First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. The first credit union in the United States was founded in 1909. by the group of Franco-American Catholics in Manchester, New Hampshire, and was called "Cooperative Credit Association of St. Mary. " To get a loan in the credit union a shareholder must be not only a formally adopted there, but necessary pay in cash contributions, the amount and order of payment of which approved by the General Assembly and fixed by the charter. Membership in the credit union is voluntary and is open to all citizens bound by with joint work or residence, who wished to create a credit union to use its services and are willing to take on relevant commitments and responsibilities.
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The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. The first credit union in the United States was founded in 1909. by the group of Franco-American Catholics in Manchester, New Hampshire, and was called "Cooperative Credit Association of St. Mary. "
|Western Valley Federal Credit Union, Roseville||
130 Sunrise Avenue Roseville, CA 95661
Phone: (916) 786-2451
Routing number: 24496
Historically, credit unions have grown from the experience of credit cooperatives, but they took the experience of organizations of mutual aid of citizens by moving methods of social self-protection from labor and toward consumption. To reduce the risk of default on loans members of the credit union shall the joint guarantee. Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. Credit unions also differ from the traditional consumer cooperatives. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers).