Credit Unions Shouldn't Be Confusing - Clearing The Air On Some Common Credit Union Questions

What is a credit union?  If you were thinking an institution that is here to help you manage your finances and improve your financial position you are right on the money.  While a lot of people can probably tell you that, there still seems to be a few things that are confusing.  Here are a couple of those questions and their answers to clear the air:

Who can join a credit union? – Yes, credit unions are special, but you do not have to be in a special club to join one.  While years ago, you may have been more limited based on where you worked, now most credit unions are community based.  The amazing financial services and benefits that credit unions can provide are available to just about everyone!  For example, anyone in the State of Michigan can join Honor CU!

Not for Profit Status – what does this even mean? Not for profit means that profits made by the credit union are reinvested back to the members in the form of better rates and improved products and services.  Not for profit is nothing but a positive thing and should set your mind at ease when you decide to join a credit union.  You can sleep a little easier knowing that your money is in a safe place that has your best interests at heart.

How can I access my money? – A lot of people think that they are limited in the places they can access their money, like ATMs or credit union locations.  The really convenient thing about credit unions is the nationwide reach of accessible ATM’s and shared branches!  You can see the over 35,0000 nationwide affiliated ATM’s that you can access through your Honor CU account on our website!

But credit unions don’t have all the high tech stuff that banks do, right? – WRONG!  Just because some credit unions are physically smaller than the big banks, doesn't mean we don’t have cool and convenient tech products to make your life easier!  Between Honor’s mobile app, online banking, remote deposit capture, and text banking there are multiple ways you can access your money 24/7 from anywhere you are!  Credit unions aim to make your life easier while putting you in a better financial position and using technology is just one of the ways we are able to do this!

Now that some of those concerns have been cleared up, you are completely prepared to talk about how great credit unions are with all of your friends and family, right?  Join a credit union today, and see how much you can save!

Don’t forget to follow us on twitter @honorcu and let us know what you want to hear about next week using #askhonorcu! 

Listen to the 97.5 Y-Country's Wild Bill and Honor CU's Kaylee talk about their misconceptions about credit unions on this week's Mason Jar Monday!

Credit Union Myth-busters!

For 21 years in a row, the American Banker newspaper did a consumer satisfaction survey of banks, thrifts, and credit unions.  Credit Unions came in first every single year.  And yet, many people hesitate to make the transition from a bank to a credit union because of simple mis-conceptions about what credit unions can offer. So here we are to set a few of those myths straight with our version of “Credit Union Myth-busters!”  

Myth #1: Credit Unions have fewer locations…how will I access my money?

• MYTH! Shared branching & ATMS and online banking allow for easy and convenient access to your money!  Unlike banks, credit unions work together to provide shared branching so that you have more access to your money.  You can find Honor’s shared branching locations on our website or mobile app.  Speaking of the mobile app, using that tool you have visibility of your accounts anytime or place you need!

Myth #2: Will I lose my rewards program if I leave my bank?

• ABSOLUTELY NOT! Many credit unions, including Honor, have a variety of very appealing rewards programs both tied to accounts and products like credit cards.  For example, Honor has a member perks program that lets you accumulate points, a pre-wards program for debit cards that get you discounts at your favorite stores, and rewards tied to our Visa credit cards!  The biggest reward of switching to a credit union, though, is lower rates on loans and higher rates on savings! This all means more money in your mason jar!

Myth #3: Banks have more advanced technology.

• FALSE! We already mentioned our mobile app, but along with that comes online banking, text banking, and a live chat feature via our website, just to name a few of the cool techy things that credit unions like Honor offer!

Myth #4: I’m not eligible to join a credit union.

• ANOTHER MYTH!  While there are still some credit unions that you have to be a part of a certain group, like a state employee or educator, quite a few, including Honor, are community chartered.  This means that anyone that lives, works, worships, or works in one of our fourteen counties (which encompasses over 100 zip codes, by the way) can join! Almost anyone can become a member of a credit union!

You can listen to Scott and Wild Bill's live "Credit Union Myth-busters" below. Now that you know the facts about credit unions, join one today!  Once you do, we promise you won't regret it.  Also tune in to Mason Jar Monday next week for a CONTEST ANNOUNCEMENT!

Comment on this post, or follow us on twitter @honorcu and use #askhonorcu to get involved! You can also comment with the topic you want to see discussed next week! It's your money, and we want to talk about things you care about!