Millions of Americans are dissatisfied with their current banking relationship and are searching for a better option for their checking, savings and lending needs. Many are finding that credit unions are the sweet spot of the financial world, offering a local banking alternative. Unfortunately, there are a handful of misconceptions about credit unions that prevent more consumers from taking the final steps to financial freedom. Here are some misconceptions about credit unions reconsidered.
Myth #1: I’m Not Eligible to Join a Credit Union
While credit unions do require that members meet certain requirements to satisfy a common bond, many of these are broad. There is a credit union option for everyone, no matter where you live.
Rivermark membership is available to anyone who lives, works or has immediate family/domestic partners residing in the 15 Oregon counties we serve and anywhere in Washington. Oregon: Multnomah, Washington, Clackamas, Polk, Gilliam, Yamhill, Sherman, Wheeler, Marion, Hood River and Wasco.
Myth #2: Credit Unions Aren’t Sophisticated
Most credit unions offer many of the same online and mobile services that banks have like mobile banking apps, online bill pay, mobile deposit, mobile wallets, etc.
At Rivermark, we continually invest in improving our delivery channels so our members can bank when and where and how they want. Our highly rated mobile banking app puts the branch in your hand where you can pay bills from anywhere, deposit checks with your phone, transfer funds with a click, and send money to your friends with a few swipes.
For those who want personal assistance, our modern branches offer state-of-the-art video teller kiosks that allow our branches to be open from 8am-8pm on weekdays and 10am-6pm on Saturdays.
Myth #3: Credit Unions Don’t Offer Rewards Programs
Each credit union is different, but many offer some type of rewards program. Banking at Rivermark is rewarding with our rewarding checking account and Cash Back credit card.
Myth #4: I Can’t Travel With My Credit Union
Some people assume they won’t have the same access to their money when they travel if they bank at a local credit union. Rivermark is part of the CO-OP ATM Network, which is a network of over 30,000 ATMs at credit unions across the country. That’s a bigger network of ATMs than Wells Fargo or Bank of America has. Plus, the Rivermark mobile app allows you to do nearly everything you could do in a branch from the palm of your hand.
Myth #5: Credit Unions Aren’t Insured Like Banks
While banks are federally insured by the FDIC, credit unions are federally insured by the NCUA (National Credit Union Association). Just like at banks, your deposits are insured by the federal government up to $250,000. Your money is safe at a credit union!
