Money transfer agent locations

The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Credit union services are available only to its shareholders. Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). Credit union as a consumer cooperative operates on the principles of equality of all its members. 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. Credit unions are financial institutions, financial cooperatives of citizens, and in this capacity they are above all associations of people, not unification of capitals, which is typical, for example, for public companies.


Credit Union Location in Ohio

Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). Credit union as a consumer cooperative operates on the principles of equality of all its members. Credit union services are available only to its shareholders.


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Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions. U.S. credit unions have another significant difference from the credit cooperatives of farmers: the first have major proportion of short-term loans, the second - long and mostly in real estate. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services. 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. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Share contributions are transferred to the credit union on the basis of membership for the whole stay of a shareholder as member of the credit union and are the basis of membership. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative.