Credit unions also differ from the traditional consumer cooperatives. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). Unlike banks credit unions limit their activities to a closed circle of people.
Credit Union Location in Bham, Alabama
Bham, Alabama have 1 agent Credit Union location in your country. All country.
Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations.
| Agent | Contacts |
|---|---|
| Birmingham Financial Federal Credit Union, Bham |
1600 20th Street South Suite C Birmingham, AL 35205
Phone: (205) 558-2861 Routing number: 11118 Charter number: 262085915 |
Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. U.S. credit unions have another significant difference from the credit cooperatives of farmers: the first have major proportion of short-term loans, the second - long and mostly in real estate. The specifics of credit unions and, in some sense, their uniqueness lies in the fact that they work not for profit and do not appropriate profit.
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