Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). Borrowing rate for the credit union is a source of income to cover the administrative costs. All excess funds are returned to members in the form of dividends on savings. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. 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. 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). The relationship between credit unions and shareholders arise from the membership and are not customer relationship. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU.
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Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Borrowing rate for the credit union is a source of income to cover the administrative costs. All excess funds are returned to members in the form of dividends on savings.
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Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. 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. To reduce the risk of default on loans members of the credit union shall the joint guarantee. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. 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.