What are Credit Unions?

• Credit Unions are associations of people. They are owned and democratically controlled by the members. Should they cease to be Credit Unions.
• Credit Unions are essentially thrift associations. They recognise thrift as the wise use of one´s resources. Which includes credit. They devote themselves to the development of regular thrift programmes, to provide their members a greater measure of financial security.
• Credit Unions provide maximum protection for their members´ share, including adequate surety bond coverage and systematic supervision by the Auditing (Supervisory) Committee of their own members. They must have an annual audit of their accounts are required by law, and present these together with an account of the stewardship of their Board of Directors to members at their Annual General Meetings.
• Credit Unions provide members with thrift and loan service that is more complete, more convenient and more throughly helpful than they could otherwise obtain.
• Credit Unions regard the character of the borrower as the Prime Security Consideration regardless of the amount involved. The rate of interest on loans do not exceed one percent (1%) a month on the unpaid balance.
• Credit Unions unite with each other to increase their services members and fulfil their obligations to bring Credit Union benfits to all  their people.
• Credit Unions are always alert to changing conditions and adapt themselves to the changing needs and desires of their members, while they always maintain their basic integrity and principles.
• Credit Unions are responsible organizations in their communities and fulfil their civic obligation in a generous and exemplary manner.

Credit Unions have demonstrated that average people can operate their own financial institutions. They are increasingly recognised as instruments of human well-being, and will continue to be as long as they maintain and cultivate the highest ideals and standard of conduct.

Credit Union FAQs

1. Can anyone join FNCU?
2. Do I have to pay a membership fee to join a credit union?
3. How are credit unions different from the banks?
4. Will my money be safe in a credit union?
5. How do credit unions operate?
6. How do credit unions serve their communities?
7. What does the Hands and Globe logo represent?

1. Can anyone join FNCU?

Yes! In fact, the membership of this credit union is open to all bona fide residents of Trinidad and Tobago

2. Do I have to pay a membership fee to join a credit union?

Yes an entrance fee of $1.00 shall be paid by every applicant upon admission to the credit union.

3. How are credit unions different from the banks?

There are many differences between banks and credit unions.

But the most important is that credit unions are democratically run by the people they serve - their members. Credit unions' primary commitment is to serve their members' financial needs, whereas banks and trust companies exist to earn dividends for shareholders.

Credit union directors are volunteers elected by their fellow members. Each member, regardless of how much he of she has deposited, has an equal voice in the election of the credit unions board of directors. Bank directors are paid to represent their shareholders interest, which are not necessarily the same as the depositor's interest.

Earnings of the credit unions are returned to members in the form of higher dividends on savings, lower fees, lower rates on loans and expanded services and products to members

4. Will my money be safe in a credit union?

Absolutely! Credit Unions provide maximum protection for their members' share, including adequate surety bond coverage and systematic supervision by the Auditing (Supervisory) Committee of their own members. They must have an annual audit of their accounts are required by law, and present these together with an account of the stewardship of their Board of Directors to members at their Annual General Meetings.

5. How do credit unions operate?

Each credit union operates independently. Policies and procedures are set and monitored by a volunteer board of elected directors. The day-to-day operations are the responsibility of the General Manager. The democratic structure of credit unions is what makes them unique. Each credit union member has one vote and an equal voice in the management and direction of the credit union.

6. How do credit unions serve their communities?

Credit unions are community-based and community-focused. They play an integral role in local development by reinvesting their deposits and profits in the community as personal and business loans, mortgages and dividends paid on member shares. Credit unions make significant contributions to community events, education programs, bursaries and special projects.

7. What does the Hands and Globe logo represent?

The Hands and Globe logo has symbolic and historic significance for the credit union movement. The cupped hands symbolize both the financial security and support offered by the international credit union network, as well as the fact that the success of the movement is in the hands of its members.

The globe symbolizes the worldwide scope of the movement and suggests the impact that a truly united movement can have on the financial development of all countries. The people within the globe represent the real focus of the credit union movement. It is the human element - the harmony of people working for people - that distinguishes credit unions from other financial institutions.

The Hands and Globe became the official World Council of Credit Unions trademark in 1966, and today it is the recognized credit union symbol. The principles represented by this logo are timeless - as significant today as they were when it was conceptualized.