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6 misconceptions about credit unions

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Some still hesitate to join credit unions
Some still hesitate to join credit unions © IMAGENFX/Shutterstock.com

You've probably heard that credit unions have lower fees than banks and offer better rates on loans and credit cards. But while the financial incentives for joining a credit union have been well-documented, membership isn't growing as fast as you might think.

"A lot of people know about credit unions, but their advantages aren't always top of mind," says Patty Briotta, spokeswoman for the National Association of Federal Credit Unions in Washington, D.C. "Oftentimes, people don't look into credit unions until they're shopping for a particular product like a mortgage or a car loan, or when they move and need a new financial institution."

Since 2004, credit union membership has grown from 83 million to almost 95 million members in 2013. That's a good sign, Briotta says. But many consumers still hesitate to join credit unions, often for reasons that may not make much sense. Here are a few of them.

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