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- Posts
Q: Does Venture Have a policy or a view about crypto currencies? If so please state it.
A: VENTURE Credit Union is keeping abreast of developments in the emergence of payment systems and mechanisms. However, at the moment, we do not have a license to trade in currencies. We await Central Bank’s guidance on both issues.
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Q: Any new investments or do we re-invest in what was profitable last year more?
A: Our investment portfolio is managed for optimal returns. At any point this may involve both new investments and renewal of existing.
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Q: future plans for small businesses
A: The pursuit of engagements from SMEs continues to be a key strategic agenda item.
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Q: What is the financial fall out from Covid19 for the Credit Union, in particular with loan repayment ? What considerations is Venture putting in place to assist its members who have been negatively affected by such fall outs, unemployment or lower salary intake?
A: The fall-out from Covid 19 for the Credit Union has been lower loan disbursements due to falling demand, reduced surplus, interruption of service due to branch closures, increased costs with sanitization. In 2020 and 2021, we instituted loans waivers to cushion members cash flow, we collaborated with the Central Financing Facility on the possibility of financial assistance and members were afforded re-schedules to assist with financial difficulties.
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Q: Previously we use to get 10% dividend now we get 2%. That is a poor return. That is a 80% reduction. Please do something to get dividend to about 5 %.
A: We note that the returns offered across the financial sector has been been declining . Even so, the new strategic plan has a pointed focus on increasing loan interest revenue and that requires requires more widespread participation of our membership in our loan products..
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Q: Does or can Venture CU facilitate the purchase of US or Canadian funds?
A: VENTURE is not licensed to trade in currencies.—
Q: Any plan to invest in real estate and have members purchase same at a discount?
A: At present this is not one of our strategies in the short term, however we do have our Residential land and house loans at the lowest rates in the market.
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Q: Why children who are not born in Trinidad to Trinidadian parents NOT allowed to join the credit union?
A: Bye Law 4 (a) affirms that one must be “living or resident” in Trinidad and Tobago.
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Q: I would like to see more skills training offered to the membership to enable some members to become self employed eg cooking etc.
A: Our strategic plan has a focus on Membership Empowerment. Among other things, this will include a level of skills-based training..
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Q: Are they giving awards to SEA students. If so, when.
A: We currently have the ‘Esmé Raphael Bursary’, the Children’s Foundation and the July/August vacation training camps, however we appreciate your suggestion and this will be put forward to the Board in the new term.—
Q: For the Credit Committee: Member who may have lost their jobs within the past two years and probably now re-entering the workforce after being unemployed, how will this affect their loan applications when applying for loans?
A: A full assessment of the member’s financial status and all intervening circumstances will be taken into account with the loan application.
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Q: In this time of economic and financial challenges. What specific action is the credit Union taking to improve the investment returns of its members savings?
A: In our recently completed strategic plan 2022-2024 we have measures to improve loan disbursement and expand the business. This will also require more member participation on our loan products
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Q: please consider joint account
A: The Co-operative Societies Act – 10,1 (a), (b) and 2 speaks to qualification for membership. This shall include Persons (individuals) or other Societies. As such Credit Unions do not have joint accounts
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Q: good day I would like to know why a member cannot make a withdrawal from there account online to be transferred to there bank account. The same way a member could transfer funds to the credit union it should be a two way option.
A: Our online services cannot facilitate this service at this time. However, members can request funds transfer via email at memberservices@venturecu.com. Funds will be transferred via ACH and made available within 48 hours
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Q: Does the credit union have any intent to make financing available to small business owners? If so what steps will be put in place to accommodate?
A: The Society continues to entertain business loan request. Kindly call or go online to make an appointment
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Q: When are the new visa debit cards being issued? There should be email notifications everytime there is a withdrawals on my account likewise with the use of the card. Emails should be responded to in a timely manner.
A: New Visa Debit cards are not being issued at this time. Issue of the renewal of debit card continue, however new issues have been suspended. We continue to work with our provider to have this resolved in the shortest possible time. We will pursue your suggestion with the provider.
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Q: Why is there extremely poor service when it comes to the Venture Cuna FIP Product Administrator?
A: We are continuing to train our staff for improvement throughout the organization, however we invite you to come in at your preferred branch to resolve any issues you may have with your FIP.
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Q: What’s the most amount of finances can a first time loan takers can get?
A: This is determined by the a total financial assessment of the proposed borrower and all other prevailing circumstances, e.g. credit rating, ability to repay etc.
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Q: Why are there no bursaries for primary school children?
A: This suggestion will be put before the Board in the new term.
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Q: Is the new and emerging digital currency market a part of Venture Credit Union’s future plans.
A: VENTURE Credit Union will await Central Bank’s guidance on this matter.
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Q: Are all members required to fill out the Dividend payment form?
A: This is not a requirement, however it would be helpful in order to efficiently process dividend payments
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Q: At what age will I remain a member of Venture. I am very greatful being a member with venture credit union
A: Thank you for your sentiments. The Credit Union does not have an age limit to remain a member
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Q: As a first time loan borrower, amount $40 000 when will I be able to refinance.
A: Kindly come in or call one of our helpful loan officers who will advise on our loan process
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Q: Do you have a seniors line at your offices
A: Yes we do, however this was during the Covid-19 protocols unfortunately there was still a wait outside due to the restricted number of persons that were allowed in the branches. With the relaxation of the protocols, this will now be re-instituted
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Q: ATM cards are they available?
A: Kindly note that Renewal of cards continue , however new cards intake is suspended at this time due to technical challenges being experienced by our provider
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Q: When will the credit union getting back pre – paid credit cards?
A: Kindly note that Renewal of cards continue , however new cards intake is suspended at this time due to technical challenges being experienced by our provider
Q: Does the credit union consider the recruitment from the wider membership, from time to time, to conduct training in various fields, that are pertinent to the development of the membership. I have had a very discourteous response or no response to my —
proposal. “No” is a response.
A: From time to time members would forward their business proposals to us to be considered as vendors. When we require services, we would review same. Additionally we send out ‘Requests for Proposals’ for open subscription
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Q: Are we continuing on seminars like time past?
A: The Education Committee has quite a few Webinars planned for the year. As the Covid-19 protocols become more relaxed, consideration will be given to seminars
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Q: Now that the country is opening up. Are there plans to road travel for reaching out to new especially young members to join CU and by this I mean communities, fairs, malls etc.
A: As part of our strategic imperatives, this is an initiative that will begin in the second quarter
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Q: Hello. I’ve asked this question through your Facebook page a few times without a response. Will Venture’s online banking permit ACH transfers to other banks (e.g. Republic etc.) in 2022?
A: Our online services does facilitate ACH transfers to FCB, Republic Bank and RBC. You may send an email to memberservice@venturecu.com with your request and funds will be made available within 48hrs.
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Q: What has been done to improve accessibility in terms of depositing funds, paying loans, etc.
A: For your convenience, your Credit Union has made available to you online services for the payment of your loans and deposit of funds. Kindly call us or come in and speak with one of our officers to set up your standing order
