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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. 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. 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. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). Credit union as a consumer cooperative operates on the principles of equality of all its members. The economic basis of credit unions - finances of a household. The main objective of the credit union - to ensure financial stability of a household, to ensure the priority of their shareholders' financial interests.


Credit Union Location in Illinois

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. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. 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.


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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. 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. 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 unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.).