Credit unions continue to enjoy growth in their membership numbers, which now total over 102 million members nationwide. People are turning to credit unions as an option for their financial needs because they are drawn to the sense of community and numerous financial benefits. But there are still some misconceptions about credit unions and Diamond Credit Union is shedding light on the truths about banking with a credit union.
MYTH #1: Credit unions are exclusive to join
It’s true there are some instances where credit union membership is limited to employees of a certain company or alumni of a certain university. In the case of a community-chartered credit union though, you can open a credit union account and become a member if you live, worship, go to school, or work in the community where the credit union does business.
Diamond Credit Union is one of these community-chartered credit unions and welcomes individuals throughout Berks County, Pottstown and parts of Montgomery and Chester Counties. For just $5, consumers can open a member share savings account and become a member-owner of the credit union.
MYTH #2: Credit unions only provide limited services
Most people remember an experience with credit unions through a loan or savings club account. The misconception is that because a community credit union is much smaller than a larger banking corporation, they must offer fewer financial products. This is simply untrue.
As a full-service credit union, Diamond offers a wide variety of savings and checking options, mortgages, personal and business loans, retirement accounts, credit cards and much more. And quite often, it’s the extras that are included with Diamond’s accounts that really set them apart in the financial industry.
MYTH #3: Credit unions do not offer banking for on-the-go lifestyles
Credit unions offer their members most of the same technologies for easy banking on-the-go as larger financial institutions. From the convenience of your home or as you roam the country, you can access account information, transfer funds, make deposits, and make sure your bills are paid on time.
Diamond Credit Union continues to be on the forefront of technology, providing user-friendly access through:
- Online Banking with Bill Pay and Instant Deposits Online
- Mobile Banking for Apple® and Android devices
- Responsive web design to easily navigate their website from any device
MYTH #4: You can’t access your money out-of-network
Strength of community is one of the biggest advantages of being a credit union member. But we realize that life takes you outside of your community, and when you’re gone you’ll need access to cash. Paying fees to access your money out-of-network is the #1 complaint people have about their financial provider. With these misconceptions out of the way, you should also know about additional benefits you can only get by joining a credit union.
With Diamond Credit Union, you can access your funds, with no fees, at over 55,000 ATMs worldwide because, like many credit unions, they belong to a larger network of ATMs that provides thousands of locations. It’s easy to find a no-fee ATM wherever you need one with Diamond’s ATM Search tool which helps you locate the nearest ones.
With these misconceptions out of the way, you should also know about additional benefits you can only get by joining a credit union:
- You’re a member-owner. Credit unions don’t have shareholders, so member-owners are the ones who benefit.
- Credit unions generally charge fewer, lower, or no fees.
- When it comes to personal or business loans or credit cards, you are likely to find lower interest rates when working with a credit union.
- For interest-earning accounts, credit unions can often offer higher interest rates.
Do you have any other questions about the benefits of joining a credit union? Diamond Credit Union would love to provide the answers you’re looking for. Contact Diamond today at 800-593-1000 to speak with a financial representative!