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. 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. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Credit union services are available only to its shareholders. 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. 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. Unlike banks credit unions limit their activities to a closed circle of people. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks.
Credit Union Location in Montana
First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Credit union services are available only to its shareholders. 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.
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In recent decades, many credit unions began to resort to such form of service as Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.).