The Bottom Line
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.
10 Facts About Credit Unions
Being a member of a credit union is a coup for your finances for many reasons. Here are just a few facts that make credit unions a great option.
Fact #1: President Roosevelt signed the Federal Credit Union Act in 1934 to promote thriftiness and prevent usury during the Great Depression.
Fact #2: Credit unions are insured. Most credit unions are insured by the National Credit Union Administration (NCUA), which provides essentially the same coverage on funds as does the FDIC. If the word “federal” is in the name, they are insured. If not, check with your credit union. It may be state-chartered and/or have private deposit insurance. (Mid Oregon’s legal name is “Mid Oregon Federal Credit Union”, so we have NCUA Insurance!)
Fact #3: Eligibility is fairly flexible at most credit unions. Most require residency in a certain community, city, or state, or that you are employed by the credit union’s sponsor company, also known as a Select Employee Group (SEG). But requirements are pretty broad on most, making eligibility at a credit union a possibility for almost anyone.(Generally Mid Oregon’s eligibility is persons who live, work, worship or go to school in Deschutes, Jefferson or Crook Counties. For more details, visit www.midoregon.com)
Fact #4: Credit unions are not-for-profit institutions and are owned by the people they serve, not by a few shareholders.
Fact #5: Credit unions can offer better rates on savings accounts, lower interest rates on loans, and little or no fees on accounts because they are exempt from federal taxes. Credit unions still pay state taxes.
Fact #6: The credit union’s board of directors, which is elected by members, can set loan limits in an effort to help the credit union grow.
Fact #7: Credit union members have democratic control of the credit union and can attend and participate in regular and special membership meetings.
Fact #8: Nonmembers benefit from credit unions too. Competition for low rates keeps banks’ fees in check, thereby benefiting nonmembers.
Fact #9: With more than 5,000 credit unions across the globe and access to tens of thousands of ATMs, credit unions are increasingly convenient on a national scale. (Mid Oregon’s ATM Network includes 38 Central Oregon, 30,000 + Domestic and over 800,000 ATMs worldwide surcharge free!)
Fact #10: Once you are a member of a credit union, you stay a member for as long as you maintain your deposit account (share), regardless of whether or not you continue to meet the original eligibility requirements.
Questions? Email us to beheard@midoregon.com, call us at (541) 382-1795 or visit one of our Central Oregon branches!
Financial Calculators- Website Feature
In late summer Mid Oregon upgraded our website at www.midoregon.com to provide a better online experience for our members and the community. Starting with this post we would like to share some of the best improvements and point out ways these can benefit our members or those looking for information. Today’s post is featuring our new Financial Calculators.
Mid Oregon Credit Union members all benefit when more of our members make wise financial decisions. Central Oregon families, organizations and communities also benefit from overall better money management through increasing the tools available. The new financial calculators on midoregon.com are a great new resource!
Our calculators are available to aid in making decisions on loans and savings options. These provide estimates to empower you to make better choices, but you should always contact a Mid Oregon representative to get actual numbers for your situation. Here are the five and some information on their use:
Loan Calculator
This calculator will compute a loan’s monthly payment amount and the total interest paid. Examples for it’s use would be comparing different vehicle financing options of different loan terms, how a larger down payment might reduce your monthly payments and overall interest expense, or might help you decide if taking a zero percent interest auto maker financing option makes sense or should you take the alternative option of cash back with low interest Mid Oregon financing.
Mortgage Refinance Calculator
This calculator will help you to decide whether or not you should refinance your current mortgage at a lower interest rate. The most common questions regarding refinancing a mortgage is how long does it take the reduced payments to break even on the closing costs added by refinancing, and will you remain in your home long enough to make it worthwhile. This calculator will tell you how long it would take and the savings you would incur. You can also compare different options such as higher closing costs vs. a larger interest rate reduction.
Debt Consolidation Calculator
This calculator will show you how much you could save if you consolidate your debt. In our free community workshops on credit one of the most common questions we hear is “Should I consolidate my debt?” The answer is rarely obvious. Some of the big factors are will it actually reduce your payments, will you pay it off faster and will you pay less interest. Our calculator allows you to project monthly payments, interest paid and payoff time using different interest rates and lengths of loan, along with other information.
Vehicle Affordability Calculator
This calculator will help you to compute how much car you can afford. Determining how much of a vehicle you can afford to purchase should be based on how much will your budget handle, and how does it fit into your financial goals. Figuring that out is much easier with our Vehicle Affordability Calculator, which allows you to test different scenarios based on your available down payment, the monthly payment you can afford, your trade in value, and different loan factors. Speaking to a Mid Oregon loan officer will help you decide what to expect in qualifying for a loan.
Savings Calculator
This calculator will determine how much you can save over time if you make monthly contributions to your savings account. A component of any good spending plan is to pay yourself first, meaning setting up periodic savings deposits which are taken from your account before you determine your monthly budget. This becomes even more important when you want to save for a future purchase, like a car or home down payment. This calculator allows you to see what different deposit contribution amounts, frequencies,interest rates and timetables do for your savings goals.
Using these calculators can be simple, but determining some of the information to use may not be as easy. Contact us to learn more about how best to apply the calculators and how to determine which factors to use: Through email beheard@midoregon.com, by phone (541) 382-1795 or by visiting one of our offices in Bend, Redmond, Prineville, Madras or La Pine.
Taking Care of Aging Parents, Relatives
If you live long enough to watch your parents or other relatives grow old, your responsibilities in those relationships are likely to shift.
Sooner or later, you’re likely to move from continually receiving their gifts—emotional, physical, or financial—to giving of your own time and effort to help meet their changing needs.
Get real
Experts say most people are overly optimistic about their ability to remain fully independent as they age.
Many people eventually need some type of help, ranging from occasional home maintenance to nursing care.
When people wait too long to discuss long-term care options, they sometimes can’t find the right level of care at the right facility when their need becomes urgent.
Start talking
Start talking now to learn about your aging parents’ desires and options.
One way to get started is looking for conversational “triggers,” such as chatting about a neighbor’s move to an assisted living facility or sharing a brochure about elderly housing options.
Next, shift the conversation to your parents’ plans and preferences by asking “gentle” questions while avoiding the alarming words “nursing home.”
Instead, learn about local options and then visit facilities with your parents. Figure out what they can afford by looking at their budget. If necessary, decide how much you can contribute. Talk to siblings to gain their input and learn whether they can help.
Watch and listen
Seek answers to these questions:
* Are my parents handling financial paperwork, or is it stacking up?
* Do my parents need help with everyday tasks they used to handle themselves?
* Are my parents taking care of their health? Are there signs of incontinence?
* Are my parents able to get around, both within their home and in their community?
When adult children live far from their parents, getting answers may require an extended visit or talking with siblings who live nearby or with the parents’ neighbors.
Plan ahead
As parents’ needs increase, adult children may need legal authority to act on their parents’ behalf. A health care power of attorney and a durable power of attorney typically provide this authority. You also should gather information about parents’ financial accounts, assets, insurance, wills, and health care directives.
Throughout the process, remember to listen carefully to the wishes of elderly parents and then respect their desires as much as possible.
That process benefits everyone involved: By showing respect for your parents’ preferences now, you’ll be better prepared to someday share your own wishes with the next generation of caregivers.
When it’s time to start making financial decisions about the changing needs of your family, a professional at Mid Oregon Credit Union would be happy to speak with you. Contact us today at (541) 382-1795, or beheard@midoregon.com.