Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. Like any financial institution, credit unions have the financial resources. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. Credit union services are available only to its shareholders. 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. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings. Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. 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. 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.
Credit Union Location in Naugatuck, Connecticut
Naugatuck, Connecticut have 1 agent Credit Union location in your country. All country.
Like any financial institution, credit unions have the financial resources. Credit union services are available only to its shareholders.
| Agent | Contacts |
|---|---|
| Norwalk Postal Employees Federal Credit Union, Naugatuck |
26 Macarthur Dr Stratford, CT 06614
Phone: (203) 216-6055 Routing number: 12375 Charter number: 221182875 |
Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). Most modern credit unions represent specialized consumer cooperatives of citizens associated by the principle of social community: place of work, place of residence, profession, or any other shared interest. 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. Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. 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. Credit union services are available only to its shareholders. Share contributions are transferred to the credit union on the basis of membership for the whole stay of a shareholder as member of the credit union and are the basis of membership. 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. 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. 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.
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