Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. 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. Historically, credit unions have grown from the experience of credit cooperatives, but they took the experience of organizations of mutual aid of citizens by moving methods of social self-protection from labor and toward consumption. The right to use the services of the credit union have only its members. 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. 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 Lexingotn Park, Maryland
Lexingotn Park, Maryland have 1 agent Credit Union location in your country. All country.
Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. Historically, credit unions have grown from the experience of credit cooperatives, but they took the experience of organizations of mutual aid of citizens by moving methods of social self-protection from labor and toward consumption.
| Agent | Contacts |
|---|---|
| Cedar Point Federal Credit Union, Lexingotn Park |
22745 Maple Road Lexington Park, MD 20653
Phone: (301) 863-7071 Routing number: 05234 Charter number: 255077736 |
The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. Share contributions are transferred to the credit union on the basis of membership for the whole stay of a shareholder as member of the credit union and are the basis of membership. 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. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Unlike banks, in order to use the services of a credit union, you have to become its member, having written an application and having paid thus shares and membership fee.
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