How does a credit union work?

Wednesday, October 31st, 2018

Your credit union is simple!

  1. We invest your money into common funds.
  2. You elect your members as directors at Annual General Meetings to manage your funds.
  3. Lend members money from your funds
  4. You are charged interest on loans acquired.
  5. Interest earned and profits from investments is your credit unions’ income.
  6. The Board of Directors along with the General Manager pay the cost of running your credit union with the credit unions income.

After operational expenses are determined DIVIDENDS are distrusted to members in good financial standing with the credit union.

How do you exercise your ownership as a member of a credit union?

Wednesday, October 31st, 2018

All members can vote at the Annual General Meeting, members vote on who they want to be their officers, on some polices and even investments.

How often can I borrow as a member?

Wednesday, October 31st, 2018

Members can borrow up to 4 times on an existing loan except for a vehicle loan.

What is the difference between a credit union and a bank?

Wednesday, October 31st, 2018

When you take up financial products from a bank, you do so as a customer. Banks are owned by their shareholders and are run at a profit to provide the highest possible dividends to those who hold shares.

Alternatively, when you take up financial products from a credit union, you become a member, and therefore a part owner, of the credit union. Credit unions exist to provide financial products and services for the equal benefit of their members, rather than to produce profits for shareholders. As a member of a credit union, you have a right to attend member meetings and comment and/or vote on matters concerning the constitution, management performance and financial reports of the credit union.

Why would you switch to a credit union?

Wednesday, October 31st, 2018
  • You are more important than the size of your wallet
  • Superior service from helpful staff
  • Flexible financial services
  • Credit unions are financially responsible
  • Membership pays
  • Professional expertise you can depend on
  • A promising future connected to a successful past

How are dividends paid?

Wednesday, October 31st, 2018

We give dividends to our members annually, based on the surpluses the Company would have made for that particular year. Our dividends have been varying between 5% – 7% over the years. As our investment portfolio continues to grow so too will our dividends. It should be noted that the more shares purchased on a monthly basis, the more dividends would be paid.

How soon can I access a loan after becoming a member?

Wednesday, October 31st, 2018

Three (3) months.

How can I obtain a copy of my statement?

Wednesday, October 31st, 2018

Contact us using our Contact page or call us at 868.640.6416.

What payment methods are available for my loan?

Wednesday, October 31st, 2018

The following payment methods are available, but may vary based on loan type:

  • Banker’s Order
  • Salary Deduction
  • Over-the-counter/OTC payment at the Credit Union

What is a co-borrower?

Wednesday, October 31st, 2018

A Co-borrower is someone who applies jointly for credit with the primary applicant and who is equally responsible for repayment of the loan.The payment history on the loan will affect all borrowers.