Money transfer agent locations

Over 30% of the assets of credit unions are investments in government securities, certificates of deposit of banks and savings loan associations, as well as in the parent credit unions, and other risk-free investments. 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. Credit union services are available only to its shareholders. 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. Credit unions are financial institutions, financial cooperatives of citizens, and in this capacity they are above all associations of people, not unification of capitals, which is typical, for example, for public companies.


Credit Union Location in Virginia

Credit union services are available only to its shareholders. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. 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.


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The specifics of the credit union as a credit consumer cooperative is that it is a form of mutual financial assistance of citizens. Income derived from the provision of services to its members, does not become the profit of credit union and is distributed among its members in proportion to their savings. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. Credit unions of the open type are still controlled by their members, but at the same time provide services to people who are not its members (external customers). Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. Borrowing rate for the credit union is a source of income to cover the administrative costs. All excess funds are returned to members in the form of dividends on savings.