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. Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. 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. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity.
Credit Union Location in Ely, Minnesota
Ely, Minnesota have 2 agent Credit Union location in your country. All country.
Credit unions also differ from the traditional consumer cooperatives. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress.
| Agent | Contacts |
|---|---|
| Ely Area Credit Union, Ely |
2 E Chapman St Ely, MN 55731
Phone: (218) 365-3131 Routing number: 63398 |
| Ely Steelworkers Credit Union, Ely |
41 East Chapman Street Ely, MN 55731
Phone: (218) 365-3297 Routing number: 63666 |
Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). In the U.S. credit unions timely and full repayment of loans is a common phenomenon. Unpaid and delinquent loans are not more than 3% of their amount. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations.