Money transfer agent locations

First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars 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. The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter. 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. 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. 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. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type.


Credit Union Location in Maine

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. The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars


Select your city for


To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity. 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 activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. 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. 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. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Corporate alliances are intermediaries between credit unions and financial markets. Credit unions also differ from the traditional consumer cooperatives. Credit union as a consumer cooperative operates on the principles of equality of all its members.