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 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. Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. 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). Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. 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 Reading, Massachusetts
Reading, Massachusetts have 1 agent Credit Union location in your country. All country.
Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust.
| Agent | Contacts |
|---|---|
| Reading Mass. Town Employees Federal Credit Union, Reading |
218 Ash St Reading, MA 01867
Phone: (781) 942-9019 Routing number: 21997 Charter number: 211392099 |
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. " First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. 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. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. 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.
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