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CU System
Rates help increase Oregon CUs membership
BEAVERTON, Ore. (2/11/10)--Oregon credit unions are growing, confirms the most recent data released from the National Credit Union Administration (NCUA), according to the Credit Union Association of Oregon (CUAO). One of the attractions of credit unions, in addition to their member-owned, not-for-profit business model, is that more favorable rates for savings and loan products can often be found at credit unions, CUAO said. In late January, NCUA confirmed that credit unions continue to hold the rate advantage. At year-end 2009, credit unions, on average, posted more favorable rates for consumers than banks did in 21 of the 23 loan and savings categories, according to data released by DATATRAC Inc. Also, credit unions provided significantly lower rates on all consumer loan types and provided higher yields on all savings products. Sample average rates are included in the accompanying chart.
Product All CUs Oregon CUs All Banks Oregon Banks
Interest Checking 0.30 .23 0.22 .16
Regular Savings 0.41 .24 0.28 22
Classic Credit Card 11.65 10.98 12.71 17.16
5 year CD 2.76 2.77 2.38 2.25
The data for Oregon were pulled for Feb. 1, from DATATRAC. For the 12-month period ending in September, Oregon credit unions increased in these categories: assets (7%), savings and deposits (11%), and membership (2%). In comparison, deposit growth at Oregon-chartered banks was 8.9%. Nationally, credit unions grew almost twice as fast as banks, 8.25% vs. 4.3%, CUAO said. To access rate comparisons, use the link. DATATRAC Inc. tracks rates charged and paid by credit unions, banks, and credit unions that converted to or merged with banks.
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