Sep 29, 2017

Credit Union Myths Busted

credit union myths

The 4 Biggest Credit Union Myths

With International Credit Union Day right around the corner, we’d like to clear up the four biggest myths about credit unions.

1. They aren’t big enough.

There are big and small credit unions, but just like banks, your deposits at a credit union are typically insured by the federal government up to $250,000 through the NCUA. 

2. It will be hard to access my money.

Many credit unions have access to a network shared branching locations, making it easy for you to access your money almost anywhere. Hughes is proud to be a part of the large CO-OP network, which includes 30,000 surcharge-free ATMs, and 5,000 shared branch locations.

3. I can’t join.

Anybody can join a credit union. At Hughes there are multiple ways you can qualify as a member, such as living, working, worshiping, or attending school in Tucson. If these four qualities don't apply you might belong to one of dozens of employer groups or have a family member who banks with us. Still no? That's okay. By making a small donation to one of the community Special Interests Groups that we support you are eligible to join Hughes.

4. They don’t offer as many perks as banks.

Credit unions offer many of the same financial products as banks—checking accounts, debit and credit cards, online banking, IRAs (individual retirement accounts), and home and auto loans—but because they’re not-for-profit, they often offer better rates and benefits! Hughes is proud to offer multiple benefits for members, such as our one low rate loan car loan, 24-hour surcharge-free ATMS, free mobile banking, retirement and investment planning, free credit score enhancement services, and much more! 

Are you thinking about making the switch to Hughes? Stop by one of our seven convenient branches or apply online today!