Money transfer agent locations

Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). 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. 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 also differ from the traditional consumer cooperatives. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. 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. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. 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. 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. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.


Michigan One Community Credit Union, Credit Union Location Ionia, Michigan


Name Contacts Info
Michigan One Community Credit Union
510 S Dexter St Ionia, MI 48846 Phone: (616) 527-3900
Routing number: 62169
Charter number: 272481499
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