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. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. 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.
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First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services.
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The right to use the services of the credit union have only its members. Typically, donor contributions to the credit unions are targeted and used in the same statutory requirements and restrictions as the Mutual Financial Aid fund as a whole. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. 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. 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. 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). Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA).