From Flagship Products to Education, This Credit Union Keeps Members on the Fast Track to Financial Wellness

In a Nutshell: Finding a financial institution to help you accomplish your goals can be challenging. Some banks and credit unions charge fees that can erode your savings. Columbia Credit Union offers products and services designed to help members manage their money. The credit union is committed to financial education and provides free seminars to help people navigate choppy financial waters.

None of us wants to waste time. We’re all interested in finding quicker ways to travel from one location to another. And businesses are motivated to determine cost-effective ways to quickly transport raw materials and finished goods.

Before ride-sharing services and tractor-trailers traversed America’s highways and main streets, one form of transportation stood supreme — trains. Led by a locomotive, trains transport both people and goods to destinations across the country.

The Spokane, Portland and Seattle Railway (SP&S) once served businesses and consumers in the northwest territories of the U.S. Though the SP&S no longer exists in its original form, its legacy lives on through a financial institution serving the residents in states where the railway once operated.

Columbia Credit Union started in 1952 to serve employees of the SP&S railroad. The credit union expanded its operations to serve community members in 1975. We spoke with Mike Rosenberg, Columbia Credit Union’s Vice President of Marketing, to learn more about the credit union’s products and services and its commitment to improving its members’ lives.

“Overall, we work to make life better for our communities,” Rosenberg told us. “We’re a classic credit union in that we’re a community cooperative here to support our members. We want people to be able to bank locally with us so their money can stay in our community, and we can multiply the good that we can do together.”

Most credit unions have membership requirements, and Columbia Credit Union is no different. The credit union serves consumers and businesses in the state of Washington and Clackamas, Marion, Multnomah, and Washington counties in Oregon. It also serves family members of those eligible to join the credit union.

Vancouver, Washington, a city nestled on the banks of the Columbia River, serves as the credit union’s headquarters. Columbia Credit Union operates 14 branches in Washington and Oregon. 

Vancouver is in Clark County, where Columba Credit Union is the largest deposit holder. 

“Clark County is the community that we’ve served the most, and it’s been that way for a long time,” Rosenberg told us. “We’re a huge part of the community here, but our impact expands out to the other communities we serve as well.”

Columbia Credit Union has more than $2.3 billion in assets under its management. It employs more than 300 individuals and serves more than 117,000 members.

We speak with financial institutions that measure their performance in terms of revenues and profits. Columbia Credit Union can look to its trophy case to see its impact on the communities it serves. 

The Columbian, which serves the Vancouver, Washington, and Clark County, Washington, areas, has awarded the credit union for its work for 16 consecutive years, Rosenberg said. The Portland Business Journal recognizes Columbia Credit Union annually for its philanthropic efforts.

Columbia Credit Union is a full-service financial institution that offers checking and savings accounts and credit products, including credit cards and auto, boat, recreational vehicle, and home loans. In addition to consumer products, the credit union offers commercial loan and deposit products. Credit unions are so popular in the Pacific Northwest that many people bank with more than one of them, Rosenberg said.

“The people that we’re trying to bring into our credit union are folks that are moving to the area who need a new banking relationship,” Rosenberg told us. “You can always keep your old bank accounts open, but a lot of people want to have a relationship with a local institution so they have a branch to visit if they need to. We’re always hoping to win the business of people who’ve recently moved to our community.”

Credit unions can offer you competitive interest rates on deposit and lending products, but some people think they lack innovative products and services. Rosenberg said Columbia Credit Union offers tools that feature the latest technologies that leading banks employ. 

Columbia Credit Union competes with brick-and-mortar banks and credit unions, but it also contends for new customers with online financial institutions and fintechs. Rosenberg told us online banks have an advantage over traditional banks and credit unions because they don’t have the expenses associated with managing branches.

But financial institutions that maintain brick-and-mortar branches can interact with their members in person. Rosenberg said Columbia Credit Union prides itself on the customer service it provides its members.

“We truly do put our members first here — it’s not just a cliché,” Rosenberg told us. “Folks go into our branches, and our people not only know their names, but they know the names of their dogs, too. We talk to and engage with our members so they don’t feel that they’re just another number we’re serving. The better we know them the better we can understand their financial goals—and how to accomplish them together.”

Members who prefer to conduct business with Columbia Credit Union remotely have many options to aid them. Rosenberg said the credit union’s mobile app and online banking services provide members with the tools they need to bank online.

Columbia Credit Union offers members convenient ways to transact and communicate with the credit union.

“We want to meet people where they are and provide options so they can communicate with us how they’re most comfortable communicating,” Rosenberg told us. “We’re constantly moving forward with our technology so that operations run smoother, loan applications are processed faster, and you get the service you need to make your life better. As fellow members, we want you to be a part of this credit union and be able to take part in our community.”

Columbia Credit Union’s flagship deposit product is its Income Checking account, which is a high-yield checking account. Members can use a debit card with the account to make purchases and withdraw money at ATMs. The credit union doesn’t charge a monthly fee or impose minimum balance requirements on the account.

Columbia Credit Union advises its members to use checking and savings accounts to their advantage. The credit union believes in educating its members through in-person and virtual events to help them reach their financial goals.

Columbia Credit Union offers first-time homebuyer workshops to teach people the dos and don’ts of buying a new home. The credit union also conducts seminars on financial wellness topics such as cybersecurity, managing debt, and retirement planning. Rosenberg told us the workshops are free and are open to members and nonmembers.

“Some of our seminars are pretty broad in terms of what they cover, but others get into more of the specifics people are looking for, like how to plan for retirement and convert retirement accounts,” Rosenberg said. “We think it really provides value to discuss these topics in a group setting. We also have certified financial coaches who can provide financial coaching to people in a one-on-one setting at no cost.”

Most of us didn’t receive a comprehensive financial education growing up. If we had, we’d likely be in a better financial position than what we find ourselves in today.

Columbia Credit Union offers an account tailored for children called Spend Checking. Members up to age 18 can open a Spend Checking account, and parents needn’t worry because Columbia Credit Union offers them the ability to manage the account alongside their children. 

Spend Checking accountholders can choose a debit card with a custom design at no charge. Once they reach 18, the Spend Checking account automatically transitions to an Income Checking account.

“We also offer parents a chore tool that they can use with their kids to assign them chores and pay them through our app,” Rosenberg told us. “It helps children learn about finances, and we believe in financial education for our youngest members up to our oldest ones. The more opportunities we give young people to be directly involved in managing their finances, the more it helps us all out.”

If you’ve ever racked up significant credit card debt, you know the value of balance transfer offers that help you save money. Columbia Credit Union does not charge a fee for balance transfers and offers a 0% APR for balance transfers and purchases executed within the first 90 days of opening an account. 

Rewards enthusiasts will be pleased to learn that Columbia Credit Union offers a credit card that enables cardholders to earn unlimited cash back rewards and redeem rewards points for merchandise and travel.

“Our rewards card typically has lower fees and allows people to earn points for purchases they make with the card,” Rosenberg told us. “Some cards will give you rewards if you spend on certain categories, like groceries, in a given month. But our card offers rewards for everything you purchase.”

An easy-to-use rewards program is one more way Columbia Credit Union cares for its members and community.