Post the financial crisis in 2008, people have become a little apprehensive in keeping their money in banks. They have been looking for places similar to banks in Portland Oregon where they would be able to avail all facilities which are provided by a bank like accept deposits and provide loan for their personal or business requirements. Oregon credit union is the most popular and widely accepted alternative to banks. Though the services rendered by a credit union and bank are quite similar, there are some major differences in operational level.

The first major difference between banks in Portland Oregon and Oregon credit union is in their history. Historically, credit unions were established as cooperatives which meant the people who used to keep their money in credit unions were responsible for managing the money too. Hence, in a credit union, you are treated as a member as opposed to a customer as in case of banks. As a member, one has the right to vote and elect the board of directors. Being a member often means better service and personal connection as compared to big banks. However, if the service level is compared to any small local banks then it is almost at the same level.

Another difference, more important for a small customer, is the charges for the services. “An Oregon credit union is a non-profit organization and doesn’t need to pay quarterly dividend to stockholders as in the case of banks in Portland Oregon. This swings the cost structure favorably towards the credit union members. Also, banks need to maintain employees to manage funds and service customers and this surely increases the operational costs for them. But for credit unions, the cost is kept to a minimum. Also, as the credit unions are non-profit organizations, they pass on the benefit of excess earnings by way of offering lower interest rates and better financial products.

National Credit Union Administration (NCUA) is the governing body for Oregon credit union which sets the guidelines and also insures funds in the unions. In case of opening an account, credit unions are bit exclusive when compared to banks in Portland Oregon. You need to be a member of a specific groups or an employee of a particular company to become eligible for opening an account in credit unions. However, the eligibility guidelines are quite broad and a large group of people qualify. Also, in case you don’t belong to those specific groups you may pay a small donation to specific charitable organizations and become eligible.

In case you would like opt for Oregon credit union over banks in Portland Oregon, please search the Internet to see the list of credit unions providing services in your locality. Also, check their credibility, number of years in business and most importantly whether they are insured by NCUA. You can also check some of the comparison sites to check pros and cons of each of them. In case you are tech savvy, please also check whether they provide facility of online and mobile banking.
Oregon credit union ( https://www.onpointcu.com/ ) offers services at a lesser cost than ( https://www.onpointcu.com/ ) banks in Portland Oregon .