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Know
your Credit Union......
Credit
Unions are unique organizations.
They are made up of people (members) who
come together to save their money to make loans to each other.
Credit unions are owned by the members who are also main custumers.
This is one of many reasons why they are unique and stand
out from other financial institutions which are owned by a
few shareholders. Credit Unions put service first and add
lots of caring when offering services to their members.
They offer great deals on basic sevices and
take care of their own. Free life savings and loan protection
insurance for members and support for social and community
programs to improve the quality of life to members. Credit
Unions are about "People helping people" to
dignity, a better way of life and finacial independence. And
all this is done "not for profit, not for charity,
but for service".
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About the GBCCU.
Like other Credit Unions
world wide, the Grand Bay Co-Operative Credit Union Limited
is membership-owned, not for profit financial co-operative.
It started in 1983 as a savings union under the leadership
of pioneers such as James Alexander, Maurice Elizee, Leonard
Jno.Lewis and others. GBCCU began with 20 members and shares
of $200.00. It became a registered co-operative in 1986. At
the turn of the century, GBCCU has grown to over 4 million
dollars in assets.
Read about our Loans
Policy. |
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GBCCU,
Back Street, Grand Bay, Dominica. Tel: 1 (767) 446-3500 Fax: 1 (767)
446-4144
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Who can be a member?
Anyone born, residing or working owning property in any part
of the districts served by the Credit Union.
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How does one become a member?
By filling out an application form, paying an entrance fee
and buying at least $20.00 worth of shares .The value of shares
is $5.00.
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How does the Credit Union generate income?
- mainly by interest paid on loans.
- by interest gained on investments.
- by fees charged on certain services.
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What happens to the profits made by the Credit Union?
All surplus repaid to members as dividends, interests, and
donations after allocations are made for reserves.
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