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. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. Credit unions also differ from the traditional consumer cooperatives. 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. Membership in the credit union forms responsible citizens and conscientious attitude to their obligations as a norm of behavior, identify the value of a decent man's reputation in the business turnover. As of the January 1, 2012 the national associations and confederations unite more than 196 million members participating in the 51,013 credit unions in 100 countries. 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 Sullivan, Missouri
Sullivan, Missouri have 1 agent Credit Union location in your country. All country.
Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions.
| Agent | Contacts |
|---|---|
| South Community Credit Union, Sullivan |
280 S Service Rd W Sullivan, MO 63080
Phone: (573) 468-8068 Routing number: 64761 |
Borrowing rate for the credit union is a source of income to cover the administrative costs. All excess funds are returned to members in the form of dividends on savings. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars 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. 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. U.S. credit unions have another significant difference from the credit cooperatives of farmers: the first have major proportion of short-term loans, the second - long and mostly in real estate. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity.
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