Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. The right to use the services of the credit union have only its members. 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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Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. The right to use the services of the credit union have only its members. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union.
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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. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks.