Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. 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. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Taking a decision to join a credit union, citizens create an organization through which they participate in the shared savings by mutual crediting and joint (collective) use of personal savings. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. Corporate alliances are intermediaries between credit unions and financial markets.
Credit Union Location in Westbury, New York
Westbury, New York have 1 agent Credit Union location in your country. All country.
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. In the credit union compensation for use of the loan (interest) is a source of compensation for savings.
| Agent | Contacts |
|---|---|
| David Horodoker Federal Credit Union, Westbury |
490 Pacing Way Westbury, NY 11590
Phone: (516) 414-1845 Routing number: 03845 Charter number: 226074373 |
Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. Credit unions are competitors of savings institutions, adding interest on deposits of members. This applies to the shares, as well as to additional funds transferred to the account in the credit union. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. The right to use the services of the credit union have only its members. Credit union as a consumer cooperative operates on the principles of equality of all its members.
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