Credit unions base their activities on savings of shareholders, their shares and savings contributions, which make up the fund of mutual financial assistance - a source of cash loans to shareholders. 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. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. 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.
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Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. 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.
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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. Members of credit unions place in credit unions usually free fund balances, ie those that remain after expenses devoted to education of children, the acquisition of new properties, additional pension benefits, etc. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type.