-FAQ-
| 1. |
Q: |
What is a Credit Union? |
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| A: |
A Credit Union is a group of people who join together to pool resources and provide financial services to each other at competitive rates. The group usually has a common bond such as employment, professional organization or residence.. |
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| 2. |
Q: |
What does UWICU stand for? |
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| A: |
The University of the West Indies Credit Union Co-operative Society Limited. |
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| 3. |
Q: |
How do I become a member? |
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| A: |
You need to complete an application form; pay an entrance fee and subscribe to a minimum number of shares, present a valid form of identification ¬e.g. passport, driver's permit. |
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| 4. |
Q: |
What is a Share Account? |
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| A: |
A Share Account is a savings account which bears Dividends and allows you to be qualified for a loan. |
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| 5. |
Q: |
What is a Deposit Account? |
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| A: |
A Deposit Account is an interest bearing account. |
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| 6. |
Q: |
How soon can I borrow after becoming a member? |
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| A: |
Six months after you become a member. (See Bye Law 4.2b) |
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| 7. | Q: |
For what can I borrow? |
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| A: |
You can borrow for Home Improvement, Deposit on House, Education, Car Purchase, Personal and Medical reasons, Business Expansion, Refinancing of Debts and Investments. |
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| 8. |
Q: |
What is the difference between a Share and Target Deposit Account? |
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| A: |
The Share Account bears Dividends and is used as a qualifier for loans, while a Target Deposit Account is an interest bearing savings account.. |
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| 9. |
Q: |
Why is a Pass Book not used? |
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| A: |
Pass Books were discontinued because most members save through salary deduction and never update their books.Members are however given quarterly statements. |
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| 10. |
Q: |
Why is interest not paid on Shares Accounts? |
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| A: |
Shares are an investment in the Credit Union and therefore benefit from the profit and loss of the Credit Union in the form of Dividends. |
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| 11. |
Q: |
What is a Dividend? |
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| A: |
A portion of the profits paid to shareholders (members). |
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| 12. |
Q: |
What are your Opening Hours? |
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| A: |
Monday to Fridays 8:00 a.m. to 2:00 p.m.. |
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13. |
Q: |
Where can I access your services? |
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| A: |
118 Eastern Main Road, St. Augustine. |
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| 14. |
Q: |
What is a Power of Attorney? |
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| A: |
This is a legal document giving one person authority to act on behalf of another. |
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| 15. |
Q: |
What is hypothecation? |
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| A: |
The holding of funds in an institution as collateral. |
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| 16. |
Q: |
What is Collateral? |
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| A: |
Security pledged as guarantee for repayment of loan. |
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| 17. |
Q: |
What is a Bill of Sale? |
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| A: |
A deed transferring personal property. |
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| 18. |
Q: |
Why are Joint Accounts not operated by Credit Unions? |
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| A: |
The Co-operative Society’s Act prevents credit unions from offering joint accounts.Members can give Power of Attorney to persons whom they wish to act on their behalf.. |
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