There are several activating within the industry these days, including banks in Portland Oregon and some of the best credit unions in Oregon. There are differences among the two mentioned, in terms of convenience, fees and rates, customer service level, safety, and such. Knowing as much as possible about both helps make the final call.
Why Banks in Portland Oregon
When you think about banks in Portland Oregon, you certainly point out their range of ATMs, numerous branches across the country, access to applications and technology, but also their high fees, lack of quality customer service. These are some points worth considering when deciding upon the financial institution. What matters the most to you? Do you prefer to have access to ATMs or want to benefit from lower fees and better interest rates?
Banks are owned by investors and their aim is to make profits. They need to please shareholders and this is why they practice high fees and rates. On the other hand, credit unions are non-profit and they are owned by members. There is no need to make a profit, but in case they do, members take advantage of great features, such as higher interest rates on savings accounts and lower rates on loans, lower fees, and such. Not to mention they strive to help and develop the community and have a lot of charity programs.
What Are the Best Credit Unions in Oregon?
Just like other institutions out there, one can find different credit unions, some more developed than others. The best credit unions in Oregon are well-established, have a significant number of members, excellent customer services, diverse products/services and access to technology. Anyone can open an account at a bank, but to become a member of a union, one must meet certain criteria. Membership is given to people living in a certain area, work, study or worship at a given place or have family members that are already registered.
Voting rights are given to members, and they take part in meetings, vote on policies and know what is going on inside the institution. As for the range of products and services, unions have become highly developed and offer the same ones as found in other organizations. For example, members obtain credit/debit cards, open checking and savings accounts, get loans, benefit from investment products, and more. It all depends on where you look and the chosen union.
More and more people are in need of a loan, for personal use, to purchase a car, house, for study, to open or expand a business. It is recommended to check both unions and banks in Portland Oregon and find what interest rates are applied. In general, unions have the lower rates on loans and the highest ones on savings accounts. This means that in the end, you pay less for the loan and in case you plan to make a deposit and save money, you will increase the initial amount. These are very important factors and worth evaluating before applying for any loan type. Not to mention that unions are more flexible and willing to work with those in unfavorable situations or with poor credit scores.
Banks invest considerably in their image and in technology. People can easily spot commercials and ads online. This is because they redirect some of the profit into this direction and they can afford to advertise aggressively. Clients hear about their banks everywhere and this might be one of the reasons to explain why many of them go to banks directly and not sit back to research the market for other financial organizations. Others like the convenience of technology usage, because they enjoy mobile and internet banking and applications to control their accounts.
The best credit unions in Oregon are insured and members have nothing to worry about, because their money is safe and secure. At the end of the day, it makes sense to take in as much information as possible and benefit from the convenience of finding everything you need online. Many unions have websites and they share membership requirements, what they offer, how they get involved in the community and simply why you should become a member. If everything matches your expectations and your needs, it is time to take action and move your finances at the union. Registering might be as simple as living in the area.
