Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. 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). Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. Important specifics of creating a credit union - an initiative order of organization: people do not receive any instructions, orders or regulations, the unification into a credit union occurs by their will and decision. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.).
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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
Agent | Contacts |
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Lakehurst Naval Federal Credit Union, Lakehurst |
60 Lansdowne Road Lakehurst Naec, NJ 087335020
Phone: (732) 323-2496 Routing number: 07958 Charter number: 231277945 |
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. Like any financial institution, credit unions have the financial resources. Credit unions also differ from the traditional consumer cooperatives. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights.