A credit union is a member-owned nonprofit cooperative financial institution. It may offer financial services equivalent to those of a commercial bank, such as share accounts, share draft accounts, credit cards, loans, share term certificates and online banking, but ordinarily only a member of the credit union may deposit or borrow money; in several African countries a credit union is commonly known as a SACCO.
Facts
Institution Type Emergence Era Connections
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The credit union is one of the cooperative movement's most widespread institutional forms, a member-owned financial cooperative built on the same mutual-aid principles.
Credit unions and rotating savings and credit associations are both member-based mutual savings institutions, the latter an informal precursor found across many cultures to the formally chartered credit union.
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Source Credit Union (Wikipedia)Article texttier 2Quote, Article text
In 1864, Friedrich Wilhelm Raiffeisen founded the first rural credit union in Heddesdorf (now part of Neuwied) in Germany.
Sources
1. Credit Union (Wikipedia)
Wikimedia FoundationLead section
A credit union is a member-owned nonprofit cooperative financial institution.
English Wikipedia, sections text
"Spolok Gazdovský" (The Association of Administrators or The Association of Farmers), founded in 1845 by Samuel Jurkovič, was the first cooperative financial institution in Europe.
Lead, institution-type-category financial-institution
A credit union is a member-owned nonprofit cooperative financial institution.
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