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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. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Unlike banks credit unions limit their activities to a closed circle of people. In recent decades, many credit unions began to resort to such form of service as Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). In 1908. the spread of credit unions has reached the United States. In 1935 President Roosevelt signed the state Charter on credit unions, which became a law.


Credit Union Location in Georgia

Unlike banks credit unions limit their activities to a closed circle of people. In recent decades, many credit unions began to resort to such form of service as The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit.


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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. Membership in the credit union forms responsible citizens and conscientious attitude to their obligations as a norm of behavior, identify the value of a decent man's reputation in the business turnover. 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. Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. 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. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. Corporate alliances are intermediaries between credit unions and financial markets. In recent decades, many credit unions began to resort to such form of service as