News & Tips

Credit unions tend to fly under the radar, leading to many misconceptions about their services and benefits. As member-owned financial institutions, credit unions provide a unique alternative to traditional banks, but some people hesitate to join due to these widespread myths.

Space Coast Credit Union (SCCU) is the third-largest credit union in Florida and serves over 600,000 members. SCCU membership brings not only access to financial services but also dedicated service from our Team Members, who strive to create connections with our members. We’re committed to providing comprehensive financial services and protection to our membership. 

Let’s set the record straight on the most common myths about credit unions and more about the benefits of being a member at SCCU.

Myth 1: Credit unions are just for certain individuals - FALSE

A common myth is credit unions only serve specific groups, like employees of a particular company or residents of a particular area. While it’s true that many credit unions have membership requirements, many have broadened their eligibility criteria. 

Many now allow anyone who lives or works in a certain community to join. At SCCU, you can become a member if you’re a relative of a current SCCU member or if you live or work in one of the counties we serve, making membership even more accessible. 

Myth 2: Credit unions don’t offer as much as big banks - FALSE

Some people believe that credit unions don’t offer the same range of services as traditional banks. In reality, many credit unions provide a comprehensive suite of financial products, including checking and savings accounts, home loans, home equity loans, auto loans, personal loans, small business services, and credit cards—all of which SCCU offers!

SCCU provides cost-effective, convenient products and services to help members achieve their financial goals with our profits being returned to our members through better rates, lower fees, and enhanced services. We even offer a Hero Loan program, with special rate discounts on home and auto loans. 

Learn more about all the products and services we offer here.

Myth 3: Credit unions are not secure - FALSE

Another myth is that credit unions are not as secure as banks. All federally chartered credit unions and most state-charted credit unions, such as SCCU, are insured by the National Credit Union Administration (NCUA), a U.S. government agency similar to the Federal Deposit Insurance Corporation (FDIC). This means your deposits are protected up to $250,000 per depositor to ensure your money is safe. 

We pride ourselves on being our Members’ Watchdog. SCCU protects our members and their financial interests to help them achieve their financial goals. We offer 2Way Text Fraud Alerts, Visa® Zero Liability Protection⁴³, and digital wallet payment options, to name a few. Learn more on our Fraud Prevention Center page.

Plus, with Manage Cards, available in Online & Mobile Banking, you can turn your cards “on” or “off,” get real-time alerts on card transactions, change your PIN, and more. 

Myth 4: Credit Unions have limited technology - FALSE

Some people assume that credit unions lag behind banks in terms of technology. However, many credit unions are investing heavily in technology to enhance the member experience, including SCCU. 

From mobile banking apps to online loan and account applications, many credit unions offer modern tools that make managing your finances easy and convenient. 

SCCU recently a new Online & Mobile Banking platform to enhance its capabilities and better serve our membership digitally.

Myth 5: Credit unions don’t offer as much ATM/branch access – FALSE

Many people are concerned that they will have limited branch and ATM access if they join a credit union. SCCU offers more than 60 branches and ATMs throughout Florida and Online & Mobile Banking access. But what about nationwide? Many credit unions, including SCCU, are part of a Co-Op Shared Branching network that has over 5,600 branches, so you’ll still have direct and convenient access to your money at other participating credit unions in all 50 states. 

Plus, SCCU members have access to over 20,000 fee-free Allpoint ATMs nationwide!

More about Space Coast Credit Union

Whereas banks go after earning profits for their stockholders, SCCU is a not-for-profit institution that exists to serve our member-owners. We’re committed to giving back to our neighbors and communities with charitable donations, sponsorships, and volunteering. Learn more about our community involvement here. 

Not sure where to start on making the move to SCCU? We got you! We offer a Switch Kit with step-by-step instructions to make for a simpler and hassle-free process. The best part is you can apply online from the comfort of your home! We’re happy to help answer any questions and offer guidance along the way. 

If you’re interested in learning more about how SCCU can help you achieve your financial goals, get in touch with us here.