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Myths about Credit Unions - Debunked

If you’re already a valued PFCU member, you know of the benefits that a credit union has to offer. However, if you’re loyal to your bank or skeptical of joining, please allow us to address concerns that either you have had or what you’ve read about.

Myth: Credit Unions Don’t Offer Rewards Programs

Explanation: While banks offer rewards programs, there are often fees associated with them.

Truth: PFCU offers Purchase Rewards for qualifying purchases made with a debit card. The more that you use your card, the more offers you will receive and the more rewards you can earn.

Myth: There aren’t enough Branch Locations or ATMs near me.

Explanation: You can open a PFCU account online and access your account 24/7 through online banking and our mobile app. PFCU belongs to a network of surcharge-free ATMs.

Truth: You can find a convenient branch location here and our ATM and debit cards are accepted almost anywhere.

Myth: Credit Unions are difficult to join

Explanation: Some types of credit unions that serve specific employers may be difficult to join, but others, like PFCU aim to serve a geographic location. If you live, work, worship, study or do business in Philadelphia or Columbia Counties, you can open an account.

Truth: Most PFCU accounts do not require fees. Join PFCU now.

Myth: The FDIC does not insure credit union deposits and are limited as to the types of accounts they offer.

Explanation: It’s true that banks typically offer $250,000 of FDIC coverage per customer and that credit unions have a similar governing body, the National Credit Union Administration (NCUA) which offers the same coverage. Additionally, PFCU offers our members an additional $250,000 of coverage through Excess Share Insurance (ESI).

Truth: Review the types of accounts you can open with us here.

Myth: I can’t tell if credit unions are advanced in their technology, I rarely see advertisements for their apps or online banking.

Explanation: PFCU offers online and mobile banking that includes digital wallets and a variety of eServices.

Truth: Check out our Mobile Banking app, Digital Wallet and eServices.

"In straying from the traditional life path, I've always had to be strategic with my finances so I happily welcomed a meeting with Erin, a money expert at PFCU. Aside from learning about her life story, I gained an understanding of the local roots of PFCU, learned that it's the institution of choice of some of the people with whom I've previously met and also became genuinely interested in their Kasasa cash back checking accounts! I'd recommend checking them out for anyone in the Philly area looking to build their savings!"

ROB - Robs10kFriends.com