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U.W.I. (Cave Hill) Co-operative Credit Union Ltd.
 


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A credit union is a non-profit cooperative financial institution. A cooperative is a business like any other business, but it belongs to the people who use it and operates only for the benefit of its members.

Credit unions are owned by the people who use them, and their stated purpose is to serve their members, not to make a profit.

A credit union is a safe place to save and borrow at reasonable rates. In essence, members pool their money to make loans to one another.

Because they’re not for profit, they can offer members things like higher interest rates on savings and lower interest rates on loans.

More About Credit Unions

Services

SERVICES OFFERED ARE:

SAVINGS:

Shares: with interest approved by the AGM. 5.25% approved in 2007. The withdrawal of shares has to be approved by the Board.

Ordinary Deposits: can be deposited or withdrawn on a daily basis (office hours). Current interest rate is 5.25%.

Fixed Deposits: for a minimum of $1,000.00 for one year may be offered from time to time at rates to be advertised.

LOANS:

Loans: loans for provident and productive purposes are made to members. Sample Categories are:

CATEGORY LOAN SHARES RATIO MAX. LOAN ($)
     
Education
Risk based

75,000
Medical

6:1

75,000
Business
Risk based

75,000
Housing Assistance & Real Estate
Risk based
300,000
Household Furnishings
5:1

15,000
Vehicle
8:1 / 5:1
100,000
Cooperators General Insurance Premiums
5:1
10,000
Other Categories
3:1
Available on request

Members are asked to note that the commercial (bank) interest rates will be paid in the event that fixed deposits are broken at any time before the maturity date.

Download loan policy document: (loans.pdf)

 

 

 
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© 2003 - U.W.I. (Cave Hill) Cooperative Credit Union Ltd. All rights reserved.
Telephone: (246) 417-4524 / 4539 Fax: (246) 424-0662
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Last Updated: April 1, 2009