Like any financial institution, credit unions have the financial resources. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions. Credit unions also differ from the traditional consumer cooperatives. 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 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.
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Credit unions also differ from the traditional consumer cooperatives. 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. Principles of cooperative democracy and interaction were adequate to the purposes for which people joined credit unions.
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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. 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. Share contributions are transferred to the credit union on the basis of membership for the whole stay of a shareholder as member of the credit union and are the basis of membership. Cooperation between credit unions, how they would not have been named, took place always, from the moment when the movement moved outside one credit union. All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. Membership in the credit union forms responsible citizens and conscientious attitude to their obligations as a norm of behavior, identify the value of a decent man's reputation in the business turnover. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. Unlike banks credit unions limit their activities to a closed circle of people.