Like any financial institution, credit unions have the financial resources. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Unlike banks, in order to use the services of a credit union, you have to become its member, having written an application and having paid thus shares and membership fee. 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 union as a consumer cooperative operates on the principles of equality of all its members.
Credit Union Location in Skellytown, Texas
Skellytown, Texas have 1 agent Credit Union location in your country. All country.
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.
| Agent | Contacts |
|---|---|
| Skel-Tex Credit Union, Skellytown |
Skel-Tex Credit Union 404 Main St Skellytown, TX 79080
Phone: (806) 848-2413 Routing number: 60396 |
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. The difference between credit unions and banks is clearly is apparent when comparing the structure of assets and liabilities of credit unions and banks. Income received by the credit union shall be distributed among the shareholders or spent for the depreciation of services, that is, are the most effective means of meeting the needs of shareholders. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. 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. 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. To reduce the risk of default on loans members of the credit union shall the joint guarantee. As of the January 1, 2012 the national associations and confederations unite more than 196 million members participating in the 51,013 credit unions in 100 countries. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks.