In the U.S., credit unions have a clear organizational structure. All credit unions belong to one or the other parent credit union (there are 35 of them in the U.S.). To get a loan in the credit union a shareholder must be not only a formally adopted there, but necessary pay in cash contributions, the amount and order of payment of which approved by the General Assembly and fixed by the charter. 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 attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. 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 Thief River Fal, Minnesota
Thief River Fal, Minnesota have 2 agent Credit Union location in your country. All country.
To get a loan in the credit union a shareholder must be not only a formally adopted there, but necessary pay in cash contributions, the amount and order of payment of which approved by the General Assembly and fixed by the charter. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively.
| Agent | Contacts |
|---|---|
| Pennington Municipal & County Emplo Credit Union, Thief River Fal |
123 N Main Thief River Falls, MN 56701
Phone: (218) 681-7622 Routing number: 64331 |
| Soo Select Credit Union, Thief River Fal |
1100 Van Rooy Drive Thief River Falls, MN 56701
Phone: (218) 681-2303 Routing number: 62670 |
Like any financial institution, credit unions have the financial resources. 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. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. 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. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. 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. The specifics of credit unions and, in some sense, their uniqueness lies in the fact that they work not for profit and do not appropriate profit.
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