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. Credit unions also differ from the traditional consumer cooperatives. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. 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.