Choosing where to put your money is a big decision. You want an institution that not only offers great products but also aligns with your values and supports your community. If you’re in Oregon or SW Washington, you’ve likely heard of Rivermark Credit Union. But what makes it different from a typical bank? Let’s take a closer look at what Rivermark is all about, from its member-first approach to its deep community roots.
Why Choose Rivermark Credit Union?
When I first started looking into local financial institutions, the distinction between a bank and a credit union became a key factor. Banks are for-profit entities, answering to shareholders. Credit unions, on the other hand, are not-for-profit and are owned by their members—people just like you and me. This fundamental difference shapes everything they do.
Member-Owned Advantage
At Rivermark, being a member means you’re also an owner. This cooperative structure means that instead of profits going to outside investors, they are returned to the members. How? Through better interest rates on savings, lower rates on loans, and fewer fees. I’ve found this translates into real, tangible savings over time. The focus isn’t on maximizing profit; it’s on providing maximum value to the people who use their services.
Competitive Rates and Low Fees
One of the most noticeable benefits is the financial one. Credit unions are known for offering competitive rates, and Rivermark is no exception. Whether you’re looking for a high-yield savings account to grow your emergency fund or a low-interest auto loan for a new car, you’ll often find their rates are more favorable than those at large national banks. This also applies to things like credit cards and home equity lines of credit (HELOCs), helping your money go further.
Digital Banking Excellence
In our connected world, being able to manage finances on the go is essential. My experience with banking apps has been hit-or-miss, but Rivermark has invested heavily in its digital tools. Their mobile app is intuitive and packed with useful features. You can check balances, deposit checks with your phone’s camera, pay bills, and even control your debit and credit cards by turning them on or off. This level of control provides both convenience and a strong sense of security.
Comprehensive Financial Services
Rivermark offers a full suite of financial products designed to meet the needs of its members at every stage of life. It’s not just a place to stash your cash; it’s a partner for your financial journey.
Checking and Savings Accounts
Your daily banking starts with a checking account, and Rivermark offers options like Rewards Checking that can earn you a high annual percentage yield (APY) just for using your account. Their savings products are also robust, from standard savings accounts to special-purpose certificates (CDs) that help you save for specific goals with a fixed, competitive return.
Loan Products
Life comes with big purchases, and having a reliable lending partner is crucial. Rivermark provides a wide range of loan options.
- Personal Loans: Great for consolidating debt or handling unexpected expenses.
- Auto Loans: Competitive financing for new and used vehicles.
- Home Equity Lines of Credit (HELOCs): A flexible way to tap into your home’s equity for renovations or other large costs.
- Mortgages: Guidance and financing for purchasing or refinancing a home.
The application process is straightforward, and because they are a local institution, the decision-making often feels more personal and less automated than at a mega-bank.
Credit Cards
Rivermark’s credit card offerings focus on providing value, with options that include low fixed interest rates and cash-back rewards programs. Instead of confusing terms and teaser rates that balloon over time, their cards are designed to be simple and beneficial for the long term.
Community Involvement and Impact
What truly sets Rivermark apart for many, including myself, is its commitment to the local community. This isn’t just a marketing slogan; it’s woven into their business model. You can see their impact all across the region.
Supporting Local Nonprofits
Rivermark actively invests in the neighborhoods it serves. They’ve secured multi-million dollar grants to support projects like building affordable housing for veterans and partnered with organizations that provide critical home repairs for low-income families. Seeing a financial institution use its resources to make a direct, positive impact on community well-being is incredibly refreshing.
Financial Education Initiatives
Empowering members with financial knowledge is another core part of their mission. They offer free resources, articles, and tools to help people learn about budgeting, saving, managing debt, and protecting themselves from fraud. This commitment shows they are invested in your long-term financial health, not just your next transaction.
Sustainability and Local Investments
As a local institution, Rivermark understands that its success is tied to the prosperity of the region. They focus on sustainable growth and support local initiatives that help the Oregon and SW Washington communities thrive. This creates a positive cycle where member deposits are used to fund local loans and projects, keeping money circulating within the community.
How to Get Started with Rivermark
Joining a credit union is easier than many people think. The process is designed to be inclusive and straightforward.
Membership Eligibility
So, who can join? Membership at Rivermark is open to anyone who lives, works, worships, or attends school in one of the 18 eligible counties in Oregon and SW Washington. Many local employer groups and associations are also partners, which provides another path to eligibility for their employees and members.
Opening an Account
You can typically open an account online in just a few minutes or by visiting one of their local branches. You’ll need to provide some basic personal information, like your Social Security number and a government-issued ID. The initial deposit to open a savings account is usually very small, making it accessible for everyone.
Switching to Rivermark
If you’re thinking of moving from another bank, Rivermark provides checklists and assistance to make the transition smooth. They can help you set up direct deposit with your employer and switch over any automatic bill payments, taking the headache out of the process.
Frequently Asked Questions
What are Rivermark’s branch hours?
Branch hours can vary by location. Lobby hours are typically from 9:00 AM to 5:30 PM on weekdays (with a later start on Tuesdays) and Saturday hours at some locations. A key feature is their Video Tellers, which offer extended hours from 8 AM to 8 PM on weekdays and 10 AM to 6 PM on Saturdays, providing live assistance.
How do I access online banking?
You can access online banking through the Rivermark website by clicking the “Login” button. First-time users will need to enroll using their member information. You can also download the Rivermark mobile app from the Apple App Store or Google Play Store for access on your smartphone or tablet.
What are the current loan rates?
Loan rates change based on market conditions and the applicant’s credit profile. Rivermark lists its current rates for auto loans, mortgages, personal loans, and credit cards directly on its website. They are generally very competitive.
How does Rivermark support the community?
Rivermark supports the community through direct financial contributions, grants, and partnerships with local nonprofits. They focus on key areas like affordable housing, financial literacy, and supporting organizations that serve vulnerable populations. They also encourage employee volunteerism.
Final Thoughts
Rivermark Credit Union represents a different way of banking. It’s built on a foundation of member ownership, community investment, and financial empowerment. By putting people before profits, it offers competitive products while making a tangible, positive impact on the local area. If you’re looking for a financial partner that provides excellent service, modern tools, and shares your community-focused values, Rivermark is certainly worth considering.
