Credit Union Location in Salem, Massachusetts

Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. 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). International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. Credit unions are competitors of savings institutions, adding interest on deposits of members. This applies to the shares, as well as to additional funds transferred to the account in the credit union. 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 credit union on its own initiative order is created by citizens (individuals) to solve their financial problems that they could not solve in other financial institutions.

Credit Union Location in Salem, Massachusetts

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

Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth.

Agent	Contacts
Greater Salem Employees Federal Credit Union, Salem	10 Colonial Road Suite 1a Salem, MA 01970 Phone: (978) 745-9803 Routing number: 04201 Charter number: 211385488
Salem Italian-American Credit Union, Salem	Salem Italian-American Credit Union 24 Endicott St Salem, MA 01970 Phone: (978) 740-0200 Routing number: 67893 Charter number: 211385475
Seaport Credit Union, Salem	336 Lafayette St Salem, MA 01970 Phone: (978) 744-1153 Routing number: 67781 Charter number: 211385514

Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. 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. To reduce the risk of default on loans members of the credit union shall the joint guarantee. 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). 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.