General
About Eastern Credit Union‘s Operations
Membership
Shares
Consumer Loans
Mortgage Loans
Sprint (ATM) Facilities
Call Centre
Role Of The Board Of Directors And Committees
GENERAL
Q: What is a Credit Union?
A: A Credit Union is a financial institution owned and operated by its members. Credit Unions provide savings and lending services. Shares are the key to membership in a Credit Union.
ABOUT EASTERN CREDIT UNION'S OPERATIONSQ: How long has Eastern Credit Union been in existence?A: Eastern Credit Union was established in April, 1973.
Q: How many branches does Eastern Credit Union have?A: Nine branches located in Arima, Barataria, Chaguanas, Marabella, Port of Spain, San Fernando, St. Joseph, Sangre Grande and Tunapuna.
Q: What are the hours of business?A: Monday – Thursday 8:00 am – 3:00 pm and Friday 8:00 am – 5:00 pm.
Q: Does Eastern have Saturday Opening hours?A: Yes, at the Arima , Chaguanas and Sangre Grande branches from 8:00 am to 12 noon.
Q: What transactions are conducted on Saturdays?A: All account and loan transactions.
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MEMBERSHIP
Q: How do I become a member of Eastern Credit Union?
A: Adults
Youth (14 and under)
Q: Why should I become a member of Eastern Credit Union?
A: To enjoy benefits such as:
Q: How long do I have to be a member to obtain a loan from Eastern Credit Union?A: 6 months
SHARES
Q: What is a share?A: A share is a certificate representing one unit of ownership in cooperation.
Q: What is the cost of one (1) share at Eastern Credit Union?A: 1 Ordinary Shares costs $5.00, 1 Special Share costs $25.00
Q: What is the difference between an ordinary share and a special share?A: An ordinary share entitles a member to a vote at the Annual General Meeting. Ordinary Shares are refundable upon resignation from the society. Special Shares are non-refundable. Special Shares establish a strong capital base as well as minimize the risk on members’ funds.
CONSUMER LOANS
Q: What are the requirements for obtaining a loan?A: Following are the basic requirements for obtaining a loan; in all instances the normal lending criteria will apply:
Q: What are the requirements for a vehicle loan?A: NEW CAR
ROLL ON / ROLL OFF (used under 5 years)
USED (Over 5 years)
Q: What can I use as collateral for my loan?A: The following are some of the acceptable types of collateral:
Q: Can I have a guarantor/ co-borrower on a loan?A: Yes, but the person must be a member of the Credit Union
MORTGAGE LOANS
Q: Does Eastern Credit Union offer mortgage loans?A: Yes.
Q: What are the requirements for obtaining a mortgage loan at Eastern Credit Union?
A: PURCHASE NEW RESIDENCE
TO CONSTRUCT A HOME
Q: Are loans insured?A: Yes, maximum coverage is $75,000.00
SPRINT (ATM) FACILITIES
Q: Does Eastern Credit Union have ATM facilities?A: Yes. ATMs are located at each branch and two off site locations (Priority Mall, San Juan and City Gate, Port of Spain).
Q: Is there a charge for utilising the ATM?A: Yes, $0.50 per withdrawal.
Q: What is the maximum amount of money a Member can obtain from the ATM?A: $1,500.00 per day
Q: Does Eastern Credit Union purchase and sell foreign exchange?A: Yes. They trade US Dollars, Canadian Dollars, British Pounds, Eastern Caribbean Dollars and Barbados Dollars.
CALL CENTRE
Q: What business can I conduct through the Call Centre?
A: As a bona fide Member of Eastern you may contact our Call Centre at 663-CALL (2255) to:
Obtain Account Information
ROLE OF THE BOARD OF DIRECTORS AND COMMITTEES
Q: What is the role of the Board of Directors of Eastern Credit Union?
A: The Role of the Board of Directors is:
The Board of Directors also determines the maximum amount that may be loaned to a member and are charged with the responsibility of electing the Executive Committee, Education and Nominating Committees.
Q: Who comprises the Executive Committee?
A: The Executive Committee comprises the President, Vice President, Assistant Secretary and two (2) Committee Members. The General Manager is a non-voting Member of this Committee.
Q: What is the Role of the Credit Committee?
A: The Credit Committee approves loans to Members mainly based on the member’s capability to repay in relation to their financial position.
Q: What is the role of the Supervisory Committee?
A: The main role of the Supervisory Committee is to examine the affairs of the Society, scertain that proper documents are on file in respect of loan applications, that the purpose of the loan embodies the Society’s guidelines and that any collateral security is adequate and to report on its findings at the Annual General Meeting.
Q: What is the function of the Education Committee?
A: The Education Committee facilitates seminars, conferences and other educational and training programmes for the Membership. This Committee also provide educational materials and library/research facilities.
Q: What role does the Nominating Committee play?
A: The Nominating Committee is responsible for the selection of suitable members to sit on the Board of Directors, Supervisory and Credit Committees.