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.). Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. 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. 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.
Credit Union Location in Sharon, Massachusetts
Sharon, Massachusetts have 1 agent Credit Union location in your country. All country.
Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. 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.
| Agent | Contacts |
|---|---|
| Sharon Credit Union, Sharon |
30 Pond Street Sharon, MA 02067
Phone: (781) 784-7725 Routing number: 67836 Charter number: 211385556 |
Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. 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. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. 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). The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity.