Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative.
Credit Union Location in Michigan
In the credit union compensation for use of the loan (interest) is a source of compensation for savings. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries.
Select your city for
Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. 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. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations. Corporate alliances are intermediaries between credit unions and financial markets.