The right to use the services of the credit union have only its members. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. Credit union as a consumer cooperative operates on the principles of equality of all its members.
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The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively.
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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. 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. 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. The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens. 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. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. 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 - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. 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.