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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. 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. Credit unions offer many financial services which are the same as offered by banks often using a different terminology; common services include: share accounts (savings accounts) share draft accounts (checking accounts) credit cards share term certificates (certificates of deposit) and online banking. Learn about credit unions their location their policies visiting our site. In addition to the savings and loan operations credit unions of the U.S. provide some other services in the interests of its members:
1) direct debiting of funds from their accounts as payment for goods and services;
2) The issuance of credit and debit card payment systems of VISA American Express and their own cards but with a limited range of action;
3) advice on financial and tax planning;
4) provision of guarantees for the obligations of a shareholder to third parties; act as agents for insurance contracts. As of October 2011 the largest American credit union was Navy Federal Credit Union serving U.S. Department of Defense employees contractors and families of servicepeople with over $45 billion USD in assets and over 3.4 million members.