The Credit Union’s ability to lend is built upon the foundation of shares savings. The value of a share is twenty dollars ($20.00). Members agree to save at least one share per month in order to maintain active financial status. Savings can be made via:
- Cash and cheque payments
- Salary deductions
- Standing Orders
- Post Dated Cheques
Members can use their share savings as collateral for loans. Dividends are paid on a yearly basis at a rate that is determined at Annual General Meetings.
- Dividends are declared at the Annual General Meeting.
- In order to get your dividends, members must fill out the current Dividend Distribution form available in branch and online and submit the form in branch.
- After completing and submitting the Dividend Distribution form in branch, it usually takes one (1) week to receive dividends.
- The funds remain in the dividend/suspense account but this is not an interest bearing account therefore, it is recommended to move the funds.