5 Things You Probably Have Wrong About Credit Unions

Choosing a Financial Partner Planning Your Future

Trusting any financial institution, from the smallest local credit union to the largest national bank, requires a leap of faith.

The search for a financial institution with the perfect balance of trust, products, and personal service, along with the belief that you are more to them than just an account number, can be challenging. Add community stewardship and trustworthiness to the mix, and finding the right fit can be even more arduous.

When it comes to checking and savings accounts, and big things like mortgage loans, most people instinctively, and often regrettably, head to large financial institutions with oh-so familiar names. Credit unions may only slip into your consciousness when applying for a car loan at the dealership or when you ride or drive past a local branch. But what you may not know is credit unions provide the same services as banks, and just may be the right fit for all your banking needs.

Here are five myths that lead many to stick with big banks:

Myth #1: Big banks are more convenient 

Credit unions in general, and SELCO Community Credit Union specifically, provide all the same services as big banks, including full-service digital banking, electronic bill pay, apps, and mobile wallets such as Apple Pay. And customer service is provided by people who live and work in your community, rather than outsourced to some far-flung call center.

Myth #2: Credit union ATMs are only local

With shared branching, our ATMs are just about everywhere. Members can access their money at 5,000+ credit union branches and more than 30,000 ATMs across the country and beyond, without the fees of big banks.

Myth #3: Credit unions can't handle all of my banking needs 

As a local not-for-profit financial institution, SELCO can offer the kind of personalized, community-oriented service that would be impossible at a national bank. Being an Oregon-based, member-owned credit union means that decisions are made right here in the state, not sent off to be reviewed by someone working at a desk in San Francisco, New York, or Chicago.

Myth #4: Membership is exclusive

By definition, credit unions are member-owned, and becoming a member-owner is more appealing than simply being another customer at a shareholder-directed bank. SELCO membership is not designed to be exclusive to a certain subset of lucky people. Becoming a member is as easy as living or working in one of the 27 Oregon counties SELCO serves, applying for membership, paying a one-time $5 processing fee and depositing a minimum of $5 (which represents one share in the credit union). And once a member joins, SELCO membership remains a lifelong benefit for the member and his or her family.

Myth #5: Big banks offer better rates

As a not-for-profit consumer collective, member-owners enjoy better loan terms, higher returns on deposits, lower fees, member resources, and more personal service. In other words, SELCO exists solely to serve its member-owners.

Let SELCO Community Credit Union become your financial partner. Begin your online application or contact us today.

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