Like any financial institution, credit unions have the financial resources. 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. 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. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. The supreme body of the World Council of Credit Unions is the Assembly, which elects the president and the board of directors of WOCCU.
Credit Union Location in Wisconsin
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. Until the 70's there was a proliferation of the U.S. credit unions due to the increase of their number and the number of shareholders, although it must be acknowledged that there was also and a qualitative growth. 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.
Select your city for
Most modern credit unions represent specialized consumer cooperatives of citizens associated by the principle of social community: place of work, place of residence, profession, or any other shared interest. 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 unions encourage savings of citizens, setting compensation payments (interest) on savings and provide from these savings loans to their members. 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. When organizing the credit union it is important that people know each other and know the extent to which each of them is trustworthy. Typically new members of the credit union become citizens having suretyship or recommendations from their friends - members of the credit union. Credit union services are available only to its shareholders. Members of credit unions place in credit unions usually free fund balances, ie those that remain after expenses devoted to education of children, the acquisition of new properties, additional pension benefits, etc. Shareholders in corporate organizations are basic credit unions, besides the same union can be a shareholder of several corporate organizations.