National Credit Union Administration (NCUA) - an independent federal agency, based in Washington (State of Columbia), established by the U.S. Congress to oversee the federal credit union system. Credit unions also differ from the traditional consumer cooperatives. Members of credit unions place in credit unions usually free fund balances, ie those that remain after expenses devoted to education of children, the acquisition of new properties, additional pension benefits, etc. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union. 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. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. Credit union as a consumer cooperative operates on the principles of equality of all its members.
Credit Union Location in Brewton, Alabama
Brewton, Alabama have 1 agent Credit Union location in your country. All country.
Credit unions also differ from the traditional consumer cooperatives. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union.
| Agent | Contacts |
|---|---|
| Brewton Mill Federal Credit Union, Brewton |
2549 South Blvd Brewton, AL 36426
Phone: 251-867-3162 ext. 301 Routing number: 12790 Charter number: 262183985 |
Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. The right to use the services of the credit union have only its members. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. Credit union as a consumer cooperative operates on the principles of equality of all its members.