Between the public outcry over Bank of America’s (BAC) new fees and the Nov. 5 “Bank Transfer Day” event that has spread virally over the past few weeks, normally low-profile credit unions have been receiving a great deal of attention as an alternative to the big banks.
However, this publicity has also exposed a number of false but commonly held beliefs about credit unions. Because the movement has changed enormously over the past few decades, some of these myths reflect the realities of an earlier time, while others are simply misconceptions or misunderstandings. Whatever their sources, such beliefs often lead consumers to overlook the credit union option.
As such, I’ve decided it’d useful to dissect a few of the most common credit union myths.