Credit unions have been around for more than a century, but there are still common misconceptions about these financial institutions. Simon Powley, chief revenue officer at Kitsap Credit Union, debunks some myths. Myth 1: Credit unions are just for certain groups of people “There are currently credit unions that do have membership requirements, such as organizations or something like that, but typically it’s a pretty broad membership base,” Powley said. Kitsap Credit Union members just have to live or work in Washington State, but if you move away to other parts of the country, you can still be a member. Myth 2: Credit unions aren't as high-tech or convenient as banks. Kitsap Credit Union offers the same digital features as big banks, like mobile banking, apps, live chats and online applications for auto and home loans. “Accessibility is on par with any financial institution,” Powley said. Members also have access to a distribution network of more than 30,000 ATMs around the U.S. Myth 3: Credit unions are small and can't offer as many services and protection. Both credit unions and banks offer a wide range of similar financial services. Credit unions typically offer checking, savings and auto and home loans, but typically at lower fees and interest rates compared to banks. “Credit unions are not for profit, so we really focus on our member and being able to service our members and giving back to our communities,” Powley said. Kitsap’s mission is to help the community thrive, so they also provide financial education to local high schools and online for adults and businesses. Myth 4: Switching to a credit union is too much hassle. “With today’s online tools and capabilities, you can open accounts and join as a member through various online channels very, very easily,” Powley said. Kitsap offers in-branch assistance, and the contact center is there to help 24 hours a day, 7 days a week, as well as live chat on the website. To learn more, visit the Kitsap Credit Union website or visit one of its 14 branch locations. Sponsored by Kitsap Credit Union Segment Producer Rebecca Perry. Watch New Day Northwest 11 a.m. weekdays on KING 5 and streaming live on KING5.com. Contact New Day.