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The 4 Biggest Credit Union Myths

Dispelling the biggest myths about credit unions…

October 19th, 2017 is International Credit Union Day! A day to celebrate our members and thank them for being a part of the Credit Union movement. Also, it’s a day to showcase what credit unions can do for people in their communities. So, we at LA Financial would like to clear up the four biggest myths about credit unions.

1. They aren’t big enough.

There are big and small credit unions, but just like banks, your deposits at a credit union are insured by the federal government up to $250,000. We are a full-service financial institution that can help you beyond simple banking. LA Financial offers credit cards,  home, vehicle and personal loans. We offer insurance, making sure you’re fully covered by safeguarding your future and protecting your property. We can help with your investments – planning for retirement and your estate. As your credit union, we are here on this journey with you to help navigate each financial step you take. 

2. It will be hard to access my money.

Credit unions have access to a network of 30,000 surcharge-free ATMs and 5,000 shared branching locations through CO-OP, making it easy for you to access your money anywhere. Want to bank locally but afraid it will make things difficult when you’re on the go? We legit have you covered coast to coast. Shared branches and ATMS means you have better access to your money than most traditional bank customers do.

3. I can’t join.

The word “union” can feel offputting if you’re thinking you may not be part of any specific union, so you’re unable to join. But, anybody can join a credit union! You may be eligible based on your employer, where you live, or your family, as most credit unions allow members’ families to join. At LA Financial, we offer membership to anyone who works, lives, goes to school, worships, or is connected to LA County. We also serve the Lake Havasu, AZ community at our Havasu Community Credit Union location. 

4. They don’t offer as many perks as banks.

As we’ve said, credit unions offer the same financial products as banks—checking accounts, debit and credit cards, online banking, IRAs (individual retirement accounts), and home and auto loans—but because they’re not-for-profit, they often offer better rates and higher deposit rates than banks. Not-for-profit means that when you join LA Financial, you become a co-owner of our organization. And, when an organization is owned by their members (rather than outside stockholders), they are focused on people – not profits. Members elect a volunteer board to oversee their credit union; the credit union’s resources are then directed toward the good on the membership as a whole. In short, we’re here to serve YOU. 

So make the choice to bank local and connect with your community. We would love for you to join us.

Complete a membership application online

Or you can visit us at any of our branch locations or call us at 800-294-1200 to open an account.