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    Q. What are you all doing to improve the phone system as many times I am unable to contact you all?

    A: We are currently assessing our telephone infrastructure and looking at options to upgrade to a more efficient system. Additionally, we have recognized that incoming calls are unusually high during this time and we have redirected resources to assist in this area. We also hired two additional telephone operators to assist with answering calls. To serve you better, you can also contact us through our website and one of our representatives will contact you with a response.

    Q. What are you all doing to improve service to members?

    A: We continue to train our teams to learn and understand the products so that they can provide you will the best advice. We have installed tents in front of the branches so that members are comfortable while they wait. Members can reach us through our website, social media, phone or email if they need assistance. We have also enhanced our loan approval process so that members get faster approval on loan applications. We have implemented an online loan application process where members can submit their application online through our website and the member can be interviewed via video conferencing from the convenience of their home or office. We have made the loan and membership application process faster and simpler. Moreover, we have upgraded our website and enhanced our loan offerings to better suit the needs of our members and increase our competitive position in the market.
    We continue to listen to our members and based on feedback from our social media platform we are continuously implementing changes to improve member experience. With the onset of the Covid-19 pandemic, we offered 3-month loan payment deferrals to assist our members during this time with additional cashflows and liquidity support.

    Q: Will I be able to fill out the form to move deposits to shares as we do at AGM?

    A: Yes, you can. The forms will be available both online and at the branches.

    Q: Loans being your primary source of income has dropped significantly over the past year and with COVID is expected to reduce further. What sustainability measures have you put in place to circumvent this and noting the changes outlined in the national budget?

    A: You are correct. Loans continue to be VENTURE’s primary source of revenue. Despite Covid-19 challenges, we continue to encourage members to move their business from the banks to the CU at equal of better terms and conditions. This has proven to be successful and we encourage all members to do this.

    Q: Republic Bank is one of our bankers, why can’t I add my venture account as a payee through Republic Bank online banking system?

    A: VENTURE has now been added as a Republic Bank payee

    Q: Would members be able to transfer funds from their VENTURE Account to their bank account. When will an ATM Facility be introduced in San Fernando and Arouca?

    A: Members can transfer from Republic Bank and First Citizens directly to their VENTURE account. Direct transfers to the Banks can only be facilitated via the Automated Clearing House (ACH) and we are not yet set up for this. ATMs are very costly and not currently in our immediate plans.

    Q: Based on all that’s going on locally and the world by extension economically, what plan of action/actions are you considering taking VENTURE Credit Union forward?

    A: VENTURE is cognizant of the ongoing challenges being faced by the negative impact of Covid-19 and are proactively treating with these. During the President’s message some of these will be shared.

    Q: Is there any possibility that VENTURE will make efforts to adapt cryptocurrency as a payment option to conduct business transactions?

    A: VENTURE has always adapted to the changing environment and continues to. In doing so we will embrace all legal and financially feasible opportunities available to improve on the products and services we provide to the members. At this time, however, the Central Bank has not sanctioned this payment mechanism.

    Q: What is the Total Number of Employees at Venture Credit Union?

    A: Current staff count stands at 110 employees

    Q: What is the percentage of the Total employees at the respective Branches, of VENTURE
    Credit Union?

    A: Staff at the Branches represent 50% of total staff complement (Couva – 25%; Arouca –
    12%; San Fernando – 13%)

    Q: Good day, with respect to the number of bad loans described in the AGM, why are no/very little repossession of vehicles/houses for sale?

    A: As far as possible VENTURE collaborates with members within a prescribed context as enshrined in our policy framework. In this context, we unfortunately continue to exercise our rights as mortgagees and continue to repossess/foreclose on mortgaged vehicles and properties. These are advertised (a legal requirement) periodically via our website, social media, in-branch monitors and the local newspapers.

    Q: Will this year training sessions be available online?

    A: In short, the answer is yes. We have already commenced online training and will use this medium going forward. We recently hosted our first Webinar “Managing Money during and after a Pandemic.” Our upcoming Webinar will be held in November 2020 on “Mask Making” to assist and encourage entrepreneurship among our Members.

    Q: When will the Visa Debit card be operational again?

    A: The Visa Debit card will be operational within the next few days. We are currently working with the JMMB Bank to deal with the technical challenges arising from the VISA Debit Card software upgrade.

    Q: I would like business accounts to be started. Where business owners can deposit, take loans to invest in building business. For a business to elevate itself one needs to get investment loans. There have been so many issues surrounding business owners and getting loans. Although, I am a government employee as well, I would like my business to speak for itself.

    A: As a Credit Union, we continue to encourage entrepreneurship and innovation among our Members and offer several business loan products to assist our members to grow and thrive. Please visit our website or make an appointment to meet with a Loans Officer to explore the possibilities.

    Q: Good Day All Can the Credit Union launch loans for Computers/ Laptops at subsidized rates to help Members in acquiring devices?

    A: We offer a very attractively priced laptop/computer loan for our Members. This loan can also be used to assist in covering all other school supplies. You can view the range of offerings on our website at your convenience

    Q: Why are there not enough members of staff to cover the customers’ needs quickly?

    A: Although we consider our current staffing adequate to meet the needs of our Members, we review our operations on a continuous basis and make the necessary changes which are not only limited to increasing the staff complement. Due to the issues surrounding Covid-19 we have had several disruptions at all locations, but we continue to remain open to serve. We apologize for these disruptions and inconvenience which we believe should be temporary. Transaction times are monitored and we consider ourselves within industry benchmarks.

    Q: Who gave Mr. Williams the loan for 25Million dollars and who signed off on it? What is the security for that loan?

    A: All loans are approved by the Credit Committee. VENTURE prides itself as being fully compliant with Member information being kept highly confidential and only to be disclosed with the written consent of the said Member. We have a legal duty to protect the confidentiality of existing and former Members and are therefore unable to disclose details on any Member without the expressed permission of that Member.

    Q: Interested in receiving more details on the current loan application process. This will help with the member being prepared with all required documents prior to the interview.

    A: Members can visit our loan application page on the website and submit an application to begin the process.

    Member will then be contacted to confirm an appointment. Members are asked to walk with the requisite documents – two forms of identification, proof of address, job letter and pay slip

    Option 2: Members can also utilize our drop box option available at all branches. They can drop copies of all the required documents and a VENTURE staff will contact the Member to set up an appointment.

    Q: I am requesting that there be the return of the closing hours to three times or twice a week, that is closing at 5pm. This to facilitate the working people.

    A: VENTURE maintains opening hours until 5:00pm on Fridays. This is comparable to the opening hours to our sister Credit Unions and generally acceptable. Nevertheless, convenience to our members is important so we continue to pursue new ways of continuing to provide service even outside of the normal opening hours. For example, Members can also avail themselves of our online platform as we encourage banking at any time and from anywhere. For cash deposits you can use our express facility called Quik-V. For queries and loans, we can be contacted via our website at your convenience and a representative will contact you.

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    Q: What is happening with the VENTURE cards that are serviced via JMMB? A lot of people are having problems using the card.

    A: The JMMB Card issue is being addressed by JMMB as the problem was encountered when they changed to a new banking system. We are working closely with them to resolve in the shortest possible timeframe.

    Q: Would Venture consider partnering with another financial institution besides JMMB, for example First Citizens Bank?

    A: VENTURE is currently considering all available options to serve our Members.

    Q: What strategies and initiatives will the credit union be taking to assist Members who have been affected either by unemployment or reduced business for the year 2021 and beyond?

    A: VENTURE is continuously reviewing approaches to assisting Members who are experiencing financial difficulties within the parameters outlined in the our policy framework. You are invited to visit and discuss your personal situation with one of our loans officers.

    Q: What is the procedure for unsecured loans for the small business owner wanting to expand their business?

    A: The Member can submit their loan proposal together with financing requirements eg. Business plan, financials etc. The application will be reviewed to determine the risk factors, VENTURE’s membership tolerance for risk and to ensure the protection of other Members’ funds to prevent further deterioration of the loan portfolio and possible debt write off.

    Q: Do persons over 60 benefit from the Credit Union. Please share ways they can. Say something on health plan for members over 60

    A: A listing of all our products and services are located on our website This includes our insurance products. We currently have our Silver Advantage Card geared towards Members 55yrs and over. With this card Members enjoy Preferential annual rate on your Fixed Deposit, Preferential rate on loans for any purpose (subject to normal lending criteria),Exemption on all service charges (excluding legal and Credit Bureau fees),Waiver of Visa Debit Card fee,Quick service lines at VENTURE branches, No more waiting for loan interviews, Zero Membership Fees, A Free Silver Advantage Card. We are currently working to increase the benefits of this programme.

    Q: How does one get to serve on the “Member of the Future Fund” Committee?

    A: All Committees are appointed by the Board and selection done by the Chairman of that Committee

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