In the U.S., credit unions have a clear organizational structure. All credit unions belong to one or the other parent credit union (there are 35 of them in the U.S.). The first credit union in the United States was founded in 1909. by the group of Franco-American Catholics in Manchester, New Hampshire, and was called "Cooperative Credit Association of St. Mary. " Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. Credit unions also differ from the traditional consumer cooperatives. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. 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. 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 North Reading, Massachusetts
North Reading, Massachusetts have 2 agent Credit Union location in your country. All country.
The first credit union in the United States was founded in 1909. by the group of Franco-American Catholics in Manchester, New Hampshire, and was called "Cooperative Credit Association of St. Mary. " Credit unions also differ from the traditional consumer cooperatives.
| Agent | Contacts |
|---|---|
| M.O.S.E.S. Federal Credit Union, North Reading |
50 Main St North Reading, MA 01864
Phone: (978) 276-0750 Routing number: 23627 Charter number: 211092182 |
| Middlesex-Essex Postal Employees Federal Credit Union, North Reading |
Middlesex-Essex Postal Employees Federal Credit Union 76 Main Street North Reading, MA 01864
Phone: (978) 664-5938 Routing number: 19446 Charter number: 211386966 |
In recent decades, many credit unions began to resort to such form of service as Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. 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. At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. 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). Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members.