Frequently Asked Questions

A credit union is a member-owned financial cooperative that provides savings, loans and other financial services to its members. Unlike banks, credit unions are not-for-profit meaning profits are returned to members through dividends and improved services.

Yes, the credit union provides JUNIOR SAVERS accounts for children aged six months to eighteen years.

Dividends are the portion of the credit union's annual surplus that is shared among members. As a member-owned organization, the surplus is returned to members based on the amount of shares held.

In accordance with the Co-Operative Societies Act 81:03:

"A society shall subject to section 30 and unless prevented by order of a Court of competent jurisdiction pay to such nominee or legal personal representative, as the case may be, a sum not exceeding fifty thousand dollars ($50,000.00) due to the deceased member from the society. All other moneys due to the deceased member from the society shall fall into his estate and be subject in all respects to the laws relating to inheritance including the requirement to pay estate duty".

In summary:

• Up to $50,000 can be paid directly to the nominee or legal personal representative
• Any amounts over $50,000 will fall into the deceased member's estate
• These amounts will be subject to inheritance laws and estate duty requirements

Member shares represent your ownership in the credit union. The value of your shares determines your eligibility for loans and dividends.

New members become eligible to apply for a loan after six (6) months of active membership, provided they maintain consistent contributions during that period.

Dividends are usually announced and approved at the Annual General Meeting (AGM). Members must complete and submit their dividend request forms by the stated deadline to receive payment via ACH transfer. If no ACH request is submitted, a cheque will be prepared instead.