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.