Fund of Mutual Financial Aid of the credit union can be extended by sponsorship contributions from businesses, organizations, including on a returnable basis. 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. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. The right to use the services of the credit union have only its members. Credit unions historically formed as a special form of social support, initially taken upon themselves the social mission of protecting the interests of citizens in the field of financial services.
Credit Union Location in Beckley, West Virginia
Beckley, West Virginia have 3 agent Credit Union location in your country. All country.
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. The right to use the services of the credit union have only its members.
| Agent | Contacts |
|---|---|
| Raleigh Co. Educators Federal Credit Union, Beckley |
105 Adair Street Beckley, WV 25801
Phone: (304) 256-4600 Routing number: 23722 Charter number: 251579911 |
| Raleigh County Federal Credit Union, Beckley |
200 Veterans Ave Beckley, WV 25801
Phone: (304) 253-6279 Routing number: 07790 Charter number: 251583457 |
| Telbec Federal Credit Union, Beckley |
3695 Robert C. Byrd Drive Beckley, WV 25801
Phone: (304) 255-9815 Routing number: 15632 Charter number: 251583486 |
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. 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). First Credit Union was savings unprofitable institution, or rather credit cooperative, providing services to its 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. Since the early 80's started the process of consolidation of credit unions, leading to a decrease in their number with a simultaneous increase in the total number of members. 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. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and 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.
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