Questions and answers regarding permanent shares

Are you the only Credit Union in the country implementing Permanent Shares?

No, it has to be implemented by all, but some of our sister Credit Unions started before us.

Is the minimum Permanent Shares requirement the same in another Credit Union?

Not necessarily! It varies from Credit Union to Credit Union, based on capital and regulatory requirements to be met by each Credit Union.

What will happen to my regular share account?

As stated before, your regular or ordinary shares will remain as is right now. You will still be required to have your shares in order to qualify for a loan and to use as security. Remember, you will NOT be able to use your Permanent Shares as collateral or to qualify for a loan.

Can Permanent Shares be covered by the Credit Union Movement Life Savings Insurance?

Due to the fact that your Permanent Shares are part of the equity of the Credit Union, they will NOT be covered.

What happens to my Permanent Shares upon my death?

Upon your death, your Permanent Shares is transferred to your designated beneficiaries.

Can I withdraw my Permanent Shares?

Permanent shares CANNOT be withdrawn but is transferable or sold to a Credit Union member.

How much will I need to open an account at the Credit Union?

You will need a minimum of One Hundred and Fifteen Dollars ($115.00) to open an account; Five Dollars ($5.00) to your Ordinary Shares, One Hundred Dollars ($100.00) to your Permanent Shares and the remaining Ten Dollars ($10.00) for membership fee. There may be other qualifying requirement(s);please call or come visit our branches for further advice.

How can I obtain Permanent Shares?

You may deposit the amount at once or in six installments until you qualify. You can also transfer from deposits already being held by you to Permanent Shares.

Will Permanent Shares give me additional voting rights?

No! The policy of "one member one vote" will continue to exist irrespective of the amount of Permanent Shares individual members own.

What is the difference between Permanent Shares and Ordinary Shares?

The shares you initially had in the Credit Unionis now called "Ordinary Shares". This is the shares you use to qualify for a loan; these shares can be withdrawn (once it is not hypothecatedi.e. used as collateral for a loan) and is often referred to as withdrawable shares. Permanent Shares CANNOT be withdrawn while the person remains a member, nor can it be used as security for a loan.