Borrowing rate for the credit union is a source of income to cover the administrative costs. All excess funds are returned to members in the form of dividends on savings. All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union.
Credit Union Location in Beloit, Kansas
Beloit, Kansas have 1 agent Credit Union location in your country. All country.
All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. In the credit union compensation for use of the loan (interest) is a source of compensation for savings.
| Agent | Contacts |
|---|---|
| Farmway Credit Union, Beloit |
200 S Hersey Ave Beloit, KS 67420
Phone: (785) 738-2224 Routing number: 63374 |
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. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. 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. U.S. credit unions have another significant difference from the credit cooperatives of farmers: the first have major proportion of short-term loans, the second - long and mostly in real estate.
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