The FTC encourages consumers to check out Credit Union Membership

juggle-1027144_960_720 (1)Last week during is National Consumer Protection Week, the Federal Trade Commission empowered consumers to be smarter about credit, debt, ID theft, fraud, technology and more. Their website encouraged consumers to consider credit union membership.

“Because credit unions are not-for-profit financial institutions,” the website notes “their focus is on serving the financial needs of their members and not making a profit.” NCPW correctly states that credit unions offer higher rates on savings, fewer fees for services and lower loan rates.

The EEFCU agrees and also encourages consumers to consider credit union membership.

For 1.8 million Oregonians who belong to a credit union, the benefits are significant.* Consider:

  • Oregon credit union members saved a collective $47.5 million in interest payments for their new and used car loans last year, the result of paying an interest rate, on average, 1.13% lower than banks in Oregon were charging.
  • Oregon credit unions charged a full 5.46% lower interest rate on classic credit cards than the average 17.16% bank interest rate, meaning the credit union members realized collective savings of over $30 million.
  • Higher rates on savings accounts earned Oregon credit unions over $18 million more in interest than they would have earned from banks.

*Source: Comparison of Oregon credit union/bank rates and fees and National Credit Union Administration data by Informa Research Services and the Credit Union National Administration for the 12 months ending in September, 2015.

Nearly everyone who lives, works, worships or attends school in Oregon can join a credit union. To the credit union that’s right for you, visit