Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). 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. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Credit union services are available only to its shareholders. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. 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.
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Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. 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.
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The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. 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. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. Membership in the credit union forms responsible citizens and conscientious attitude to their obligations as a norm of behavior, identify the value of a decent man's reputation in the business turnover. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.).