4 Misconceptions About Credit Union to Clear Out!


There is no denying the fact that today many people are connecting to top nationalized banks and credit unions to manage mortgages, investments, insurances, credit cards, and many other options. From the different financial entities trending today, credit unions are known for having fewer fees range option than banks and for offering better rates on loans and credit cards. Being one of the most popular parts of the Canadian banking system, this entity is used to get cheque accounts, savings accounts, investments like guaranteed investment certificates (GICs), credit cards, mortgages, loans, lines of credit, and registered accounts like RRSPs and TFSAs. 

In this blog, let's discuss top misconceptions about credit unions that individuals often face. 


  • Credit Union Strictly Limit Eligibility 
Besides banks and credit unions, many credit options serve a specific group, which means there are rules on who can join. In some cases, eligibility is ruled upon on where you live, but some credit unions exist to serve professions, college alumni, or religious institutions.

  • Credit Unions have Fewer Locations 
You might not see a credit union in each street, and you definitely won’t see a credit union as the options of banks available. But limited locations may not mean as much one thinks of it in brief. 

  • Switching to a Credit Union is Difficult
Whether you’re thinking of looking out for one bank to another or making the ultimate decision of switching a credit union, the power of inertia can often keep you from moving.

  • They Don’t Offer Rewards Programs 
Whether they’re offering the perks of discounted hotels, cash-back rewards, or other credit options, banks have made good use of loyalty programs that keep their customers focused on earning points. They stand different from credit union firms. 

Wrapping Up

Hence, if you, as a user, are looking for more information on credit unions, banks, and other options-feel free to connect with RateShop.ca! Recognized by Canadian Mortgage Professional as one of the "Top Independent Brokerages in 2020"- you can get all connect with us for all quality information on mortgages, insurances, investments, and many others in Canada's top cities like Ottawa and Ontario. 

Location: Mississauga, ON, Canada

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