First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. Share contributions are transferred to the credit union on the basis of membership for the whole stay of a shareholder as member of the credit union and are the basis of membership. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations. 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 South Shore, Kentucky
South Shore, Kentucky have 1 agent Credit Union location in your country. All country.
Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. Share contributions are transferred to the credit union on the basis of membership for the whole stay of a shareholder as member of the credit union and are the basis of membership.
| Agent | Contacts |
|---|---|
| Tayco Employees Federal Credit Union, South Shore |
Us Route 23 Nelroy Lane South Shore, KY 41175-0762
Phone: (606) 932-4774 Routing number: 10177 Charter number: 242176271 |
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). Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates. 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. As of the January 1, 2012 the national associations and confederations unite more than 196 million members participating in the 51,013 credit unions in 100 countries. On the consumer credit market in the U.S. credit unions are on the third place after the commercial banks and finance companies and are ahead of savings institutions, not taking into account the loans on real estate.
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