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What are the differences between Oregon banks and credit unions?
 What are the differences between Oregon banks and credit unions?
When thinking of Oregon several images come to mind: the magnificent scenery, the untamed wildlife and the sheer will-power of the men and women who made their home in this place all those years ago. But developing from the frontier days settlements to the modern-day cities we see today required some help.

What are the differences between Oregon banks and credit unions?

When thinking of Oregon several images come to mind: the magnificent scenery, the untamed wildlife and the sheer will-power of the men and women who made their home in this place all those years ago. But developing from the frontier days settlements to the modern-day cities we see today required some help. This means that not only did the local landscape had to change, but the financial landscape did too. One such promoter of financial evolution was the banks Oregon that the town has had since the mid-19th century. The other establishment was the Oregon credit union. Both of these two have proven indispensable to the rise of communities and the establishing of a more concrete economy.

How it all got started

One might think that the banks Oregon have been there since the days of the settlers. Well, that’s kind of the case. The first bank that came to Portland did so in 1867, while Oregon became part of the Union a mere 8 years before, in 1859. It was called the Ladd & Tilton Bank, and it operated until 1925 when it was bought by the United States National Bank. With 46 banks Oregon, the city serves it’s over 4 million citizens every day.

When talking about the first Oregon credit union things didn’t go so smoothly. Firstly, the credit union appeared in the beaver state a little later than in the rest of the United States. That was, at that time, mostly due to the scarce population of the state, the mostly seasonal and cyclical branches of the states’ economy and the legislative void in this area. Due to these, and other factors, in 1931 Oregon had 4 credit unions out of a total 1.244 in the entire United States. But today, with better rates on deposits and money markets, an Oregon credit union, like most in the country is a suitable alternative to restrictive and rigid normal bank policies.

Credit unions vs. banks

Credit unions are in fact small financial services providers designed to serve a certain group or industry branch or even a region. Although small in structure, they do have a certain reach, which is comparable with big banks. Many unions are part of an ATM network, meaning that they can expand their reach to a much larger segment of the population.

Another difference between credit unions and banks is the fact that credit unions are non-profit organizations. Because of that they are exempt from paying corporate income tax. That also means that a credit union, although making enough to cover daily operations, can save its members money through lower fees for services, higher savings rates and lower borrowing rates.

Credit unions have proven to be ideal for people looking for financial aid but not wanting to deal with banks and their policies. Over the years credit unions have helped strengthen working-class members and small business owners and have revitalized segments of the industry that without help would have surely disappeared.

A major difference between the two is that in order to have access to a credit union’s services you must firstly become a member. Traditionally members of a credit union needed to work together in the same place, or at least industry, or live in the same town or go to the same church. In more recent years the terms of membership have loosened and becoming a member has been made easier. Becoming a member in a credit union is as easy as opening an account with them and depositing a nominal amount of money. By doing so, you become a partner in that union and get to vote in determining the board of directors and other affairs of the union.

Both banks and credit unions are viable options depending on what you are looking for. The most important thing to do before choosing one or the other is to do your research regarding each one and try to understand what the best choice for you is. If you have doubts about one of them you can check them by going online and researching or by asking people that have already done business with them. You can even go right to them and ask for information. The important thing is to not rush into any decision and try to avoid being taken in by flashy ads or temporary offers.

Resource Box: Before choosing between  Oregon credit union or  banks oregon  make sure you do your research and come to an informed decision.