| Q. How are credit unions different from banks? |
| A. Like all cooperatives, credit unions are based on the concept of "people helping people."
As a credit union member, you have a say in how your credit union is run. You have a vote, and you can participate in annual meetings, hel
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| Q. Who can be a member of the UWI (Mona) & Community Co-op. Credit Union Ltd.? |
A. Persons who are members of staff or students of the UWI and UTech are eligible to join the Credit Union. Also individuals living in and around the surrounding communities within the Mona area are also eligible to join.
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| Q. What are the requirements for membership? |
A.
- Complete membership application form
- Present a valid ID (drivers licence, passport, national ID, staff or student ID)
- Present your TRN
- Open a share account with a minimum of $500
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| Q. What is a share account? |
A. This is the first account opened and is therefore the point of entry into the Credit Union. The shares are an investment in the Credit Union and are primarily the funds used to determine the size loan that a member can receive. This account is the most co
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| Q. What are dividends, and how often are they paid? |
A. Dividends are what members receive from the surplus of the Credit Union. This is paid on the members’ shares once per year.
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| Q. Do I have access to my accounts at any branch? |
A. Yes. Transactions may be completed from either branch located on the UWI or UTech campus. A valid ID is however required.
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| Q. How soon after joining may I qualify for a loan? |
A. Once membership is approved, you may be able to access our loans within the first month.
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| Q. What is required before being able to see a loans officer? |
A. An appointment has to be scheduled to see a loans officer.
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| Q. Who is a Co-maker? |
A. A member who signs a promissory note along with the borrower. A co-maker's signature guarantees that the loan will be repaid, because the borrower and the co-maker are equally responsible for the repayment.
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| Q. What is Collateral? |
A. Assets pledged to a lender until a loan is repaid. If the borrower defaults, the lender has the legal right to seize the collateral and sell it to pay off the loan.
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| Q. How will I be updated of the balances in my account? |
A. Quarterly statements are prepared for all the accounts held by each member. These statements are then distributed by mail and in recent times by email.
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