Credit Union Myths
CU’s have fewer branches – The Credit Union Service Center network offers OECU members access to more than 50 branches in Oklahoma and over 4,300 nationwide.
CU’s have fewer ATMs – OECU offers access to more than 800 no-surcharge ATMs in Oklahoma.
CU’s are just like banks - Credit unions are owned and controlled by their members—anyone who has an account or “share” at a credit union is a part owner. The Board of Directors is strictly comprised of unpaid volunteers. Credit union members commonly get lower rates on loans and better returns on investments. Sure, credit unions offer a lot of the same products and services banks do, but banks exist to make profits for their shareholders, not their customers.
CU’s are great places to stash savings but offer fewer services than banks - credit unions provide many of the same financial services as banks, including checking accounts, debit and credit cards, online banking and bill pay, IRAs, mortgages, car loans, etc.
If I use a credit union rather than a bank, my savings won't be guaranteed by the FDIC - credit unions have their own self-funded (but still federally guaranteed) deposit insurance fund through the National Credit Union Administration. It covers deposits up to the same level as the FDIC. As such, credit union deposits can be considered at least as safe as those in a bank.
You can’t belong to a credit union unless you work for the right employer (or you belong to a union) - This used to be true, but it’s not anymore. Here’s how it works: a credit union’s charter defines its field of membership—the “common bond” that all people must share to be eligible to join. Today, you may be eligible within a credit union’s field of membership, based on where you live, work, worship or attend school.
CU’s offer limited online resources – You can apply for a loan, mortgage or open a checking account online anytime. View account balances, pay bills and transfer funds with OECU’s online and mobile banking 24/7. Plus, our mobile site was built right here in Oklahoma by our friends at Clevyr.
CU’s pay no taxes - Credit unions do pay taxes, including property, local and employer taxes.