Frequently Asked Questions

What is a credit union?

A credit union is a member owned, not–for–profit, cooperative financial institution formed to permit those in its field of membership the ability to pool savings, lend to one another and obtain other financial services and products.

What is different about credit unions?

A credit union is structured differently. Credit unions are member owned, not–for–profit cooperatives governed by volunteer members (board of directors). Banks are for–profit organizations, governed by paid boards and stock holders.

How long has Clackamas Federal Credit Union been around?

We have been in Clackamas County since our beginnings in 1957 when a group of Clackamas County and city of Oregon City employees formed the credit union.

Can anyone join Clackamas Federal Credit Union?

Anyone who lives, works, worships or attends school in Clackamas County is eligible for membership in the credit union.

How do I become a member?

Come into one of our five convenient locations with your valid government issued ID and talk with a personal financial representative about opening an account with us. We can use a current Oregon driver’s license, an Oregon issued ID card, a U.S. passport or current U.S. Military ID to verify your name. We also require your social security number, birth date and physical address to open an account.

Is there a cost involved?

To become a member, you must open a savings account (called a “share” account at a credit union) with a minimum deposit of $5.00. These funds must remain on deposit until you close your account with us. There is also a minimal one time charge of $5.00 to open the account.

What kind of products and services do you offer?

We are a full–service financial institution. We offer many different types of savings and checking accounts, and a complete array of lending products including first mortgages.

How are the board members selected?

The Board of Directors are member volunteers who donate their time to represent the voice of all members. The selection process includes a volunteer application form, selection by the nominating committee and a vote by the membership. Board of Directors serve staggered three year terms and must follow the selection process each time they run for office. Boards of Directors then elect the positions of chair, vice chair, treasurer and secretary amongst themselves.