Like any financial institution, credit unions have the financial resources. Credit union services are available only to its shareholders. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. Membership in the credit union forms responsible citizens and conscientious attitude to their obligations as a norm of behavior, identify the value of a decent man's reputation in the business turnover. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. In the case of default the shareholder - individual will respond with its property and, in addition, is jointly and severally liable with the credit union's commitments. Important specifics of creating a credit union - an initiative order of organization: people do not receive any instructions, orders or regulations, the unification into a credit union occurs by their will and decision.
Credit Union Location in Lathrup Village, Michigan
Lathrup Village, Michigan have 1 agent Credit Union location in your country. All country.
Credit union services are available only to its shareholders. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members.
| Agent | Contacts |
|---|---|
| Michigan First Credit Union, Lathrup Village |
27000 Evergreen Road Lathrup Village, MI 48076
Phone: (248) 443-4600 Routing number: 60522 Charter number: 272078365 |
The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. As of the January 1, 2012 the national associations and confederations unite more than 196 million members participating in the 51,013 credit unions in 100 countries. 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 Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members.
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