Special Shares were established to increase the reserve holdings of Eastern Credit Union and to establish a strong capital base as well as to minimize risk to Members.
In addition to Ordinary Shares all new members must purchase four (4) Special Shares valued at $25.00 each. When opening an account one must contribute $100.00 to Special Share Account. Minors under 14 years of age are not required to purchase Special Shares.
Members can qualify for a loan up to 10 times the amount in the Special Shares account to a maximum limit of $10,000.00 when all other avenues have been exhausted. Special Shares are non-refundable upon closure of an account.
A dividend of 1% more than ordinary shares is paid on special shares.