Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members. 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. 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. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. In the credit union compensation for use of the loan (interest) is a source of compensation for savings. Contributions from of shareholders in credit unions in no way can be considered as borrowed funds, they come from the shareholders and for the shareholders and can not be used to provide services to third parties. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. Credit union as a consumer cooperative operates on the principles of equality of all its members. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.
Credit Union Location in Utah
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. 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. First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its members.
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In the U.S., credit unions have a clear organizational structure. All credit unions belong to one or the other parent credit union (there are 35 of them in the U.S.). 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. 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 main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Credit union as a consumer cooperative operates on the principles of equality of all its members.