At Diamond Credit Union, our staff members hear a lot of funny things, but the most shocking is when an employee is caught running errands in their Diamond logo shirt and a random person asks them about the credit union. It is shocking how many people have never been to a credit union or even understand what we offer. This is our chance to clear up the myths that we hear most often.
1. You have to work at a certain place to join a credit union.
There are some credit unions that only service Select Employer Groups, but nowadays most credit unions, including Diamond, are community-charted, meaning that anyone who lives, works, worships, or regularly conducts business in their charter area can become a member.
2. Credit unions only offer loans. (“Credit” is even in the name!)
Credit Unions do offer loans, but we also offer savings, checking, investments, and pretty much all of the same products you can find at an average bank.
3. Credit unions only offer savings. (Like my vacation club at work.)
Credit Unions do offer all kinds of savings accounts from your basic account, to certificates of deposit, money markets and vacation clubs. But we also offer checking accounts, credit cards, loans and investments.
4. Credit unions don’t have online services or mobile apps.
Most credit unions do offer online banking and some even have mobile apps. Diamond Credit Union has both!
5. It is really hard to find a No-Surcharge ATM when you belong to a credit union.
Many credit unions are part of ATM networks, which means that you don’t have to just use the ATMs at your credit union; there are loads of other No-Surcharge ATMs available. For example, Diamond Credit Union is part of the Allpoint ATM network, which means our members have access to over 75,000 no-surcharge ATMs worldwide, and you can search for one online or through our mobile app.
6. There is no difference between a bank and a credit union.
While banks and credit unions offer a lot of the same products and services, there is a big difference between them. Credit Unions are owned by their members (that’s anyone who opens an account), and banks are owned by shareholders. Operating without shareholders, and with our members as our focus, allows credit unions to offer better loan rates, higher returns on savings, lower or no fees for services, and concentrate on serving the needs of the specific communities they serve.