USA location Credit union Illinois Broadview

Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of the credit union and they elect their board of directors in a democratic one-person-one-vote system regardless of the amount of money invested in the credit union. Normally only a member of a credit union may deposit money with the credit union or borrow money from it. Modern credit union history dates to 1852 when Franz Hermann Schulze-Delitzsch consolidated the learning from two pilot projects one in Eilenburg and the other in Delitzsch in Germany into what are generally recognized as the first credit unions in the world. A credit union's policies governing interest rates and other matters are set by a volunteer Board of Directors elected by and from the membership itself. You can find the closest credit union location by ZIP code or address. The main benefit of credit unions is the transparency accountability governance for shareholders.