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Until the mid-XX century, credit unions in the United States had little assets that did not exceed, as a rule, 100 thousand dollars At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Unlike banks credit unions limit their activities to a closed circle of people. 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. Today in the UK there are about 700 credit unions with assets exceeding 200 million pounds. Credit unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type.


Credit Union Location in West Virginia

Unlike banks credit unions limit their activities to a closed circle of people. 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. At the organization of the credit union it is important that people know each other and know the extent to which each of them is trustworthy.


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In the UK, credit unions are a source of financing of people groups. This tool is not widely used. Activity of the credit union consists of organizing mutual financial assistance by meeting the needs of its members in the services of saving and obtaining loans. Credit Union - a non-profit financial institution specialized in mutual financial assistance by providing savings and credit services to their members. Historically, credit unions were preceded by widespread development of credit cooperation in many countries of Europe and America. Credit unions encourage the proper use of shareholders savings, developing social programs (education, health, recreation, housing, etc.). 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). Credit union as a consumer cooperative operates on the principles of equality of all its members.