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. 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 supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. Credit cooperatives and credit unions exist in many different forms. The main differences relate to the nature of the membership and the opening of a credit institution. 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.
Credit Union Location in Georgia
The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. 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.
Select your city for
Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. 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. 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 relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. 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. Credit union services are available only to its shareholders. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. 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. 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.