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. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. 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. Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. 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. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity. 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.
Credit Union Location in Sandy Hook, Connecticut
Sandy Hook, Connecticut have 2 agent Credit Union location in your country. All country.
First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. 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.
| Agent | Contacts |
|---|---|
| Curtis Federal Credit Union, Sandy Hook |
44 Berkshire Road Sandy Hook, CT 06482
Phone: 203-426-5861 ext. 5618 Routing number: 19665 Charter number: 211178860 |
| Western Connecticut Federal Credit Union, Sandy Hook |
2 Stony Hill Rd Bethel, CT 06801
Phone: (203) 791-9399 Routing number: 17330 Charter number: 221173884 |
Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. 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. 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. All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. 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. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. As of the January 1, 2012 the national associations and confederations unite more than 196 million members participating in the 51,013 credit unions in 100 countries. 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. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. 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.