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Credit unions perform the function of social protection in a vital for people sphere of financial services. They care about improving the financial literacy of the population, are working on the formation of their members and their employees. National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. To reduce the risk of default on loans members of the credit union shall the joint guarantee. 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. 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. The first credit union in the United States was founded in 1909. by the group of Franco-American Catholics in Manchester, New Hampshire, and was called "Cooperative Credit Association of St. Mary. " Credit unions also differ from the traditional consumer cooperatives. Credit union as a consumer cooperative operates on the principles of equality of all its members. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. The specifics of credit unions and, in some sense, their uniqueness lies in the fact that they work not for profit and do not appropriate profit.


Credit Union Location in Canandaigua, New York

Credit Union

Canandaigua, New York have 1 agent Credit Union location in your country. All country.

National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. 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.

Agent Contacts
Canandaigua Federal Credit Union, Canandaigua 3210 Eastern Blvd Canandaigua, NY 14424

Phone: (585) 394-2436
Routing number: 16176
Charter number: 222380281


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A credit union on its own initiative order is created by citizens (individuals) to solve their financial problems that they could not solve in other financial institutions. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Unlike banks credit unions limit their activities to a closed circle of people. 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 Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks. Borrowing rate for the credit union is a source of income to cover the administrative costs. All excess funds are returned to members in the form of dividends on savings. The specifics of credit unions and, in some sense, their uniqueness lies in the fact that they work not for profit and do not appropriate profit.