1. What is the Credit Union?

It is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly-owned and democratically controlled enterprise.

2. Who can be a member?

Anyone born, residing or working owning property in any part of the districts served by the Credit Union.

3. How does one become a member?

By filling an application card, paying an entrance fee and buying at least $20.00 worth of shares. The value of a share is $5.00.

4. Who owns the credit union?

The Credit Union is owned and controlled by the members or shareholders. The members delegate their powers to the Board of Directors which is elected at the Annual General Meeting.

The Directors formulate the policies of the Credit Union in accordance with the rules and by-laws and report to the members at special or general meetings.

The Credit Union operates on the principle of democratic control - each person has one vote regardless of the number of shares a person owns.

5. How does the Credit Union generate income?

• mainly by interest paid on loans.
• by interest gained on investment.
• by fees charged on certain services.

6. What happens to the profits made by the Credit Union?

All surplus are paid to members as dividends, interest, and donations after allocations are made for reserves.

7. Does the Credit Union offer any protection on members' accounts?

All members savings up to a certain amount ($8,100.00) are covered by insurance at no direct cost to the members in the event of death.

All loans up to a certain amount ($27,000.00) are also covered by insurance at no direct cost to the members in the event of death and permanent disability up to the age of 70 years.

8. What are Co-operative Leagues, CCCU and CUNA

Co-operative League- A national co-operative body serving as the umbrella body of Credit Unions in Dominica.

CCCU - Caribbean Confederation of Credit Unions, a regional body serving all unions in the Caribbean countries.

CUNA - Credit Union National Association - A body providing insurance coverage to Credit Unions and Co-operatives.

9. Are Monies invested in the Credit Union safe?

YES. The Credit Union is registered by government and operates under the rules and regulations of the Co-operative Act and the Eastern Caribbean Central Bank.

Every year, Government appoints an auditor to varify accounts of the Society.