So you think you know credit unions?

Most Americans don't know that credit unions can be a great financial partner. One of the best reasons to choose a credit union is to save money as they generally charge lower fees, pay better interest rates, and charge lower rates on loans and credit cards than traditional banks.

According to a study by WalletHub, the average checking account at a national bank will come with $74 in fees over a year, while the average at credit unions is just $22*.

So why don't more take advantage of credit unions? Many have never even heard of a credit union. Some consider them old school, a place where a parent or grandparent went for an auto loan. Others think they can't join, or believe credit unions don't offer the products and digital services for how manage money today.

Let's take a look at some of questions and misconceptions consumers have:

Credit unions only offer savings and loans.

Credit unions are infamous for their low auto loan rates, but over the years have added the same products that banks offer to their lineup of services, including mortgages, checking, credit and debit cards, and financial services.

What's all this talk about "joining?" I don't want to get stuck in a membership.

Joining a credit union is not like joining a health club. "Joining" just means opening a savings account, which makes you a member, or owner of the credit union. Credit unions are not-for-profit, and since they owned by their members, business decisions like fees, rates, and new products, are made with the member's best interest in mind.

Banks, on the other hand, are for profit institutions owned by their stockholders, usually putting their own interests first.

I don't think I am eligible to join.

Today, credit unions are open to a wide range of memberships: community based, affiliated with an employee group, church or schools, or military service. More people today than ever before can join.

I won't be able to bank on my smartphone.

You may not find all the bells and whistles, but the digital banking services most people use today can be found at credit unions, including mobile apps, mobile check deposit, bill pay, person-to-person transfers and online account opening.

Accessing my money may be hard.

It's true a credit union may have fewer branches than a bank, but many participate in a unique set up that offers members a nationwide ATM and branch network.

CO-OP Shared Branches are credit union locations where customers from other credit unions can conduct banking business.

So, for instance, if you have an account at your local credit union, you can visit any participating branch nationwide for in-person teller services like withdrawals, deposits, and payments.

This extends to ATMs as well with surcharge-free access to almost 30,000 ATMS at credit union branches, convenience stores, and other locations.

Business owners are out of luck.

Surprise. Many credit unions have been helping business owners for years grow their inventory, purchase real estate, start new construction, support remodeling projects, and more.

Credit unions are generally smaller than a commercial bank, so may not be ideal for large corporations.

But for small to medium size businesses interested in the same personal, one-on-one service members receive, a credit union can be a trusted partner to help with both cash management services and commercial loans.

Is my money safe?

It's always a good idea to check and see if your financial institution is insured, whether it's a bank, a credit union, or an online-only bank. Investing in a credit union carries the same amount of protection as investing in an FDIC backed bank. Funds are insured up to at least $250,000 by the National Credit Union Administration (NCUA). Just look for their logo.

So you can see that the credit union industry is alive and well and ready to serve consumers into the future.

Recognized again this year as a Best-in-State Credit Union by Forbes, Consumers Credit Union is available to everyone nationwide and offers ten Service Centers throughout the Northwest and Northern suburbs.

Accounts can be opened online and be fully managed via convenient digital channels. Or, you can check out other credit unions in your community at mycreditunion.gov.

• Sean Rathjen is president of Consumers Credit Union, based in Gurnee.

*WalletHub study: https://wallethub.com/edu/banking-landscape-report/1629/