Frequently Asked Questions

Can a current member decide not to continue as a shareholder?
A current member with no outstanding loans can decide not to continue as a WCCCU shareholder. He/she will become a depositor.

How does this affect Current Members?
All members must have at least one Share of $50 in his/her Savings account. You do not need to come in to buy this first share. WCCCU will separate this Share from your Regular Savings and automatically transfer it into Member Capital. This will be a one time transaction; no further deductions will be made from your account. This transaction will not affect your ordinary deposit, Fixed Deposits and other special accounts.

Can I buy more than one Share?
Yes. You can buy as many Shares as you wish and increase the value of your investment.

How will my shares be recorded?
Members will be given a Share Book (passbook) which will record the amount and value of Shares held by them. It is to be presented to the Society whenever additional shares are being purchased or shares are being transferred.

Can I leave my shares to someone else in my will?
Yes. However where a beneficiary is named on the WCCCU Membership Card (in keeping with Section 100 (3) of the Co-operative Societies Act No 15 0f 1996) this nomination will supersede the provision in the Will that gives Shares to a beneficiary.

Can I sell my shares if I have outstanding loans?
No. You will have to pay off all loans before shares are sold.

Can I withdraw my shares?
No. When you buy shares, it is an investment in WCCCU. This is similar to buying shares at any other company. You cannot withdraw your investment, but you can sell it or transfer it to someone else of you no longer wish to be a shareholder.

Can shares be used as collateral for loans?
No. Shares cannot be used for leverage or guarantee for loans since that could lead to the reduction of member capital.

What happens if I sell my shares?
You will no longer be a member of WCCCU.

What is Member Share Capital?
These are the Shares/equity that members will own in WCCCU. It is money members will invest in their credit union and leave there so that they can continue to be part owners of WCCCU. These monies will form the capital (money) of the Credit Union.

Why introduce Member Shares?
In the past all members’ Regular Savings were classified as shares. The International Accounting Standard (IAS) 32 says this can no longer be done since they can be withdrawn. Savings which can be withdrawn by members at any time must be kept separate from shares. Savings must be classified as Liabilities:- monies the Credit Union owes to members. Shares are members’ Equity and represent what the member has invested in the Society. Shares can be transferred and sold but not withdrawn. This will help protect WCCCU’s capital base.

Will children’s accounts be affected?
No. Account holders who are children will not be affected by this change.

What will happen to members who do not have the minimum of $50?
You will no longer be a member of WCCCU and will become a depositor. You will not be able to obtain loans. When you grow your deposits to a minimum of $55, you will automatically qualify for membership again.

What will happen to my savings when I sell my shares?
You will become a depositor and can continue to keep your savings and deposits at WCCCU. You will not, however, be able to obtain loans as Section 115 of the Co-operative Society’s Act No 15 of 1996 stipulates that no loan can be made to a person who is not a member of the Society. You will not be able to attend meetings of the Credit Union (Annual General Meeting)

When and where can I buy more shares?
Members can come to WCCCU at any time to purchase more shares. Shares will be sold at the Member Services counter. You can bring in new funds or you can use money from your savings account to buy additional shares.

Will I receive dividends on my shares?
Yes. This is a return on your investment. Payment of dividends will depend on the surplus that the society makes for the year. It is expected that the rate will be attractive enough to encourage members to buy more than one share.

Can a member living out of state apply for a loan?
Yes. A member has two loan application process options that can be followed. *(see Loan to Members Overseas)

How is interest on loans calculated?
Interest on ALL loans at the WCCCU is calculated on the reducing balance and accumulates daily.

Is there a processing fee when applying for a loan?
No. The society does not charge any fees on loan applications.

What about savings that are not held against loans?
These funds are available and can be withdrawn.

Who is a co-maker?
A co-maker is a member who signs an instrument in collaboration with another member to indicate a promise to pay a financial obligation.

What is a co-maker’s right?
A co-maker has the right to periodically check with the credit union on the status of the loan that he/she co-signed. The co-maker cannot be given the balance of the loan but can be informed as to whether payment is being made as stipulated in the loan agreement.

What is the age requirement for a loan?
Members ranging from age 18 – 70 can apply for loans offered by the WCCCU.

What is the maximum loan amount paid?
The WCCCU gives loans anywhere from $100.00 to $300,000.00.

What time does the loans department open?
The loan department usually opens from 8:30 – 2:30 daily, but appointments have to be made to see the loan’s officer.

What are your rates on fixed deposits?
The society offers some of the best rates on the island. (see Fixed Deposits)

Will interest be paid on my savings and deposit accounts?
Yes. Interest will be paid on all your savings and deposits during the current year

Why interest on savings is only paid only once a year?
Interest on savings was considered equity and could only be paid after an AGM was convened and the percentage was declared to the membership. However, with the introduction of member share capital that is no longer so and as of 2009 interest on savings will be paid quarterly. Dividends on shares however, are still considered equity and will be paid once a year.

Does the WCCCU facilitate foreign exchange?
Yes. The society does foreign exchange at the current rate obtained daily from its correspondent bank. Foreign exchange is done for the US dollar ($), pound sterling (£), Euro, Canadian dollar ($) and Barbados dollar.