
Credit unions serve specific groups or communities to create a common bond. Over the years, these requirements have become broader. Some limitations are based on your location or a group you belong to like a business. For example, Velocity Community was originally charted by Pratt & Whitney Aircraft as Florida Aircraft Federal Credit Union to provide financial services to the employees and their families. As times have changed, so have we. Since then, we opened our doors to the entire community. Now everyone who lives, works, worships, volunteers, or attends school in Palm Beach County, FL can become a member. Plus, finding a Credit Union that you are eligible for is simple! Head to CUlookup.com to find one near you.
Myth 2: Credit Unions Can’t Help with All Your Financial Needs
Credit Unions are full-service financial institutions therefore providing all the services you need. From lending needs like home loans, vehicle loans, personal loans, and credit cards to investment options, savings, and checking accounts.
Myth 3: Credit Unions Are Technologically Behind
Credit Unions provide 24/7 account access with Mobile and Online Banking. Within Velocity Community’s Online Banking, you can look over your accounts and loans, manage your credit cards and rewards points, pay bills, and more.
Myth 4: Credit Union Branches And ATMS Are Hard To Find
As Credit Unions, we support each other by participating in Shared Branching. This is a network of Credit Unions that allows for members to get access to 5,000+ branches and 30,000 ATMS worldwide. You will have access to your money no matter where you go. Velocity Community is a part of this network as well as having 3 local branches in Palm Beach County!
Myth 5: Deposits Aren’t Insured At A Credit Union
Velocity Community is federally chartered so your funds are insured to at least $250,000 through NCUA’s National Credit Union Share Insurance Fund. Although much like the FDIC, the NCUSIF is in many ways the stronger fund. Credit unions have traditionally been less affected by the scandals-and consequent closures- of many other financial institutions, most notably the Savings and Loan Debacle of the late 1980’s.
Ready to start your financial journey with a great partner? Join Velocity Community Credit Union today!
