Credit unions also differ from the traditional consumer cooperatives. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. Historically, credit unions have grown from the experience of credit cooperatives, but they took the experience of organizations of mutual aid of citizens by moving methods of social self-protection from labor and toward consumption. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union.
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Historically, credit unions have grown from the experience of credit cooperatives, but they took the experience of organizations of mutual aid of citizens by moving methods of social self-protection from labor and toward consumption. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members.
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Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). Credit unions also differ from the traditional consumer cooperatives. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. Unlike banks credit unions limit their activities to a closed circle of people.