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. 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. 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. At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. The uniqueness of credit unions is that they put together the principles and benefits of financial cooperatives, consumer cooperatives and mutual aid funds, born once by trade unions. U.S. credit unions have another significant difference from the credit cooperatives of farmers: the first have major proportion of short-term loans, the second - long and mostly in real estate. Credit unions also differ from the traditional consumer cooperatives.
Abbeville, South Carolina have 2 agent Credit Union location in your country. All country.
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. At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy.
|Abbeville Seaboard Credit Union, Abbeville||
603 E Greewood St Abbeville, SC 29620
Phone: (864) 366-5615
Routing number: 60894
|Greater Abbeville Federal Credit Union, Abbeville||
807 W. Greenwood Street Abbeville, SC 29620
Phone: (864) 366-9602
Routing number: 20824
Charter number: 253278061
Credit unions base their activities on savings of shareholders, their shares and savings contributions, which make up the fund of mutual financial assistance - a source of cash loans to shareholders. The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter. Credit union is created by a group of members who pursue a common interest. Agreeing to make regular contributions, they create a fund from which can borrow money for investments and replenishment of working capital at favorable interest rates. 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. To date, credit unions - virtually the only form of financial institution where people can quickly and without any problems get a relatively inexpensive cash loan. Members of credit unions place in credit unions usually free fund balances, ie those that remain after expenses devoted to education of children, the acquisition of new properties, additional pension benefits, etc.