Credit unions appeared in England in the 19th century. In 1844 a group of workers from Rochdale established the first cooperative. 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. 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. In recent decades, many credit unions began to resort to such form of service as Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine.
Credit Union Location in New Jersey
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. In recent decades, many credit unions began to resort to such form of service as 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.
Select your city for
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. 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. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. 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. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. Credit union as a consumer cooperative operates on the principles of equality of all its members.