Corporate credit unions are united on a cooperative basis in the Central Credit Union (US Central Credit Union). Typically, donor contributions to the credit unions are targeted and used in the same statutory requirements and restrictions as the Mutual Financial Aid fund as a whole. 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). Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. 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. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. The specifics of credit unions and, in some sense, their uniqueness lies in the fact that they work not for profit and do not appropriate profit.
Name | Contacts | Info |
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Klann Employees Credit Union Inc. |
301 Fourth Street Waynesboro, VA 22980 | Phone: 540-949-8351 ext. 33 Routing number: 66987 Charter number: 251483298 |