Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter. 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. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. 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. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others.
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The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter. 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. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars
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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. At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Unlike banks credit unions limit their activities to a closed circle of people. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). 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, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine.