Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Oregon Credit Union Discourages Members from Making Deposits

Monday, March 15, 2010 - 1:11 PM
Last week I reported on how Nevada FCU was paying members to withdraw their deposits. Nevada isn't alone. OregonLive.com reports on the problems of Oregon credit unions and how some are discouraging members from depositing their money. This excerpt from the article is a good summary of the problems that the Oregon credit union, Point West, is facing.
Like other credit unions, it has seen a flood of deposits from consumers seeking safety, higher returns and an alternative to fee-heavy, bailed-out big banks. But Point West can't make auto and consumer loans fast enough to generate income to offset the costs of serving those members.
In addition to zero interest rates, keep an eye out for new fees. The article described some actions taken by O.U.R. Federal Credit Union in Eugene:
Now it finds itself undercapitalized and implementing fees for dormant accounts, minimum balances, insufficient funds and check cashing.
1
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
Reply