Credit Union Myths Are Just That

Part Two of Credit Union Myths is an eye-opener to find out the facts and get beyond the misconceptions that some people buy into. Here at First Basin Credit Union, we feel good about the 50-plus years we’ve been in business supporting our members in the Permian Basin. It’s given us plenty of time to get it right.

Myth #3   Credit unions are profit driven just like banks
This is a misconception for sure. The sole purpose for a credit union’s existence means that it has their members’ well-being at heart and not the bottom line of the institution. Big banks, on the other hand, are there to turn a profit and do the crunching to meet their numbers.

Myth #4   No Consumer Outreach

While big name banks spend big budgets on slick ad campaigns, the fact is that Credit Unions also do their fair share of advertising. But because credit unions are member-owned instead of spending lots of money on ads, the profits are rolled back into the institution to make loans cheaper. Local credit unions rely heavily on local community partnerships, referrals and word of mouth. More advertising doesn’t equate to better service. Strong community involvement and support has mutually beneficial rewards for credit unions and local consumers.

Myth #5   No Rewards Program

Credit unions have long recognized the need to reward their loyal members/customers and have partnered with valuable programs that further support and enhance the credit union philosophy of member first! Overall, the benefits of doing business with a credit union are far more advantageous to consumers in the form of better rates on loans, deposit accounts and lower fees.

First Basin Credit Union has a popular Extra Rewards Program, as well as a program for members to purchase Discount Tickets for Six Flags and other family entertainment venues.