Credit unions often find themselves surrounded by myths and misconceptions, which can create a cloud of misinformation that overshadows the fantastic benefits they offer. Let's shed some light on these misunderstandings and reveal what makes credit unions unique.
Myth 1: Limited Accessibility
Reality: One of the most widespread myths is that credit unions are not easily accessible. The truth is that we have a robust network of ATMs, shared branches, and online services. We also participate in cooperative networks, providing our members access to thousands of ATMs and shared branches nationwide. Plus, we pride ourselves on providing personalized service that you won't find at big banks.
Myth 2: Membership Restrictions
Reality: Some think credit unions are exclusive clubs, limiting membership to specific groups. That's not the case here. We're inclusive and open to diverse communities. Anyone can become a member if they live, work, worship, or attend school in one of our designated service areas, including parts of:
- Lehigh County, PA
- Easton and Northampton County, PA
- Warren County, NJ
- Maxatawny Township, Berks County, PA
- Lehighton Borough, Carbon County, PA
*To be eligible for membership, you must live, worship, or attend school within 5 miles of a financial center or be associated with an employer partner.
Myth 3: Fewer Services
Reality: We offer various financial services, including savings and checking accounts, loans, credit cards, and more. We also stay ahead of the curve by adopting the latest technologies, offering online and mobile banking, and keeping pace with the evolving needs of our members.
Myth 4: Inferior Technology
Reality: At First Commonwealth, we invest heavily in advanced technologies to enhance the member experience. Our online and mobile banking, electronic bill pay, and innovative financial management tools are just a few examples of our tech-savvy services.
Myth 5: Less Secure than Banks
Reality: Some believe credit unions are less secure than traditional banks. Like banks, we understand that information security is essential. That's why we want to assure you that we're just as safe, if not more so, than conventional institutions. We're federally insured, with the National Credit Union Administration (NCUA) providing insurance coverage on deposits. Your money is just as protected with us as it is with any of our counterparts.
Myth 6: Small Scale, Inadequate Resources
Reality: Size doesn't determine a credit union's strength. Credit unions may be smaller than big banks, but their size is advantageous. Our size allows us to focus on personalized service, community involvement, and member satisfaction. We're rooted in our communities, making decisions that benefit our members rather than shareholders.
By dispelling these common misconceptions, we aim to paint a more accurate picture of the incredible value credit unions bring to the financial landscape. Credit unions are not just financial institutions, but member-focused, community-driven entities dedicated to providing exceptional service and fostering financial well-being. Joining a credit union might be the best financial decision you can make!