From time to time people needed a little help, money wise, either borrowing it or keeping it safe. This gave two financial institutions the chance to develop and come up with services meant for such problems. These were the banks and the credit unions. In time, their reach became almost global, and their presence can be felt in every-day life. The banks in Portland Oregon and the Oregon credit unions, for instance, have been growing side by side for decades, helping people in their hour of need. But how do you choose between them?
Choosing the right bank
Although choosing the bank that is right for you is a very personal matter, you can try and follow a few simple steps to ensure you’ve made the right decision.
Step 1. – choose the right services you want from your bank. Banks offer many financial services and many options in order to customize them to each person’s taste and needs. The first thing you must figure out is what you need based on your financial goals and priorities.
Step 2. – be aware of the costs. There’s no need to spend unnecessary amounts in the form of various fees. All you have to do is do a little research and find out which bank offers the lowest. Bear in mind that, for example, online banks charge less than classic, physical banks due to reduced operating costs.
Step 3. – accessibility. You might want to check for the closest ATM your bank works with, or if they have a 24/7 client support line, an internet banking service, and even though you don’t plan on going very often, you might want to know where is the nearest branch. In a nutshell: be sure you are aware of everything your bank of choice can offer.
Step 4. – shared goals and values. Find a bank that shares your values and understands your goals and helps you achieve them. For instance, if you are a young entrepreneur, looking to grow your business, you should focus on finding a bank that knows how to help you. Most of the banks in Portland Oregon you will see that they advertise the things they are best known for. This could mean the difference between finding a financial services provider and finding a partner.
Step 5. – read the terms and conditions. Choosing a bank is not something to be taken lightly. This is more than installing an app on your phone. Make sure you read and understand all of their offers before making a decision. Don’t just go in and try to get it over as quick as possible. Better ask questions now than to try and fix it later.
Step 6. – insure your money. Just like the insurance you buy for your car or for your house, your money has to be insured as well. Before choosing a bank check to see if their deposits are backed by the FDIC.
Step 7. – do your homework. Don’t simply go to the bank with the flashiest sign in the window or the best account opening gift. This is a decision that could impact your life in many ways. So the best thing to do is do a little window shopping first, maybe ask around for people that already worked with a certain bank you heard of. The point is to not rush into stuff.
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.
Choosing the right credit union
Step 1. – know all the rates and fees. Based on the fact that credit unions are non-profit organizations, their rates and fees can be considerably lower than those of banks. However it is wise to check with more unions before settling on one.
Step 2. – presence. Make sure that the credit union you like has a strong branch and ATM presence in your area. Smaller institutions, like Oregon credit unions, tend to have less offices and sometimes do not affiliate with big ATM networks, making the process of working with them a bit of a hassle.
Step 3. – customer satisfaction. It has long been known that credit unions have a more hands-on approach to customer services, thus having a higher customer satisfaction percentage. You can look out for such things by going into any of their office and just noticing how they treat their customers.
Step 4. – keep your money safe. As with banks, most of the deposits customers have with Oregon credit unions are insured. The National Credit Union Administration has an insurance limit of $250,000.
Resource Box: Regardless if you are looking for banks in portland oregon , or searching for oregon credit unions , these tips can help any customer make an informed decision.