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. Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. The right to use the services of the credit union have only its members. To increase the number of credit unions in 1979 was adopted the corresponding law that serves as the legal basis of their activity. Unlike banks credit unions limit their activities to a closed circle of people. A potential new member of a credit union must submit a recommendation of shareholders in which the referee becomes a warrant of a future member of the credit union.
Credit Union Location in North Lewisburg, Ohio
North Lewisburg, Ohio have 1 agent Credit Union location in your country. All country.
Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. In the credit union compensation for use of the loan (interest) is a source of compensation for savings.
| Agent | Contacts |
|---|---|
| M G Employees Federal Credit Union, North Lewisburg |
4235 Glendenning Road North Lewisburg, OH 43060
Phone: (937) 747-3892 Routing number: 21787 Charter number: 244180210 |
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. National Credit Union Insurance Fund was created by Congress in 1970 to insure deposits of credit union members in the amount of 100 thousand dollars. 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. Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars
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