Credit unions perform the function of social protection in a vital for people sphere of financial services. They care about improving the financial literacy of the population, are working on the formation of their members and their employees. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). 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. Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union).
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Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). 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. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America.
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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. 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. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. 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. Unlike banks, in order to use the services of a credit union, you have to become its member, having written an application and having paid thus shares and membership fee.