Credit Union Location in Robbinsdale, Minnesota

The economic basis of credit unions - finances of a household. The main objective of the credit union - to ensure financial stability of a household, to ensure the priority of their shareholders' financial interests. Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. 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. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. Unlike banks, in order to use the services of a credit union, you have to become its member, having written an application and having paid thus shares and membership fee. On the consumer credit market in the U.S. credit unions are on the third place after the commercial banks and finance companies and are ahead of savings institutions, not taking into account the loans on real estate. Unlike banks credit unions limit their activities to a closed circle of people.

Credit Union Location in Robbinsdale, Minnesota

Robbinsdale, Minnesota have 1 agent Credit Union location in your country. All country.

Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates. 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.

Agent	Contacts
North Memorial Federal Credit Union, Robbinsdale	3300 Oakdale N Robbinsdale, MN 55422 Phone: (763) 367-7700 Routing number: 16248

To date, credit unions - virtually the only form of financial institution where people can quickly and without any problems get a relatively inexpensive cash loan. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. 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. 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. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars In the case of default the shareholder - individual will respond with its property and, in addition, is jointly and severally liable with the credit union's commitments. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. 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. Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services. 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.