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Oregon Community Credit Union 6.01% Checking Account

J. Wu Posted in Money Market Rates by J. Wu
May 16, 2007 11:58 AM - 19 Comments

Oregon Community Credit Union (Oregon CCU) has a killer 6.01% APY checking account. Oregon CCU is a credit union.

oregon ccu credit union community

Credit unions are banks that are cooperatively owned. They usually serve groups that have something in common, like where they work or live. Credit unions are non-profit and exist solely to help their members get better deals on banking.

When it comes to credit unions, it is important to check first to see if you are eligible to join. Some credit unions are restricted to employment. For instance, only teachers can join some banks. Nevertheless, there are also many credit unions that have very lax membership requirements.

Unlike financial banks, which are regulated by the FDIC, credit unions are regulated by the NCUSIF (National Credit Union Share Insurance Fund). The NCUSIF insures all eligible deposit accounts up to $100,000. This is the same amount that the FDIC insures deposits.

The Oregon CCU account has a few requirements for getting the 6.01% APY interest rate on their checking account.

Qualifying for 6.01% APY and ATM fee refunds is so easy, many people already do. The list of free monthly† requirements is short and sweet:

* Active enrollment in eStatements.
* Login to Internet Banking at least once a month.
* Make one electronic deposit or withdrawal (ACH) monthly (includes direct deposit).
* Make at least ten debit card transactions monthly.

To get started or to learn more about the simple monthly requirements for this account, stop by any Oregon CCU branch or call 800.365.1111.

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Comments (19)
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  1. June said:
    on May 17th at 03:29 am

    This seems like a very good deal, but I wish it were a savings account instead of checking. The mandatory ‘ten withdrawals a month’ kind of ruins the good APR because I know I’d be spending more than I’d be saving. Better just to stick with BofA.

  2. Cho said:
    on May 17th at 04:30 am

    Since Oregon CCU allows debit transactions to be used to count toward the required 10, its not so bad. I usually use my debitcard when im at 711 or the supermarket so I can get cashback. I just buy a 0.50 gum and charge it to debit, and get $10 cashback.

    Saves me a lot of trips to the ATM!

  3. jj said:
    on June 30th at 02:15 pm

    What does 10 atm transactions do for the ccu ?How do they benefit ? I don’t get it.

  4. Joe said:
    on July 24th at 02:03 pm

    To answer your question jj, they are betting that you will not be able to do 10 debit transaction a month and get .10% APY instead of 6.01% APY for that month.

  5. YoYo said:
    on July 24th at 03:04 pm

    I was reading their faq page and it is said that 10 credit transaction does count toward the 10 transaction per month requirement.

  6. new guy said:
    on July 26th at 01:31 pm

    You must be living in Oregon or have a close family member to be eligible for this offer. Does not apply to majority people.

  7. cc said:
    on July 28th at 08:13 am

    The CU earns money on the interchange from the debit purchases their members make and they save money on discouraging the use of checks by requiring 1 direct deposit/ACH withdrawl. There is no minimum transaction amount, you could buy 10 rolls of life savers in 10 transactions and have your required 10 for the month! Using your debit card as debit or credit counts, but ATM withdrawls do not. They also save a TON of money by requireing members to have paperless statements, on average it costs about $2.50 per member, per month, to send a paper statement! Honestly, there is no catch, and at 6.01%, how can you go wrong?!

  8. James said:
    on July 28th at 07:12 pm

    One killer feature is the no ATM withdrawal features. They claim that this is a worldwide option, although like credit cards with their “no commission” fees you should look at their exchange rates - I bet they aren’t competitive. However the option to take small sums out at foreign cash machines is very attractive to those who travel to many countries on business - or if like me you are partial to short city breaks! Taking enough money out before going abroad can be a bit of a pain, and the uncompetitive rates are not such a pain if you’re not going for two weeks.

  9. Sean said:
    on August 14th at 06:33 pm

    How can you become a member without living or having family members in Oregon?

  10. Oregon Community Is the Best said:
    on August 21st at 02:52 pm

    I use OCCU and love their Remarkable Checking. I received my email telling me that I had over 80 debits last month. I find it funny that people are having a hard time doing 10. Help me get down to that and I would be rich. This account really is amazing. You can use your debit card almost any where that you would write a check including most of your bills. Call them give them your debit card number and before you know it you will be on your way to your 10 debits and 6% interest. I am very pleased with this account

  11. Thinh said:
    on August 26th at 03:19 am

    Just signing up for it today. Let’s see what its got.

  12. Jean said:
    on September 2nd at 10:09 pm

    I am a 2 decade OCCU member and they are the best around. I have just switched to this account because I see no downside. Buying groceries will take me to 10 debits a month easily. My health insurance is automatically withdrawn already so that takes care of that requirement. OCCU is saving so much on paper and postage with this that they figure they can afford the good interest. ATM fees are refunded at the end of the month when the reckoning is made and all the requirements met for that month. Easy. I do my balancing online and can see what’s up in each account right this minute — the requirement there is to check once every 6 months I think.

  13. Deal grabber! said:
    on September 16th at 09:42 pm

    ALL NON RESIDENTS WHO CANNOT SIGN UP FOR THIS OFFER CAN APPLY TO VERY SIMILAR DEAL. CHECK OUT http://www.Banktoledo.com

  14. Jill Arnold said:
    on October 3rd at 10:08 pm

    I signed up at Oregon Community Credit Union about 2 months ago because of the great 6.2 percent interest in their checking account. They have already lowered it to 5.4%!! So much for a great marketing trend. If they advertise it, they should stick by it!!

  15. MT said:
    on October 30th at 11:45 pm

    Too bad that less than 6 months after launching this ‘remarkable’ product, they dropped their rate by .6%…sounds like a teaser to me.

  16. Ace said:
    on November 4th at 01:19 am

    People are upset about them dropping their rate, but they have always said it is subject to change w/o notice, the fed lowered rates, and they are still 1% above most online savings account. I don’t see what there is to complain about. I have my car loan through OCCU and finally signed up for remarkable checking b/c I thought my ING savings rate (4.2) was getting too low.

  17. prof adler said:
    on December 30th at 01:44 am

    this is old and no longer applies

  18. BINGO said:
    on January 29th at 11:59 pm

    The professor is certainly a wise one! Of course it no longer applies, as the fed rate has been adjusted downward numerous times since may of ‘07. HELLO???

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