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. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. 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. 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.
Credit Union Location in Perry Hall, Maryland
Perry Hall, Maryland have 1 agent Credit Union location in your country. All country.
The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative.
| Agent | Contacts |
|---|---|
| Abaco Md Federal Credit Union, Perry Hall |
9604 F Haven Farm Rd Perry Hall, MD 21128
Phone: 410-222-4184 ext. 125 Routing number: 12373 Charter number: 252075647 |
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. The economic basis of credit unions - finances of a household. The main objective of the credit union - to ensure financial stability of a household, to ensure the priority of their shareholders' financial interests. Credit unions also differ from the traditional consumer cooperatives. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. 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. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. 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.
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