Credit Union Myths and Facts

Credit Union Myths and Facts
December 15, 2022 Ridgedale Marketing

How much do you know about Credit Unions?

Test yourself on these 9 myths.


Myth #1: You must meet strict eligibility requirements.

Fact: While credit unions do require that members meet certain requirements to satisfy a common bond, many of these are broad, and few of them truly limit membership.

Joining Ridgedale FCU is a lot easier than you may think! If you work at Novartis Pharmaceuticals or any Novartis Corporation, any NAHRS Payroll System, North America Human Resources Services, Sandoz Pharmaceuticals, Fougera Pharmaceuticals, Navigate BioPharma Services, Ciba Vision Corporation, Ciba Specialty Chemicals, Robertson Microlit Laboratories, Exlax, or any Field Force Employees – or – if you’re a family member of a current member, you’re invited to join. How much does it cost to join? There is no fee! Simply open your savings account with a minimum $5 deposit. As long as your $5 stays on deposit, you’re eligible to benefit from any Credit Union service.


Myth #2: Getting to an ATM is difficult because my branch isn’t nearby.

Fact: Availability is not an issue. We have over 55,000 FREE ATM machines worldwide. Download the AllPoint app to your mobile device to easily search for a FREE ATM.  Look for the image below in your app store.

Myth #3: Getting to the branch for a transaction is difficult because my branch is not nearby.

Fact: You can deposit checks up to $5,000 per day via our mobile app. PLUS, we are a member of the CO-OP Network with over 5,000 branches nationwide. You can transact most of your banking in any of these branches.

Download the Co-Op app to easily search for a branch wherever you are. Or text a zip code to 91989.

Co-Op Network logo

Myth #4: Changing my banking from a traditional bank to a credit union will be a hassle.

Fact: Credit unions offer the same services as banks, including automatic bill payments, direct deposit, mobile deposits and more. Most services will transition easily and go uninterrupted.


Myth #5: With all the fancy advertising, banks must have more money than credit unions.

Fact: While this may be true, it’s because credit unions are not-for-profit organizations. Rather than spending too much money on advertising and marketing, credit unions rely on grass roots marketing and word-of-mouth. The money saved is rolled back into services for members or distributed back to members as dividends.


Myth #6: Credit unions don’t offer reward programs.

Fact: We offer reward programs on credit and debit cards.

Ridgedale FCU offers Visa Rewards Debit and Credit Cards. Every purchase earns points, which can be used for a variety of services, merchandise, experiences and can even be turned into cash.  To apply for our Visa Credit Card, CLICK HERE.

Ridgedale FCU also offers exclusive benefits and discounts through our partners.

  • Love My Credit Union Rewards. Click here to learn about the 15+ products and services available to you with special discounts.
  • Credit Union Travel Club site exclusively for our members, unlocking real savings on hotel stays! Click here to sign up and search for hotels.
  • TruStage Program, you can save big on auto and home insurance. Click here to find out how easy it is to save.


Myth #7: Credit unions are just like banks.

Fact: Credit unions are not just like banks. Members own a piece of the organization and own a vote in determining how the credit union is managed. Since Credit Unions are not-for-profit, they return all earnings back to members through lower fees, lower loan rates and dividends.


Myth #8: Credit unions are not regulated.

Fact: Credit unions are held to the same laws and regulations as banks! In fact, credit unions face more restrictions on the investments and loans they make.

We are federally insured by the NCUA – this guarantees that you’ll receive the money you’re entitled to from your deposit account if your credit union goes under, up to $250,000 per account.


Myth #9: Credit unions are good places to save money, but that’s about it.

Fact: Credit unions offer consumer loans, debit and credit card services, online banking and bill pay, Zelle, checking accounts, retirement investments, mortgages, car loans and more. They are a great place to take care of all your banking needs.