Like any financial institution, credit unions have the financial resources. 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. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. 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. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). 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 Bloomington, Maryland
Bloomington, Maryland have 1 agent Credit Union location in your country. All country.
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 of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers).
| Agent | Contacts |
|---|---|
| Wepco Federal Credit Union, Bloomington |
204 North Branch Ave. Bloomington, MD 21523
Phone: (301) 359-3081 Routing number: 06685 Charter number: 252178201 |
Credit unions also differ from the traditional consumer cooperatives. 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. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members. Credit unions are competitors of savings institutions, adding interest on deposits of members. This applies to the shares, as well as to additional funds transferred to the account in the credit union. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks.
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