Nowadays, cooperatives exist worldwide and are components of various economic systems. The primary orientation, however, is still the same - service to members, paid for by members. The Cooperative Priciples Interest in cooperative practice ran high in Europe during the 1800s. In Rochdale, England a consumers'cooperative store started in 1844 provided the operational pattern for other co-ops the world over. Modern credit unions operate on the same principles.
Democratic control is guaranteed through equal voting rights.
Only limited dividends are paid on equity capital. A fair rate of interest is paid on savings deposits. Any operating surplus returns to members. Credit unions exercise neutrality in race, religion, and politics. Service to members is the primary motive.