Credit unions come to the ND State Fair to dispel myths
The Credit Union Association of the Dakotas (CUAD) “CU on the Road” tour, will be the ND State Fair at Gate C on Tuesday July, 24. CU on the Road is a grass roots awareness campaign being conducted by the Association across the Dakotas.
CUAD’s Robbie Thompson and Kristie Heit will be on location in Minot, where they will have the CU on the Road vehicle filled with balloons – and having people guess how many there are for a chance to win $100. They will also have information on credit unions, and be available to answer any questions.
“There are so many myths surrounding credit unions,” stated Robbie Thompson, CUADs President and CEO “being able to talk with people face to face and answer questions is a great way to dispel many of these myths.”
What is a Credit Union?
A credit union is a member-owned, financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, while providing loans at competitive rates, and providing financial services to its members.
Common Credit Union Myths
Myth: Credit unions have too many membership restrictions, making it difficult to join.
Fact: While legal statutes do require that credit unions maintain some level of “membership commonality,” it
is easy to find a credit union that you can join. Many credit unions today have broad fields of membership that
can be as simple as where you live, work, worship, or attend school within a specific geographical region.
There is a credit union that you can join closer to you than you think!
Myth: Credit unions don’t have all of the services that banks offer.
Fact: Credit unions are full service financial institutions that provide the entire gamut of financial products
and services – loans, checking, savings, investments, and electronic services such as online banking, bill
payments, ATMs, debit cards, and mobile services.
Myth: Credit unions are not as convenient as banks.
Fact: Credit unions are more convenient than ever. Through a network of thousands of credit unions,
members are able to conduct business easily, wherever they are. Credit union members can have ATM
cards linked to a network that eliminates surcharge fees. These ATMs are in convenient locations across the
Dakotas, and across the country. Many credit unions offer ATM cards with access to networks that provide
over 800,000 ATMs nationwide.
Myth: Credit unions charge a fee to join.
Fact: In general, credit unions do not charge a “fee” to join. It is true that many credit unions require new members to
provide a minimum deposit to join, but this is far from a “fee.” The minimum deposit is often as low as $5, and
should the account be closed, 100 percent of funds are returned.
Check us out at Gate C at the North Dakota State Fair July 24!