Borrowing rate for the credit union is a source of income to cover the administrative costs. All excess funds are returned to members in the form of dividends on savings. The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter. 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. National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. Credit unions base their activities on savings of shareholders, their shares and savings contributions, which make up the fund of mutual financial assistance - a source of cash loans to shareholders.
Credit Union Location in Sitka, Alaska
Sitka, Alaska have 1 agent Credit Union location in your country. All country.
The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter. 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.
| Agent | Contacts |
|---|---|
| Alps Federal Credit Union, Sitka |
401 Halibut Point Road Sitka, AK 99835
Phone: (907) 747-6261 Routing number: 13865 |
Like any financial institution, credit unions have the financial resources. Borrowing rate for the credit union is a source of income to cover the administrative costs. All excess funds are returned to members in the form of dividends on savings. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. 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. Unlike banks credit unions limit their activities to a closed circle of people.
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