checking

6 misconceptions about credit unions

Checking » Credit Union » 6 Misconceptions About Credit Unions

Credit unions have fewer locations
Credit unions have fewer locations © Tyler Olson/Shutterstock.com

If you look around, you won't see a credit union on every corner, and you certainly won't see a credit union that has as many physical locations as the big banks. But limited locations may not mean as much as you think, Briotta says.

"A lot of credit unions partner to offer a shared banking network," she says. "That means there are more ATM locations than just the branch, and many of those locations are inside 7-Eleven stores, so getting cash is actually quite convenient, even if you're away from your branch."

Usually, credit union members can take advantage of a shared banking network without incurring fees, Briotta says. But they also can perform additional banking services through sister credit unions.

"It's part of the cooperative nature of a credit union," Briotta says. "Many credit unions will allow members of other credit unions to do their banking at their locations."

advertisement

Show Bankrate's community sharing policy
          Connect with us
REFINANCE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed refi 3.97%  0.07 4.04%
15 year fixed refi 3.14%  0.01 3.15%
10 year fixed refi 3.09%  0.06 3.15%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.65%  0.02 4.67%
50K FICO-based HELOC 4.02%  0.02 4.04%
100K FICO-based HELOC 3.87%  0.01 3.88%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.99% --0.00 2.99%
48 month used car loan 2.91% --0.00 2.91%
60 month new car loan 3.07%  0.01 3.06%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.99% --0.00 0.99%
2 Year CD 1.20% --0.00 1.20%
5 Year CD 1.82% --0.00 1.82%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.80% --0.00 15.80%
Cash Back Cards 16.44%  0.02 16.42%
Low Interest Cards 11.09% --0.00 11.09%
 
Next
advertisement

Blog

Polyana da Costa

Bullish jobs report bad for rates?

The employment report released this morning is great news for the economy but not so much for mortgage borrowers.  ... Read more

advertisement
Partner Center
advertisement

Connect with us