Credit Union Location in Gloucester, Massachusetts

To get a loan in the credit union a shareholder must be not only a formally adopted there, but necessary pay in cash contributions, the amount and order of payment of which approved by the General Assembly and fixed by the charter. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. In the case of default the shareholder - individual will respond with its property and, in addition, is jointly and severally liable with the credit union's commitments. The specifics of credit unions and, in some sense, their uniqueness lies in the fact that they work not for profit and do not appropriate profit. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks.

Credit Union Location in Gloucester, Massachusetts

Gloucester, Massachusetts have 3 agent Credit Union location in your country. All country.

Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings.

Agent	Contacts
Gloucester Fire Department Credit Union, Gloucester	8 School St Gloucester, MA 01930 Phone: (978) 281-9761 Routing number: 67905 Charter number: 211383163
Gloucester Municipal Credit Union, Gloucester	9 Dale Avenue Gloucester, MA 01930 Phone: (978) 283-1345 Routing number: 66371 Charter number: 211383176
Gortons Of Gloucester Employees Federal Credit Union, Gloucester	128 Rogers Street Gloucester, MA 01930 Phone: (978) 281-8259 Routing number: 00843 Charter number: 211383189

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. 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. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. 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. 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. 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. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type.