International Credit Union Day: The 4 Biggest Credit Union Myths

This October 19th, come celebrate the credit union movement and your membership with your local GEICO FCU branch. Our ten regional branch locations will have raffles and treats to show appreciation for our members and associates! Whether you’re near or far, we thank you for your membership with GEICO FCU and look forward to serving your financial needs for many years to come.

With the celebration right around the corner, we’d like to clear up the four biggest myths about credit unions.

1. They arent big enough.

There are big and small credit unions, but just like banks, your deposits at a credit union are insured by the federal government up to $250,000.

2. It will be hard to access my money.

As a member of GEICO FCU, you have access to a network of 55,000+ free ATMs through the Allpoint Network, making it easy for you to access your money anywhere. Another unique advantage of being a GEICO FCU member is the convenience of being able to access your funds at work from one of our 13 in-office branch/ATM locations.

3. I cant join.

You are eligible to join GEICO FCU if you are a current, former, contract or retired employee of GEICO Corporation and its subsidiaries, an employee of Banner Life Insurance Company or a family member of someone who meets these qualifications.

4. They dont offer as many perks as banks.

Credit unions offer the same financial products as banks—checking accounts, debit and credit cards, online banking, IRAs (individual retirement accounts), and home and auto loans—but because they’re not-for-profit, they often offer better rates than banks. As fellow GEICO associates, GEICO FCU staff understands the financial needs of GEICO team members and their families.