Money transfer agent locations

The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens. 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. Like any financial institution, credit unions have the financial resources. 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. Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Membership in the credit union is voluntary and is open to all citizens bound by with joint work or residence, who wished to create a credit union to use its services and are willing to take on relevant commitments and responsibilities.


Credit Union Location in Minnesota

Like any financial institution, credit unions have the financial resources. 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. 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. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. 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. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America.