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Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
Cash Still Popular?
Study Finds Cash Still Popular, But Differences In How It’s Used By Generation, Gender
From Credit Union Today, 2/1/2016
HOUSTON–Despite consumer access to a wide variety of payments methods, cash retains a prominent place in the consumer payments landscape.
But there are differences in how different generations use cash, a new survey has found—including a surprising finding about Millennials.
The survey from Cardtronics, Inc. has found that from paying people back to convenience store purchases to tipping, cash retains a prominent place in the consumer payments landscape. The Cardtronics survey included 1,000 U.S. adults in 2015.
“Cash is king for many consumers, even in today’s expanding universe of digital payment options,” said Tom Pierce, chief marketing officer, Cardtronics. “Our survey data clearly shows that in a competitive payments environment, cash is a predominant payment form and sits atop multiple spending categories.”
The survey asked, “What type of payment have you used in the past year for the following situations?” And the answers revealed that while consumers are using a mix of payment methods, time and again, cash is number one in a variety of scenarios, including:
Paying someone back – cash: 78%; runner-up, check at 18%
Convenience store purchases – cash: 63%; runner-up, debit at 41%
Snacks away from home – cash: 67%; runner-up, debit at 37%
Grocery Store – cash: 52%; runner-up, debit at 51%
Small business – cash: 49%; runner-up, credit at 43%
Restaurant – cash: 53%; runner-up, credit at 48%
Tipping – cash: 78%; runner-up, credit at 27%
In addition to identifying where and when cash continues to play a prominent role in consumer spending, the Cardtronics survey findings also provided insights into how different demographic groups use cash.
“There is a myth in the marketplace that Millennials have abandoned cash in favor of mobile and other digital payments. It’s simply not true. What we found exposed the myth, with Millennials embracing cash usage along with new payment methods. Millennials take an open-minded view of payments and cash plays a pivotal role in their payment choice mix,” added Pierce.
While more than half (57%) of Millennials reported using a greater variety of payment methods than before, nearly half (45%) of that group also said that they’re more likely to pay more with cash now than they did a few years ago. In fact, Millennials report increased cash usage at the greatest clip compared with all other survey respondents. Among all adults, 37% said their use of cash had increased. The survey also found that women are more likely than men (39% vs. 29%) to use cash to help stay on budget.
Credit Union Membership Is Worth Hundreds
Did you know you’re saving money—maybe hundreds of dollars a year—just by being a Mid Oregon Credit Union member? Credit unions typically charge fewer and lower fees than other financial institutions, according to the Credit Union National Association’s (CUNA) latest membership benefits report.
Of course, the amount you save has a lot to do with your financial habits and the number of Mid Oregon products and services you use. On average, credit union member households in the U.S. save about $159 a year.
Some of those savings comes from higher rates on savings products. For example, according to CUNA’s latest report, money market accounts at credit unions earned an average interest rate of .18%, while the same accounts at banks earned .09% interest.
Lower rates on credit cards also benefit the bottom line. CUNA reported that the average rate for a classic credit union credit card is 11.70% versus 17.16% for a bank credit card.
Consider this: Financing a $25,000 new automobile for 60 months at a credit union will save members an average of $171 per year in interest expense compared to what they would pay at a banking institution. That’s approximately $855 in savings over five years.
Credit unions offer better value because they are non-for-profit institutions owned and controlled by their members. Banks are owned by stockholders who want solid returns on their investments.
Bottom line: If you’re looking for a safe place to save and borrow, without getting nickeled and dimed to death, credit unions are the best deal—bar none.
So visit Mid Oregon Credit Union to see how much more you can save by using our services, at one of our offices in Bend, Redmond, Prineville, Madras or La Pine. You can also learn more at www.midoregon.com,
Mid Oregon Credit Union Receives Approval for Expansion
The member-owned, full-service financial institution headquartered in Bend announced today that the National Credit Union Administration (NCUA) has approved its application to expand its community charter boundaries. In addition to serving all of Deschutes, Crook, and Jefferson Counties, the new charter allows Mid Oregon Credit Union to serve people who live, worship, work, or attend school in Lake and Wheeler Counties, and in Northern Klamath County that is part of the COCC tax district.
“This approval opens up new areas of opportunity and also restores a historical relationship with Wheeler County, which was part of our charter from 1961 to 1998. We look forward to introducing ourselves in the new area and re-establishing our connections in Wheeler County” said Bill Anderson, President/CEO of Mid Oregon.
For clarity, the Klamath County zip codes included in the charter expansion are:
97733 – Crescent, Crescent Lake, Odell Lake
97737 – Gilchrist
97739 – Those portions of Klamath County taking mail delivery out of La Pine (e.g. Jackpine Village)
A new La Pine branch is under construction with an estimated completion date of June 2016. La Pine residents and the newly approved charter area will have access to the new full-service branch. The branch will offer a full service drive-up ATM, a 24 hour access walk-up ATM, and is designed to offer a full range of services. The Credit Union also offers its members convenient online and mobile banking services, including remote deposit and debit card security applications.