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OE Federal Credit Union is just one of the 55,000 credit unions across the globe that serve 93 million members in 84 different countries. But how much do you really know about credit unions?

We’re here to bust some of the myths that you’ve heard!

>> Myth #1

There are more banks than there are credit unions.

Fact: There are three times as many minority-designated credit unions as big banks.

>> Myth #2

Credit unions don’t offer free checking.

Fact: 82% of large credit unions offer free checking, while only 38% of big banks do the same.

>> Myth #3

Credit Unions are for profit.

Fact: Credit unions put an average of $16 billion per year into the pockets of Americans.

>> Myth #4

Credit unions don’t offer the same services as the big banks.

Fact: Credit unions offer almost all of the same services as the big banks and are among the highest-rated services evaluated by Consumer Reports.

>> Myth #5

Credit unions support big businesses more than small businesses.

Fact: Credit unions support both big and small businesses and have grown loans to small businesses since the financial crisis when banks showed negative or minimal growth.

 

 

 

*Thanks to CUInsight providing the information to helping bust some of these myths.