Money transfer agent locations

Credit unions base their activities on savings of shareholders, their shares and savings contributions, which make up the fund of mutual financial assistance - a source of cash loans to shareholders. The right to use the services of the credit union have only its members. National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. 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. 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. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Important specifics of creating a credit union - an initiative order of organization: people do not receive any instructions, orders or regulations, the unification into a credit union occurs by their will and decision.


Credit Union Location in Maine

National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. The right to use the services of the credit union have only its members.


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Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. To reduce the risk of default on loans members of the credit union shall the joint guarantee. Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. U.S. credit unions have another significant difference from the credit cooperatives of farmers: the first have major proportion of short-term loans, the second - long and mostly in real estate. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. 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. Credit unions are financial institutions, financial cooperatives of citizens, and in this capacity they are above all associations of people, not unification of capitals, which is typical, for example, for public companies.