Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. 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 of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). In the credit union compensation for use of the loan (interest) is a source of compensation for savings. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. The value of credit unions is not limited to the role of the economic agent - they are an important element of the social structure and a factor of social stability and progress. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members.
Credit Union Location in North Apollo, Pennsylvania
North Apollo, Pennsylvania have 1 agent Credit Union location in your country. All country.
Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. 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.
| Agent | Contacts |
|---|---|
| P.N.G. Northern Federal Credit Union, North Apollo |
831 16th Street North Apollo, PA 15673
Phone: (724) 478-3039 Routing number: 20567 Charter number: 243379624 |
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. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. Credit union services are available only to its shareholders. 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. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). In the credit union compensation for use of the loan (interest) is a source of compensation for savings. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. 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. The specifics of credit unions and, in some sense, their uniqueness lies in the fact that they work not for profit and do not appropriate profit.
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