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. Credit union services are available only to its shareholders. 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). In the credit union compensation for use of the loan (interest) is a source of compensation for savings. The main activities of credit unions, aimed at the organization of mutual aid and social support of citizens is not intended to profit. Consumer loan and reliable savings - these are the main goals, which mean "natural persons" having decided to unite in credit consumer cooperative. The relationship between credit unions and shareholders arise from the membership and are not customer relationship. Standards by which credit unions build their work do not coincide with the standards and regulations of consumer cooperation of the usual type. Worldwide credit union movement is represented by regional confederations and national organizations within the World Council of Credit Unions.
Credit Union Location in Waynesboro, Virginia
Waynesboro, Virginia have 4 agent Credit Union location in your country. All country.
Credit union services are available only to its shareholders. In the credit union compensation for use of the loan (interest) is a source of compensation for savings.
| Agent | Contacts |
|---|---|
| Dupont Community Credit Union, Waynesboro |
140 Lucy Lane Waynesboro, VA 22980
Phone: (540) 946-3200 Routing number: 62474 Charter number: 251483311 |
| Klann Employees Credit Union Inc., Waynesboro |
301 Fourth Street Waynesboro, VA 22980
Phone: 540-949-8351 ext. 33 Routing number: 66987 Charter number: 251483298 |
| Valley Industrial Credit Union, Waynesboro |
501 W Broad Street Waynesboro, VA 22980
Phone: (540) 949-6818 Routing number: 66893 Charter number: 251484941 |
| Waynesboro Employees Credit Union Credit Union, Waynesboro |
939a Fir Street Waynesboro, VA 22980
Phone: (540) 949-0667 Routing number: 66936 Charter number: 251483337 |
Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. 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. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. All the members of the credit union, regardless of gender, ethnicity, religious and political beliefs, as well as the size of the monetary share have equal rights. In the credit union compensation for use of the loan (interest) is a source of compensation for savings.
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