Government credit unions in Oregan may meet a firm’s needs better than a traditional bank. A credit union is owned by its depositors, meaning you (the account holder) have a say in how to run the business. Each member of a credit union gets one vote at the annual election of the Board of Directors.

Government credit unions in Oregon are non-profit entities. This lets them to operate at a lower cost than traditional banks. Credit unions pass through savings to you in the form of higher savings account rates and lower loan interest rates. When choosing an Oregon federal credit union, consider:

1. The advantages of federally chartered credit unions in Oregon over traditional credit unions;

2. Eligibility requirements to join Oregon federal credit unions; and

3. Major players among federal credit unions in Oregon.

Action Steps
The best contacts and resources to help you get it done

Learn about the advantages and disadvantages of Oregon federally chartered credit unions

According to the National Credit Union Administration (NCUA) a federal credit union in Oregon is a 'financial cooperative chartered by the federal government and owned by its members...Surplus income is returned to members in the form of dividends.' A federal credit union has more protections than 'average' credit unions. Examples include more frequent audits of financial records, mandatory reserves to offset uncollectible loans, control of investments of surpluses and annual exams by the NCUA. The National Credit Union Share Insurance Fund (NCUSIF) bonds accounts in federal credit unions up to $100,000. The main drawback to a credit union is that membership is limited to groups of people with a common bond such as the same employer, association or area of residence.

I recommend: Visit the NCUA website (part of the government entity Pueblo). Learn how the NCUSIF protects your company’s credit union deposits.

Meet eligibility requirements to join an Oregon federally chartered credit union

Visit a prospective credit union's website or call to find out the requirements for joining. Requirements vary greatly based on the credit union's federal charter. For example, the Greater Oregon Federal Credit Union is restricted to residents of one of the following six counties: Baker, Crook, Grant, Lake, Malheur and Harney. Some credit unions allow business memberships; others only offer individual memberships. You might want to consider forming a credit union for your employees or collaborating with a local credit union so your employees can benefit from membership.

I recommend: Visit the National Credit Union Administration to search for federally chartered credit unions in Oregon. See if your company meets eligibility requirements for the Greater Oregon Federal Credit Union.

Compare and contrast a few players among Oregon federal credit unions

Here is a small listing of some other Oregon federally chartered credit unions. The Rivergate Federal Credit Union permits the employees of businesses located in the Rivergate Industrial Park and the Saint Johns neighborhood in Portland, Oregon to join. This organization offers a variety of loans (auto, mortgage, lines of credit and credit cards), checking and savings accounts, online banking, CDs and IRAs. The Wauna Federal Credit Union offers membership to those who live, work, worship or attend school in one of these cities: Clatskanie, Astoria, Brownsmead, Warrenton, Vernonia, Knappa, Svenson, Quincy, Mist, Westport, Mayger, Rainier, Prescott, Goble, Deer Island, Columbia City, St. Helens, Gearhart, Seaside, Cannon Beach, Arch Cape, Warren, Scappoose or Hammond.. This credit union offers a variety of loans, checking and saving account, online and phone banking and members-only investing clubs.

I recommend: See if your business qualifies to join the Rivergate Federal Credit Union or the Wauna Federal Credit Union.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Shop around. As a business in the state of Oregon, your firm may qualify to join more than one federally chartered credit union in Oregon. Make sure to compare interest rates for loans, savings and checking accounts to get the best deal.