Membership in the credit union is voluntary and is open to all citizens bound by with joint work or residence, who wished to create a credit union to use its services and are willing to take on relevant commitments and responsibilities. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively. 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. Today, the World Council of Credit Unions is represented as members four regional confederations and twelve national associations.
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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. Credit unions attract people in the first place by the opportunity to get cash loan (credit) - quickly and relatively inexpensively.
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Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. Like any financial institution, credit unions have the financial resources. Representative organization, leading the coordination work in the field of development of both global and national credit union movement is the World Council of Credit Unions (WOCCU) established in 1971 (headquartered in Madison, USA). Among the U.S. credit unions, there are three groups that differ in terms of assets, shareholders, and business services. Credit unions, like today's credit unions, emerged in the 19th century in Germany as a result of crop failure and famine. 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. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.