When people have financial issues they usually turn to a bank or a credit union for help. Whether it’s about a loan or a long-term deposit, each one of these institutions have solutions, depending on whatever it is you need. But there are, as you might already have guessed, some differences. For instance, banks in Portland Oregon might have different policies regarding how and who they do business with, while a Oregon credit union, although more relaxed policy wise, may not have all the services a major bank could offer. These are just some of the differences between them.

The first banks

Commercial banks in the United States started to appear towards the end of the 18th century. The first one of them was the Bank of North America, which was founded in 1781 and opened for business a year later. It was the first national bank of the United States and it was the country’s first public offering when shares in the bank began to be sold to the public. It will be replaced by the First Bank of the United States, but it will have shaped the way for the future of banking in the U.S.

Fast forward until 1859 and that’s when one of the oldest banks in Portland Oregon was founded. The Ladd & Tilton Bank, the oldest bank in the Northwest, opened in 1867 its own branch in Portland, Oregon. The bank operated until 1925 when it was bought by the United States National Bank. 

Banks in Portland Oregon have gone through all kinds of changes, but one thing remained the same: the high level of customer satisfaction. Because, when you do your banking in Portland, regardless who you’re doing it with, you can be sure they aim to please.

Some pros and cons for banks

1.    Banks tend to be part of a network, meaning that they affiliate with other banks in order to provide more services for their customers and be more convenient.

2.    The customer interactions may be a bit impersonal and distant as bank employees are usually just that, employees. 

3.    The fees charged for various services can be higher than those of credit unions.

4.    They are more tech inclined, offering various internet solutions, thus eliminating the need for a physical encounter.  

The establishing of credit unions

Credit unions in Oregon got off to a slower start than the rest of the country. While the first credit union in the United States was established in New Hampshire in 1908, the first one in Oregon got its charter in 1915. Although it didn’t last very long due to the fact that it was a scam, that was the first recorded credit union established in the state of Oregon.

The second and third Oregon credit union didn’t do so well either. It wasn’t until the late 1920s that a real credit union movement came into its own in Oregon, when the Portland Postal Employees Credit Union came into being, in the summer 1928. After that the Especo Lodge 1262 Brotherhood of Railway Clerks Credit Union was born later that year and then the PEPCO (Portland Electric Power Company) Employees Credit Union appeared in the winter of 1928.

Modern day credit unions in the United States are a far cry from what they used to be when they first begin to appear. With services comparable to those of banks, and a more people oriented view, the Oregon credit union, like many others in other states has come to be an integral part of the financial services landscape. Oregon boasts 75 credit unions with close to 300 branches in almost 100 cities state wide. The larger ones have upwards of 100.000 members, and assets of over 3 billion dollars. All in all Oregon has a combined number of over 1.300.000 members enlisted in all its credit unions. Most of these are created in and around Portland. 

Some pros and cons for credit unions

1.    Credit unions function on a membership based system, meaning that the members own the union. This is a good thing, considering that each member gets to vote on the affairs of the union or on the choosing of the Board of Directors. 

2.    On the other hand, first you have to become a member in order to have access to any of the union’s services. This is usually done by opening an account with the union for a nominal fee. 

3.    Credit unions are non-profit organizations. That means they are exempt from paying certain taxes, which can lead to lower fees for customers or even higher interest rates.

4.    However, being a non-profit organization has its downsides. Credit unions usually aren’t as up-to-date with modern tech, such as internet banking or mobile payment apps, as banks are.  

Resource box: Whether you are searching for  banks in portland oregon , or for  oregon credit union , rest assured that the great state of Oregon has many for you to choose from.