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Frequently asked questions

Q

What are my benefits?

  1. Allows you to be consistent in saving your funds
  2. Allows a member to borrow funds.
  3. Receive Dividends on Shares and Interest on Deposits on a yearly basis.
  4. Assist with Educational Scholarships such as the awarding of the Ervin Grosvenor Scholarship Fund to successful students in the 11 plus and CXC Examination
  5. Gives assistance in training; Courses and Workshops offered by the Barbados Co-operative Credit Union league and paid for by the credit union. Examples of Courses Offered:  Basic Co-operative Accounting, Supervisory Committee Orientation, Credit Committee Orientation, Board of Directors Orientation, Budgeting and Business Communication, amongst others.

 

Q

Why should I join the Wesleyan Credit Union?

  1. To achieve your immediate and long term financial goals through sensible and cautious management of your money in order to waste as little as possible and obtain maximum value by accumulation of shares and deposits

  2. To assist family and the church

Q

At what age can I join?

Minors, as early your parents see fit. Junior Membership - Minimum of $10.00

Q

How much money do I need to join?

Individuals 16yrs and over a minimum of $50.00 plus $2.00 registration fee.

Q

How long do I have to be a member before applying for a loan?

(Maximum $150,000.00 Borrow)

Members are entitled to borrow funds up to a maximum of $150,000 after three months of saving consistently with the Credit Union.

 

Q

How is the Credit Union rated?

The Wesleyan Credit Union is rated as number one among the churches who have Credit Unions.  The Credit Union recently celebrated 30yrs of service to its members.  An Annual General meeting is held every year to report on the Credit Union’s business and its financial status.  The Credit Union has its own building in Bank Hall ‘The Neville Badenock Building’.  Its membership is over 500 members as at December 31st, 2009.  The Credit Union is also ranked at number 16 in terms of total assets at approximately four million dollars.

Q

Are there any other benefits?

Yes, there is the Mutual Benefits Plan (MBP).  The MBP is the co-operative way of pooling financial resources in order to provide (1) Life Savings and (2) Loan Protection Benefits to Credit Union members.  Contact the Credit Union for more information on this benefit.

Q

Who is eligible to join?

Anyone who is honest, dependable, reliable, transparent and in good standing with the Wesleyan Church, their family or persons who attend Church services regularly, ex-members who joined the Society while they were members of the church or persons of good character recommended for membership by members of the Credit Union and approved by the Board of Directors.