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. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Credit unions also differ from the traditional consumer cooperatives. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union.
Credit Union Location in Totowa, New Jersey
Totowa, New Jersey have 1 agent Credit Union location in your country. All country.
Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities.
| Agent | Contacts |
|---|---|
| North Jersey Federal Credit Union, Totowa |
711 Union Blvd. Totowa, NJ 07512
Phone: (973) 785-9200 Routing number: 01015 Charter number: 221275025 |
In recent decades, many credit unions began to resort to such form of service as Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. 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. 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 unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.).
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