Frequently Asked Questions  
Membership FAQ's
 
Here you can find answers to common questions related to membership.

  1. Is my credit union affiliated with any other body? [+]
    Yes. Your Credit union is a member of the Antigua and Barbuda Co-operatives League Limited (ABCLL) with offices at St. Mary's Street, St. John's.

    The League is, in turn, affiliated with the Caribbean Confederation of Credit Unions (CCCU fondly called "Triple CU") based in St. Kitts.

    The Confederation is affiliated with the World Council of Credit Unions (WOCCU). The Credit Union Movement is worldwide.

  2. What documents do I need to present in order to become a member? [+]
    • 2 pieces of Government issued ID (Passport compulsory);
    • Proof of address;
    • A job letter; and
    • A minimum of $125.00
  3. What documents do I need to present in order to open a business account? [+]
    • 2 pieces of Government issued ID (Passport compulsory);
    • Proof of address;
    • Business license or registration certificate, and
    • A minimum of $500.00
  4. What are Permanent Shares? [+]
    Permanent Shares are a long-term investment in your Credit Union and the law stipulates that persons desirous of becoming Credit Union members must own Shares. Shares are sold in blocks of 20 at $5 each. $100 of the amount to open the account is therefore assigned to Shares. Persons are encouraged to purchase additional Shares periodically as an increase in our capital base means better products and services for members.
  5. What is in it (Permanent Shares) for me? [+]
    When the Credit Union makes a surplus and meets the statutory requirements, dividends are paid based on the Shares held by the member.
  6. What are your interest rates [+]
    The interest rate on our Savings Account is 3%. Fixed Deposit interest rates range from 3.75% on deposits as low as $1,000.00 to 5% on deposits over $100,000.00. Interest rates on loan facilities vary according to the type. See here for more details of current rates which are subject to change without notice.

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