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. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. 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. Credit unions perform the function of social protection in a vital for people sphere of financial services. They care about improving the financial literacy of the population, are working on the formation of their members and their employees. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. 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. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.
Credit Union Location in Owatonna, Minnesota
Owatonna, Minnesota have 3 agent Credit Union location in your country. All country.
Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Credit unions perform the function of social protection in a vital for people sphere of financial services. They care about improving the financial literacy of the population, are working on the formation of their members and their employees.
| Agent | Contacts |
|---|---|
| Federated Employees Credit Union, Owatonna |
1929 South Cedar Owatonna, MN 55060
Phone: (507) 455-5200 Routing number: 64703 |
| Home Town Federal Credit Union, Owatonna |
2400 W Bridge St Owatonna, MN 55060
Phone: (507) 451-3798 Routing number: 21669 |
| Josten Employees Credit Union, Owatonna |
148 E Broadway St Owatonna, MN 55060
Phone: (507) 455-6309 Routing number: 60221 |
Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings. 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. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual 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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