We present a list of common questions we receive about our credit union and why we’re the best option for anyone seeking a place to call their financial home. Click the question you’re interested in asking from the list provided.
If none of the questions are what you’re interested in finding out, please contact us and we will be more than happy to assist.
A credit union is a cooperative, member-owned, non-profit financial institution organized to promote thrift. It is controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
Members are from the general public.The main benefits include:
- Over 50 years of Credit Union experience
- History of above average dividends
- Competitive Interest Rates on Loan and Deposits
- Free Financial Counselling
- Family Indemnity Plan
- Insurance on Loans and Savings
- International VISA Debit Card
- Salary Deductions
- Standing Order Payments to external agencies
- Partnering with member to build and preserve personal wealth
- Bringing service to the company to minimize time off
To join VENTURE you need to fill out our Membership Application Form. You need to submit your membership application form with the following documents:
Letter of Employment/Pension/Other Income or last financial statement
Evidence verifying residence e.g. copy of paid utility bills such as water, electricity and/or telephone
Any two of the following: Valid Passport, T&T Identification Card, Driver’s License, Birth Certificate
We have an above average dividend rate. One of the highest in the country compared to other financial institutions
We strive for exceptional customer service
We put our members first
We have competitive interest rates on loans
Same day loan approval
We are a stable and growing company
We stand by the watchwords Strength, Safety, and Unity
You cannot get back your loan deposit from a bank. Let’s say you need $20,000 to borrow money from a bank once you make that deposit, that $20,000.00 is gone. Comparably, when you make a similar loan deposit with VENTURE, it goes to your shares and you still benefit from your dividends. You can use your dividends to make payments toward your loan. When you clear all of your loan payments you still have the money in your shares. This produces a win-win scenario for everyone who borrows a loan from VENTURE Credit Union. You win by getting the money you need to achieve your goals and you win by keeping your investment alive and maturing.
Unlike the bank, we have a fixed interest rates on our loans.
We have been in existence for over 50 years.
We have a strong asset base from the Point Lisas Industrial Estate.
Our governance is transparent. Our financial accounts are displayed at all of our offices so you can keep abreast of all financial activities within the Credit Union.
An account is classified as inactive or dormant when there has been no member transaction towards his share account in accordance with Section 10 of VENTURE Credit Union’s Bye-Laws.
Bye-Law 10 states: “Every member shall subscribe at least $5.00 a week or $20.00 per month to his share capital in the Society.”
If the account is deemed inactive, members with inactive accounts will receive written communication from VENTURE Credit Union advising on the current status of the account, deadline for reactivation and steps and documents required to reactivate the account.
The requirements for reactivation are as follows:
a. Utility Bill – no older than 3 months
b. 2 forms of Valid ID
c. Job letter if employment has changed (pay slip also accepted)
d. Purchase of $20.00 in VENTURE shares
e. Continued minimum share purchase of at least $20.00 per month to maintain the account as “active”
Consistent with Bye-Law 12 (b), if the whereabouts of any member are not known to the Society and no claim is made within one year from the date of his last transaction with the Society, the Board may transfer his shares or interest, after deducting any sum due to the Society to an Unclaimed Share Account. Any sums remaining unclaimed in this account for one year shall be transferred to the Reserve Fund.
Contact your VENTURE branch at 225-4828 for further information.