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The right to use the services of the credit union have only its members. Credit unions are competitors of savings institutions, adding interest on deposits of members. This applies to the shares, as well as to additional funds transferred to the account in the credit union. 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. Unlike banks credit unions limit their activities to a closed circle of people. In the U.S. credit unions timely and full repayment of loans is a common phenomenon. Unpaid and delinquent loans are not more than 3% of their amount. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. In recent decades, many credit unions began to resort to such form of service as Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. 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. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine.


Credit Union Location in Florida

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. Unlike banks credit unions limit their activities to a closed circle of people. Credit unions are competitors of savings institutions, adding interest on deposits of members. This applies to the shares, as well as to additional funds transferred to the account in the credit union.


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A credit union on its own initiative order is created by citizens (individuals) to solve their financial problems that they could not solve in other financial institutions. 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. 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. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine.