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. 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. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. 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.
Credit Union Location in Leechburg, Pennsylvania
Leechburg, Pennsylvania have 1 agent Credit Union location in your country. All country.
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. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations.
| Agent | Contacts |
|---|---|
| Allegheny Metal Federal Credit Union, Leechburg |
260 Pershing Ave Leechburg, PA 15656
Phone: (724) 845-8923 Routing number: 04566 Charter number: 243382226 |
National Credit Union Administration (NCUA) - an independent federal agency, based in Washington (State of Columbia), established by the U.S. Congress to oversee the federal credit union system. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings. 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 supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. 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.
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