Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Credit unions also differ from the traditional consumer cooperatives. The number of shareholders of a credit union is limited and formalized by a list. Limit of the number is defined by the assembly and such assembly establishes the charter. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. 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). Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations. Credit unions base their activities on savings of shareholders, their shares and savings contributions, which make up the fund of mutual financial assistance - a source of cash loans to shareholders.
Credit Union Location in Vienna, Virginia
Vienna, Virginia have 2 agent Credit Union location in your country. All country.
Credit unions also differ from the traditional consumer cooperatives. Specialization of credit unions to provide financial services to its shareholders requires a particularly strict regulation of membership and acceptable activities.
| Agent | Contacts |
|---|---|
| First Baptist Church Of Vienna (Va) Federal Credit Union, Vienna |
450 Orchard St Vienna, VA 22180
Phone: (703) 319-0724 Routing number: 24535 |
| Navy Federal Credit Union, Vienna |
820 Follin Lane Vienna, VA 22180
Phone: (888) 842-6328 Routing number: 05536 Charter number: 256074974 |
Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). To get a loan in the credit union a shareholder must be not only a formally adopted there, but necessary pay in cash contributions, the amount and order of payment of which approved by the General Assembly and fixed by the charter. 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. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members. 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. First central bank of credit unions appeared in 1876. Credit unions began to appear rapidly in many European countries. 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.
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