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You may have scanned the business and finance section of newspapers and wondered what a credit union is. They always feature prominently in money and lifestyle sectors but it’s true that not everyone knows what they are. A credit union is actually a cooperative financial institution that is privately owned and controlled by its members for the promotion of thrift, providing credit at reasonable rates, and providing other financial services. Many credit unions have community development as a primary goal, though others also focus on sustainable international development on a local level. At least on paper, all credit unions are non-profit cooperative institutions. You want one of the best ways to enhance your standing financially and influence-wise? This is the perfect way!

Credit unions have several distinct differences from banks. Unlike banks, the members who have accounts in the credit union actually own the credit union and elect their board of directors in a democratic process. Issues on interest rates and other policies are decided upon by the Board and by the members themselves. Only a member of the credit union can deposit or borrow money from the credit union. This makes the credit union a superior way to enhance the financial health of members.

The credit union as it exists today was started in Germany by Franz Hermann Schulze-Delitzsch, who successfully formed the world’s first credit unions in 1852. he would later go on to form a successful credit union system. And in 1864 Friedrich Wilhelm Raiffeisen founded the first rural credit union in Heddesdorf, Germany. Because rural communities suffered from a lack of financial institutions and limited human resources, Raiffesen’s methods led to the development of social capital which most credit unions are now known for.

Today credit union members in the United States number about 86 million, which is almost half of the economically active population. US credit unions are non-profit, tax-exempt, and cooperative by nature. And many follow the once-a-member-always-a-member policy. Truly there are very few better ways to improve yourself or your work, than by joining a credit union for your line of work.

If you’re interested in learning more about financial support from credit unions and other kinds of banking, visit: http://onlinebankpro.com/category/article-pages/credit-unions/

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