Money transfer agent locations

The right to use the services of the credit union have only its members. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. 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. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. 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.


Credit Union Location in Michigan

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. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU.


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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. 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. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. 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. " 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.