Membership in the credit union is voluntary and is open to all citizens bound by with joint work or residence, who wished to create a credit union to use its services and are willing to take on relevant commitments and responsibilities. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. 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 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. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services.
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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 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. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks.
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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. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. 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. Historically, credit unions have grown from the experience of credit cooperatives, but they took the experience of organizations of mutual aid of citizens by moving methods of social self-protection from labor and toward consumption. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations.