Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. 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. Unlike banks credit unions limit their activities to a closed circle of people.
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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.
|Spencerport Federal Credit Union, Spencerport||
2775 Spencerport Rd Spencerport, NY 14559
Phone: (585) 352-6890
Routing number: 14884
Charter number: 222382441
Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative.