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. Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. 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. Initially, the target groups of credit unions were farmers (Raiffeisen), and now they include both individuals (credit unions), and organizations. In some cases, the initiators of credit unions can be trade unions, associations such as social support centers and others. Credit unions are financial institutions, financial cooperatives of citizens, and in this capacity they are above all associations of people, not unification of capitals, which is typical, for example, for public companies. Unlike banks credit unions limit their activities to a closed circle of people. Credit union as a consumer cooperative operates on the principles of equality of all its members.
Credit Union Location in Brazil, Indiana
Brazil, Indiana have 1 agent Credit Union location in your country. All country.
Some credit unions are closed, serving only their members. However, the more and more popularitywin cooperatives of open type. 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.
| Agent | Contacts |
|---|---|
| Clay County Farm Bureau C.U., Brazil |
55 S Forest Ave Brazil, IN 47834
Phone: (812) 442-1111 Routing number: 82754 |
Main share of credit unions assets is concentrated in loans (about 50%), while the share of consumer loans in commercial banks and finance companies active operations rarely exceeds 15%. The most common type of loans in credit unions are loans to purchase new and used cars (40%), followed by first mortgages and second mortgages (35%), about 10% are unsecured personal loans to member of unions and about 15% - are loans on credit cards and other loans. Credit union promotes the effective conservation of personal funds of its members, giving them the loans from the funds of the credit union, as well as the sharing of savings in education, housing, health care and other programs of social support and social development of its members. The main advantage of credit unions consists in transparency, controllability, governance for shareholders. International cooperation has been particularly felt since the days when Alphonse Desjardins began the activity on development of credit union movement in North America. Credit Union - one of the most attractive financial institutions for the public being a non-profit alternative to banks.
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