The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. 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 Union Location in Freehold, New Jersey
Freehold, New Jersey have 2 agent Credit Union location in your country. All country.
The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings.
| Agent | Contacts |
|---|---|
| Nestle (Freehold) Employees Federal Credit Union, Freehold |
61 Jerseyville Ave Freehold, NJ 07728
Phone: (732) 577-7206 Routing number: 22449 |
| Shop-Rite Foodarama Federal Credit Union, Freehold |
Shop-Rite Foodarama Federal Credit Union 922 Highway 33 Freehold, NJ 07728
Phone: (732) 431-4105 Routing number: 15370 Charter number: 221275805 |
In 1908. the spread of credit unions has reached the United States. In 1935 President Roosevelt signed the state Charter on credit unions, which became a law. Most modern credit unions represent specialized consumer cooperatives of citizens associated by the principle of social community: place of work, place of residence, profession, or any other shared interest. 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. 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. 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 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 relationship between credit unions and shareholders arise from the membership and are not customer relationship.
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