Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. 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. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Credit cooperatives and credit unions exist in many different forms. The main differences relate to the nature of the membership and the opening of a credit institution. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.
Credit Union Location in Bowling Green, Kentucky
Bowling Green, Kentucky have 1 agent Credit Union location in your country. All country.
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 cooperatives and credit unions exist in many different forms. The main differences relate to the nature of the membership and the opening of a credit institution.
| Agent | Contacts |
|---|---|
| Service One Credit Union, Bowling Green |
1609 Campbell Ln Bowling Green, KY 42104
Phone: (270) 796-8500 Routing number: 62484 |
Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. 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. 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. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.
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