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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. The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. 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. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. Unlike banks, in order to use the services of a credit union, you have to become its member, having written an application and having paid thus shares and membership fee.


Credit Union Location in Kentucky

Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. 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. The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens.


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Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. To reduce the risk of default on loans members of the credit union shall the joint guarantee. 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. Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. 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.). 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.