Misconceptions of Joining REV

MISCONCEPTION #1: I don’t qualify for membership because credit unions are only open to certain employers and communities.

✔️ You CAN join REV! As member-owned financial cooperatives, credit union membership requirements were once limited to specific employers and communities. At REV, qualifying for a membership is much easier than many people realize.

There are multiple ways for you to meet the criteria for a REV membership. For starters, anyone who lives, works, worships, volunteers, or attends school in the following counties can join: Berkeley County (SC), Brunswick County (NC), Colleton County (SC), Columbus County (NC) Charleston County (SC), and Dorchester County (SC). You can also join if you are related to an existing REV member, among other eligibility requirements.

Why is a membership required, anyway? Easy! As part of our mission of putting people over profit, our members have voting rights and get a say in how we do things. Banking with traditional banks does not offer you the same rights.

Misconception #2: My money isn’t safe at REV.

✔️ Your deposits are absolutely safe at REV.

REV is held to the same standards and regulations as other financial institutions.

Your deposit accounts at REV are insured up to a cool $500,000. This level of coverage is the result of a combination of federal insurance through the National Credit Union Administration (NCUA) and private insurance that REV provides through Excess Share Insurance Corporation (ESI).

The NCUA’s standard share insurance is $250,000 per share owner, per insured credit union, for each account ownership category. Accounts exceeding the standard coverage provided by NCUA are also insured up to an additional $250,000 by ESI.

Here’s an example: if you have a regular savings account, checking account, and share certificate that collectively add up to $500,000, $250,000 of those funds will be insured by the NCUA, and the remaining $250,000 will be insured by ESI. The cherry on top is that REV provides this extra coverage, free of charge.

Misconception #3: REV does not offer the kind of modern banking experience that I need.

✔️ Credit unions have been known to not be as high-tech as the big banks and for some credit unions, this might be true. However, it is not true at REV.

REV is a digital-first financial institution, dedicated to delivering a modern banking experience to our members. Our intuitive and attractive banking platform houses advanced products and self-service tools, granting members the flexibility to bank on their own terms, anytime and anywhere. Whether you’re on-the-go or at home, our user-friendly digital tools make managing your finances easy and convenient.

The way people interact with their financial institution of choice has evolved and REV offers the same, if not a better, digital banking experience than other financial institutions. Visit our digital banking page to learn more.

Misconception #4: REV doesn’t offer competitive rates.

✔️ Our primary goal is to consistently offer highly competitive rates across all our products and offer rewards to new and existing members. The REV Rewards credit card offers 3% cash back on travel purchases, 2% on gas, groceries and dining, and 1% cash back on everything else. Our Premier checking account offers a 4% APY so you can get more of what’s yours.

As a not-for-profit, we operate to promote the financial well-being and resiliency of our members. Profits made are often returned back to members in the form of reduced account fees, higher savings rates, and lower loan rates. According to a 2022 report by the NCUA, five-year share certificates had an average national interest rate of 1%, compared to 0.74% for banks. The average interest rate on credit cards issued by credit unions were at 11.32%, compared to 12.35% at most banks.

APY – Annual Percentage Yield.