In recent decades, many credit unions began to resort to such form of service as Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. 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. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. 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. Credit union as a consumer cooperative operates on the principles of equality of all its members. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations.
Credit Union Location in South Dakota
First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Like the credit cooperatives, credit unions form associations of a higher level, which are called corporate credit unions.
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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. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. Credit union services are available only to its shareholders. 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. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine. On the consumer credit market in the U.S. credit unions are on the third place after the commercial banks and finance companies and are ahead of savings institutions, not taking into account the loans on real estate. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations.