|1.||CREDIT UNIONS - INTERMEDIARY IN FINANCIAL MARKET||4|
|1.1.||The entity of credit unions||4|
|1.2.||The Credit Union Difference and Advantages||5|
|2.||WORLD COUNCIL OF CREDIT UNION||6|
|2.2.||WOCCU - Mehico||8|
|3.||INTERNATIONAL CREDIT UNIONS||11|
A credit union is a cooperative financial institution, owned and controlled by the members who use its services. Credit unions serve groups that share a common bond, such as where they work, live or go to church. Credit unions are also not-for-profit and exist to provide a safe, convenient place for members to save money and to get loans and other financial services at reasonable rates.
Each credit union has a "common bond" which determines who can join it. The common bond may be for people living or working in the same area, people working for the same employer or people who belong to the same association, such as a church or trade union .
In credit unions, the members are the owners. Benefits of ownership include better rates on deposits and loans and better service. Regardless of their size or field of membership, credit unions are different than for-profit financial institutions. Credit unions exist to serve their members. Banks and other financial institutions exist to make money for their stockholders.
Credit unions provide many of the same financial services that banks do, savings and checking accounts, youth and senior accounts, loans for a variety of purposes, insurance, convenient services to access and send funds and more. In essence they are mutual organizations operated entirely by and for their members.
While for-profit institutions must make profits for their shareholders, in a credit union any earnings in excess of operational costs are returned to the members in the form of increased interest on savings, decreased rates on loans or other new and improved services. …
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