Your shares in the Credit Union are an investment and the Credit Committee has to keep a trace of all the Share Withdrawals

The Credit Union does not operate joint accounts, but there is a beneficiary to the account. In the event of member’s death the value of shares is paid or transferred to the beneficiary

 In order for the beneficiary to operate the account the member has to provide a legal document (Power of Attorney) to the Credit Union

In order to become a member Shares must be purchased. A Share account  generates dividends and is held as collateral for a loan. The deposit account can be used as a current account  to conduct ordinary transactions. This account does not generate any dividends

Within three (3) months of becoming a member at the Credit Union an applicant will receive a loan of one hundred percent (100%) of his or her share holding. After three months of membership, character loans are extended up to 1 3/4 times the applicant’s share holding or the applicant’s share holding plus two hundred thousand dollars ($200,000.00)

The average dividend on the shares account is 4.75 % whilst the interest on fixed deposit varies from  2.25 % – 3.75 % depending on the amount and the duration

The financial year is from January-December. During the first quarter of the following year, dividends is proposed and generated for the previous year, it is then agreed upon at the Annual General Meeting by the membership. 

Interest on loan is the fee charged by the Credit Union (lender) to the borrower (member) for the use of borrowed money (loan). The rate of interest on all loans is one percent (1%) per month on the remaining balance. A  loan goes in arrears as soon as a payment (instalment), in whole or in part, is missed without a waiver being granted prior to the payment due date

You can only make a withdrawal if the balance of your share is greater than the balance of your outstanding loan. If this is the case, you would be able to withdraw the difference between the two balances

A Source of Funds Declaration Form must be completed for all deposit transactions in excess of the Credit Union’s threshold and is required to be done at the time of making payment. Large deposits within a short period are also questionable and a source of funds declaration form should be completed.

Note: The organization has the right to ask any member conducting business transactions at the Credit Union to fill out  a Source of Funds for any amount of funds.