Money transfer agent locations

The right to use the services of the credit union have only its members. 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 unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). Credit union as a consumer cooperative operates on the principles of equality of all its members. Borrowing rate for the credit union is a source of income to cover the administrative costs. All excess funds are returned to members in the form of dividends on savings.


Credit Union Location in Michigan

Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). Credit union as a consumer cooperative operates on the principles of equality of all its members. 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.


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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. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Share contributions are transferred to the credit union on the basis of membership for the whole stay of a shareholder as member of the credit union and are the basis of membership. 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 unions are financial institutions, financial cooperatives of citizens, and in this capacity they are above all associations of people, not unification of capitals, which is typical, for example, for public companies.