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What is a Preferred Credit Union?

Preferred Credit Union is a member-owned, not-for-profit financial institution run by an elected board of directors that creates policy, sets dividend and loan rates, directs operations, and oversees operations. Unlike banks where profits go back to stockholders as dividends or interest payments; credit union profits instead benefit members through reduced fees and better interest rates – something banks simply cannot provide. This structure sets these two forms of financial institutions apart.

Banks and credit unions both provide many of the same financial services, such as checking and savings accounts, loans, mortgages, and credit cards. Though both may offer similar products and services, their delivery may differ considerably; banks must adhere to strict federal regulations while credit unions fall under the National Credit Union Administration (NCUA) oversight; furthermore, credit unions tend to prioritize member satisfaction over fees, higher savings rates and flexible lending criteria than banks.

A credit union’s eligibility criteria vary; some may include living or working in a certain location, belonging to certain professional organizations or religious groups, or being family of an existing member. Such requirements help promote community spirit while also keeping ownership and controlling costs under control and offering tailored services.

NW Preferred Federal Credit Union is a member-owned non-profit financial cooperative committed to offering banking solutions such as investments, loans and savings accounts to people living, working or worshipping in North Santiam communities such as Stayton, Aumsville Sublimity Lyons Mill City Gates Detroit Idahna Mehama. NW Preferred is committed to offering cutting-edge technologies at highly affordable costs coupled with exceptional member service.






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