Local not-for-profit credit unions have been serving Portland for over 80 years.
You made it! Welcome to Portland. c
What’s a credit union? Many people may not understand how credit unions are different than other financial institutions. Credit unions do provide many of the same services as banks—mobile banking credit cards car loans etc. But there is one huge difference. Credit unions are not-for-profit and they are cooperatives so instead of being controlled by investors who demand profits credit unions are driven by their members—by each and every person who banks with them.
And since they don’t have to worry about making big profits for investors credit unions can focus completely on serving their members by offering better interest rates on loans and savings accounts and lower fees for other services .
A recent report by independent economists at ECONorthwest showed that these benefits add up. They reported that on average each Oregon credit union member earned $63 per year in savings and higher returns—just for choosing a credit union!
What does this mean for you? Imagine you have a $5000 balance on your credit card. A recent analysis by the Credit Union National Association showed that Oregon credit unions offer interest rates 4% lower than competitors. So just for choosing a credit union you save $200 per year.
Add this to your savings on your auto loan and mortgage and the added interest you earn on savings and other interest bearing accounts and you can see how choosing a not-for-profit cooperative credit union makes sense—and dollars.
Another reason Portland loves credit unions is that they are local. They are rooted in the community and give back to the community in big ways—from scholarships for local students to disaster relief in the wake of wildfires and floods to raising historic support for Portland’s Doernbecher Children’s Hospital.
And by joining a credit union you join a movement that is foundational to the economy of Oregon. According to the economists at ECONorthwest Oregon credit unions employed nearly 5000 people last year. And the jobs they offer tend to be the elusive family-wage jobs that so many people seek. Good employment is just another part of credit unions’ commitment to the community.
That ECONorthwest report also found that credit unions’ total impact on the Oregon economy was an astounding $1.9 billion. And that’s not even including the impacts of loans and other financial services that make growth possible.
The short story is this: local not-for-profit cooperative credit unions have been serving Portland for over 80 years. Ask around. People who love Portland love their credit union.
Find a Portland credit union that fits you visit www.asmarterchoice.org.
