Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. 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. 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. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. Unlike banks credit unions limit their activities to a closed circle of people. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions. Corporate alliances are intermediaries between credit unions and financial markets.
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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. 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. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union.
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Membership in the credit union is voluntary and is open to all citizens bound by with joint work or residence, who wished to create a credit union to use its services and are willing to take on relevant commitments and responsibilities. In the U.S., credit unions have a clear organizational structure. All credit unions belong to one or the other parent credit union (there are 35 of them in the U.S.). Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. To reduce the risk of default on loans members of the credit union shall the joint guarantee. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Historically, credit unions have grown from the experience of credit cooperatives, but they took the experience of organizations of mutual aid of citizens by moving methods of social self-protection from labor and toward consumption. In the UK, credit unions are a source of financing of people groups. This tool is not widely used.