Credit Union Facts and 8 Myths Destroyed

Credit unions typically take a different approach to doing banking. Here are some of the things you’ll notice are different when you do business with Power Financial Credit Union.

Members Not Customers

With us, you’re more than a customer. You’re a member and co-owner. Expect to be welcomed like you are a member of our family. We aim to build strong, lasting relationships with our members so we can grow together.
 

Dividends Not Interest

As a credit union member and co-owner, you don’t earn interest; you may earn dividend payments on your deposits. That’s because you’re earning an actual share of the profit made by the credit union you co-own.
 

Eligibility Criteria

To become a member you do need to meet certain credit union membership requirements. At Power Financial Credit Union, you need to be a resident or work or study in a number of South Florida counties, be employed by one of our select employee groups, or have an eligible person as a family member. Eligibility criteria are usually very broad, so be sure you ask your credit union if you qualify.
 

Establishing Account

You establish membership at Power Financial Credit Union by opening a savings account. These are sometimes called share accounts and remain open as long as you are a member.
 

You Have a Vote

As a member and co-owner, you also get to vote on who sits on your credit union’s board of directors. Every member gets one vote no matter how much money they might have in their accounts.
 

Credit Union Membership is Forever

Best of all, once you have established membership at a credit union, it lasts forever, even if you move, change jobs, or open accounts at other financial institutions. As local credit unions, we never forget where we came from. And we hope you won’t either.

Ready to become a member or want to find out more? Click below to get started.
 

Not everything you may have heard about credit unions is true. Below we take on 8 of the most common misconceptions about credit unions.

Myth No. 1: Credit Unions haven't been around long enough to be trusted.

TRUTH: Many credit unions have deep and long-lasting connections to their communities. At Power Financial Credit Union we’ve been serving members like family since 1951.
 

Myth No. 2: Credit unions are an old, outdated concept.

TRUTH: Power Financial Credit Union offers FREE high-quality financial tools to manage money and assistance from our knowledgeable staff.
 

Myth No. 3: You can't join more than one credit union.

TRUTH: Of course you can! Power Financial Credit Union wants to be your first stop, but we will never ask you to give up other relationships.
 

Myth No. 4: Credit Unions are open for only limited hours.

TRUTH: Power Financial Credit Union offers service during regular hours at locations throughout South Florida. You can also visit any shared branch or thousands of ATMs across the U.S. or access us via online banking or our highly rated mobile app.
 

Myth No. 5: Credit unions don't have rewards programs.

TRUTH: Power Financial Credit Union has rewards on our Signature Visa^® Credit Card, rewards for keeping us your first choice, and even rewards for your kids when they use our special savings accounts.
 

Myth No. 6: Switching from a bank to a credit union is difficult

TRUTH: In just a few minutes, you can switch to Power Financial Credit Union online, over the phone, or in person and link any accounts you want to keep—like your credit cards or mortgage(s).
 

Myth No. 7: Your money isn't as safe at a credit union.

TRUTH: Much like the Federal Deposit Insurance Corporation (FDIC) acts for banks, your deposits at a credit union are federally insured by the National Credit Union Administration, up to the same $250,000 limit.
 

Myth No. 8: Credit Unions Don’t Offer the Same Services as Banks.

TRUTH: Most larger credit unions like Power Financial Credit Union offer a full range of financial services similar to many banks, along with the personal service you won’t find at many commercial banks.
Want to experience the real difference between credit union myth and reality? Join today, or contact us to find out more.