Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). To get a loan in the credit union a shareholder must be not only a formally adopted there, but necessary pay in cash contributions, the amount and order of payment of which approved by the General Assembly and fixed by the charter. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. Credit union services are available only to its shareholders. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.
Name | Contacts | Info |
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E C A I Federal Credit Union |
7106 James St Philadelphia, PA 19135 | Phone: (215) 364-1885 Routing number: 16920 Charter number: 236083163 |