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The Truth About Common Credit Union Myths Brought To You By Purdue Federal Credit Union


Purdue Federal Credit Union currently serves more than 77,000 members nationwide. From its beginnings in 1969, it’s proven to be an asset to its members, providing a multitude of products at competitive rates.

While Purdue Federal Credit Union is providing superior service and options to their members, a wealth of misconceptions keep many people from joining their local credit union. Take a look at some of the most common misunderstandings and make sure your facts are straight!

When you join a credit union, you can only do banking at their branches, which have limited locations.

Not true! Credit unions like Purdue Federal Credit Union may not have nationwide branches of their own, but most take part in a co-op banking network. This allows members to do their banking at other credit unions when needed, without incurring additional fees. In fact, there are more than 5,000 branches across the country where you can access your Purdue Federal account!

Credit unions have fewer online banking options.

Most credit unions have latched onto technology just like larger banks and have a full suite of online banking options. Purdue Federal Credit Union offers online bill pay, online check writing, paperless statements and loan applications, electronic alerts and funds transfers, instant credit card point redemption, and person-to-person payments! They even have a free mobile app with mobile check deposit that puts them right on par with larger banks.

Joining a credit union is difficult or selective.

Many credit unions serve specific populations or geographic areas, but by looking over their membership requirements, it’s easy to see if you qualify! Many are built to serve residents of the community they are located in and have no additional requirements outside of the small fee to join. Anyone who lives, works, worships, or volunteers in La Porte County is eligible for membership with Purdue Federal Credit Union!

Credit unions don’t offer rewards programs.

Sure they do! Many credit unions offer rewards programs that members can take advantage of.  Cash Rewards, a way to redeem rewards points earned from their Visa credit card as a cash deposit into a savings account, or as a gift to the Purdue Alumni Association, is a part of My Member Perks, Purdue Federal's membership rewards program. This robust rewards program also includes perks such as a free checking account with a monthly debit perk, rate discounts on loans, and more! Since the program rolled out in 2013, Purdue Federal Credit Union has given more than $21 million back to members through the My Member Perks program!

Credit unions aren’t as safe as large banks.

As long as the credit union you use is federally insured, they’re just as safe as a traditional bank! Purdue Federal Credit Union is federally insured through the National Credit Union Association, meaning their deposits are safe and sound!

To learn more about Purdue Federal Credit Union and their services, visit: https://www.purduefed.com/

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