- 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.
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