Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. 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. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. 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. 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.
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When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. 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. 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.
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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. " 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 Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. In the U.S. credit unions timely and full repayment of loans is a common phenomenon. Unpaid and delinquent loans are not more than 3% of their amount. Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. Unlike banks, in order to use the services of a credit union, you have to become its member, having written an application and having paid thus shares and membership fee.