Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. 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 perform the function of social protection in a vital for people sphere of financial services. They care about improving the financial literacy of the population, are working on the formation of their members and their employees. Credit union services are available only to its shareholders. To reduce the risk of default on loans members of the credit union shall the joint guarantee. 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. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.
Name | Contacts | Info |
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United States Senate Federal Credit Union |
2750 Eisenhower Ave Alexandria, VA 22314 | Phone: (703) 329-8466 Routing number: 00624 Charter number: 254075250 |