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The Credit Union encourages regular savings whether
small or large. We rely on the net savings of members to grant
loans to other members. Savings include members’ share capital,
deposits and SOCA
Savers. Savings growth will continue to be top priority.
Share capital is insured up to $30,000.00 in the event of death.
A scaled matching of the funds applies from 100% on savings below
54 years to 25% between 65-69.
Dividend on Shares: Dividend is payable
from profits as approved by the General Meeting. Dividends
are computed on the basis of the average quarterly minimum share
capital balances. It is recommended by the Board and approved
at the Annual General Meeting.
Permanent
Shares
Income Tax Deductible Shares: Up to $5,000.00
of shares purchased in any one year may be deducted for income tax
purposes from earnings. This is an incentive to save and cannot
be withdrawn before five years.
Interest on Deposits: In order to encourage
members to save and to produce standard banking services in one
place, the Credit Union offers interest on deposits. Deposits
do not form part of security for loan and may be withdrawn as member
wishes.
Share Capital Insurance: Members’ share
capital is insured up to $30,000.00. In addition, the beneficiary
of a member who dies before the age of 54 years will receive an
amount equal to his share capital. The shares purchased will
be matched at a diminishing rate to zero above the age of 60 years.
(For more information see your Contact Person).
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