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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. 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. 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. Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. 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.


Credit Union Location in Cordova, Tennessee

Credit Union

Cordova, Tennessee have 1 agent Credit Union location in your country. All country.

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. Is necessary that all shareholders of the credit union were members of a single community, would know each other well enough to enjoy mutual trust.

Agent Contacts
Memphis Chapter Federal Credit Union, Cordova 8309 Cordova Cordova, TN 38016

Phone: (901) 752-1910
Routing number: 05639


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First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. 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. 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. 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. Unlike banks credit unions limit their activities to a closed circle of people. The relationship of shareholders with credit union are not client-based, they are co-operative, based on different principles and standards, in particular, on the principles of the law of obligations. The main advantage of credit unions consists in transparency, controllability, governance for shareholders.