Credit union misconceptions are a byproduct of the growth that credit unions have been experiencing over the past ten or so years. It’s essential to separate credit union facts from fiction to ensure that you don’t miss out on any of the benefits that these organizations have to offer.
Trade credit myths for credit union facts with the information below.
Myth #1: It’s Difficult to Become a Credit Union Member
Did you know that most people are eligible for credit union membership?
A field of membership is the common bond that links a credit union with its constituents. Some credit unions are more strict with their common bond requirements than others. Examples of credit union common bonds are professions, geographic locations, or something as simple as a close relationship with another qualifying member. TPFCU allows you to qualify for membership if you have a family member that has an account with us.
Are you uncertain whether or not you qualify for membership at The People’s Federal Credit Union (TPFCU)? Our organization is here to serve every citizen that resides in, works, or worships in Canyon, Childress, Deaf Smith County, Hereford, and sections of Amarillo.
Do you work for or have retired from a company we assist? If your answer is “yes,” TPFCU union is ready to say “yes” to your membership request.
Contact or visit TPFCU’s Amarillo, Texas locations to learn more about our field of membership and the benefits of becoming a member. TPFCU offers service to as many potential members as possible. Once you become a member, you’re a member for life.
Myth #2: Credit Unions Are Exempt from Taxes
Credit unions aren’t completely exempt from taxes in that they pay local, property, and employer taxes—but not federal.
You may be interested to hear more about what credit unions do with the money they save from not paying federal taxes. Credit unions take earnings and invest that money back into their organization and community so you can enjoy lower fees, reduced rates, and yield more positive results.
When TPFCU makes a profit, we give that money back to our members through lower loan rates and higher dividend rates than banks while improving Amarillo, Texas through local charitable contributions and volunteer work.
Myth #3: Credit Union ATMs Aren’t Accessible Enough
It’s true that credit unions are going to have fewer locations than large bank corporations, but this doesn’t imply that credit unions lack general accessibility. Credit unions’ member-focused philosophy translates to multiple convenient locations and a wide selection of ATMs that can come from institution partnering that forms a larger banking network.
Finding TPFCU ATM locations in and around Amarillo, Texas is seamless, thanks to our site’s Amarillo ATM locations directory that includes no-surcharge ATMs. We currently offer 21 Amarillo area ATMs and no-surcharge ATMs to choose from that are part of our larger, nationwide 40,000 ATM network.
Don’t feel like hopping on our website to find one of our ATM locations? No problem. TPFCU’s mobile Owner App helps you pinpoint accessible ATMs from your smartphone.
Check out our ATM safety tips before visiting one of our many Amarillo, Texas-area ATMs.
Myth #4: Credit Unions Are Behind Technologically
Sure, banks may have larger technology budgets than credit unions, but credit unions are able to offer the same types of e-services that make banks attractive in the first place. TPFCU’s e-services extend beyond our aforementioned Apple App Store or Google Pay Owner’s Mobile App, including long-lasting e-statements that are accessible for up to six months, a debit card control app, and remote deposit.
CardValet is a cost-free app that allows you to command your ownership of a debit card from TPFCU from the convenience of your smartphone.
You can use CardValet to:
- Activate and deactivate your debit card.
- Set spending limits.
- Establish controls for merchant categories and locations.
- Receive alerts for your settings and card usage.
- Access real-time account balances.
- Remain on top of fraud notifications.
You can be right down the street from us or across the world, and you’ll still be able to access your accounts through TPFCU online and mobile banking products.
Remote deposits aren’t limited to big-name banks. TPFCU allows you to deposit checks on your smartphone in a few quick steps via TPFCU’s Owner mobile app.
Myth #5: Credit Unions Don’t Offer Rewards
Bank perk and loyalty programs advertise freedom but are designed to keep you from exiting their organization. Credit unions are well known for their lower rates, reduced fees, or total fee exemption on essential banking products and services.
There are no minimum balance or service charges for checking accounts with TPFCU. You only need $1 to maintain a checking account with us. Keep your checking account open at TPFCU, and you’ll benefit from no annual fees, zero withdrawal fees, and no check fees—all while earning interest and quarterly dividends.
TPFCU checking accounts pay a 0.01% quarterly dividend that mirrors a cash reward program that you’d find at a bank. Complementing these quarterly dividends is an annual percentage yield (APY) of 0.01% and compounding interest amounts.
Open up a savings account at TPFCU to receive:
- Competitive interest rates
- Quarterly dividends on your deposits
- No monthly fees
- Overdraft protection
- Option to close anytime
- Access to types of savings accounts
Certificate of deposit rates at TPFCU are competitive with tiered dividend rates, and TPFCU loans come with lower interest rates.
The rewards mentioned above display TPFCU’s desire to help our community pursue and accomplish their financial goals—no matter the income level. Banks are more focused on making money than offering services that help you move forward financially.
Credit unions are committed to assisting neglected populations through practically priced and flexible financial solutions—a line of accessibility that was a result of President Roosevelt signing 1934’s Federal Credit Union Act. This historic act was enacted to remedy the economic downturn of the Great Depression by organizing credit unions across the U.S.
Even if you’re a member of a bank and not a credit union, you can thank credit unions for their contribution in keeping bank fees in check by acting as competition.
Myth #6: Credit Unions Are Controlled by Shareholders
Become a member of TPFCU, and you’ll gain partial ownership of our credit union as a whole. In contrast, banks run on shareholder ownership. You can view your share of ownership at TPFCU at any time and participate by becoming a member of the board of directors or our supervisory committee.
Myth #7: Credit Unions Aren’t Insured
All credit unions are insured, and most credit unions insure themselves through the National Credit Union Association that’s near or equals the Federal Deposit Insurance Corporation’s financial coverage.
You can rest assured that TPFCU is insured since the word “federal” is part of our name. Credit unions that don’t list the word “federal” in their name may have state-chartered insurance, private insurance, or both.
Fact: TPFCU Is Here to Help You Succeed Financially
TPFCU offers big-name bank essentials and more as trust and peak member satisfaction make up the energy our organization thrives on. We’re a nonprofit institution owned by our members and federally chartered so that we can become your primary financial management resource.
Our credit union was federally chartered in 1953 as the Amarillo Pantex Credit Union, and we opened our first TPFCU branch location in Amarillo in 1973. We’ve gone on to serve over 23,000 members with our five branches that exist in Amarillo, Childress, and Canyon—and there’s plenty of room for you to join.
Our Amarillo-based organization is well organized with a five-person supervisory committee elected by our board of directors. This supervisory committee within TPFCU helps oversee our affairs, audit our books, deliver reports to our board of directors, and supply our valued members with an annual report.
The ideal financial management experience is within arm’s reach. Break the overarching myth that credit unions don’t offer the same level of services as banks by contacting TPFCU at 806-359-8571 or by visiting one of our five branch locations. We’re happy to help you learn more about our checking and savings accounts, certificate of deposit rates, loans, and other services that include notary assistance, safe deposit boxes, and much more.
