A credit union is a financial cooperative. It is operated by a group of people who provide for themselves a convenient and safe means of accessing money regularly and of obtaining credit and other financial services at competitive rates of interest.

2. HOW DO I BECOME A MEMBER?

Complete an application for memberships card and pay a minimum of $20.00 for entry fee, $80.00 rule book.

3. WHAT IS A SHARES ACCOUNT?

Share account is a saving account, which bears dividend and allows you to be qualified for loans.

4. WHAT IS A DEPOSIT ACCOUNT?

A deposit account is an interest bearing account.

5. HOW SOON CAN I BORROW AFTER BECOMING A MEMBER?

You may borrow within shares immediately after joining the credit union. However, loans above shares are restricted by the credit union’s loan policy.

6. WHY IS A PASSBOOK NOT USED?

Most members save through salary deduction and never update their books, however members are given quarterly statements

7. WHY INTEREST NOT PAID ON SHARES ACCOUNT?

The share is an investment in the credit union and therefore benefit from the profit and loss of the credit union in the form of dividend.

8. WHAT IS A DIVIDEND?

Surplus paid to shareholders

9. WHAT IS HYPOTHECATION?

The holding of funds in an institution as collateral.

10. WHAT IS COLLATERAL?

Security pledged as guarantee for repayment of loan.

11. WHY ARE JOINT ACCOUNT NOT OPERATED BY CREDIT UNION?

Under the co-operative society’s act of 1950 joint account are not allowed

12. WHAT IS A BILL OF SALE?

A Deed transferring personal property.

13. WHAT IS A POWER OF ATTORNEY?

This is a legal document giving one person authority to act on behalf of another.