Frequently Asked Questions  
General FAQ's
Here you can find answers to common questions related to SJCCU history, operations and structure.

  1. When was my credit union started? [+]
    Your Credit Union was registered on August 16th, 1982 under the Co-operative Societies Ordinance of 1958.
  2. What governs the operations of the credit union? [+]
    The Co-operative Societies Act (2010), Co-operative Societies Regulation (2001) and the credit union’s By-Laws. This means that there is legislation in place to protect members and guide the operation of the organisation.
  3. Who is the government official responsible for overseeing the regulation of the credit union? [+]
    The Ministry of Finance and Economy through the Supervisor of Co-operatives in the office of the Financial Services Regulatory Commission (FSRC) holds this responsibility.
  4. How is my credit union structured? [+]
    At the helm of the organisation there is the Membership. According to our By Laws the highest deciding body of the Credit Union is a general meeting of the membership - "the supreme authority of the Society shall be vested in the general meeting of members at which every member has a right to attend and vote on all questions."

    • Membership
    • The Management Committee or Board of Directors - 7 persons maximum
    • The Credit Committee - 5 persons maximum
    • The Supervisory and Compliance Committee - 5 persons maximum
    • Management Team (3 persons) consisting of the General Manager, Financial Manager and Credit Manager.
    • Office Staff
  5. Did my credit union always operate from its present premises? [+]
    No. A small room located on the upper floor of a building on Lower South Street was our first location. We subsequently moved to an office at Tanner and Market Streets. In both instances we were actually operating from premises rented by the Credit Union League. Then came 1989 when we acquired our own building on All Saints Road, from which we now operate.
  6. What are some of the things that make my credit union different from other financial institutions, say the bank? [+]
    • We are democratic whereby the "one man - one vote" concept reigns.
    • Co-operative principles govern the Credit Union.
    • The service given by committee members who supervise proper operation of the Credit Union is voluntary.
    • The Credit Union, as a co-operative, means "people helping people". Whereas profits derived by banks belong to the shareholders, with a credit union, the profits earned are used to provide better services, or returned to members as dividends on shares invested.
  7. Why was "Saving Together For Financial Self-Sufficiency" selected as my credit union’s motto? [+]
    This motto was selected because it truly embodies the main objective of the credit union. Savings form the backbone of any credit union. All the credit union’s activities, including the granting of loans, are geared towards the ultimate goal - the attainment of financial self-sufficiency, TRUE ECONOMIC INDEPENDENCE for you our members.

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  • Credit FAQ's
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  • Services FAQ's
    Here you can find answers to common questions related to our services.