Ordinary Shares/Withdrawable Shares

Ordinary Shares also referred to as withdrawable shares are special deposit savings accounts. You must be a Member (with at least $100 worth of Permanent Shares) to save to/have Ordinary Shares. Monies on these accounts can be used to secure loans taken with the credit union. Members are allowed to withdraw from only the available amounts (amounts not securing loans). Ordinary shares used to secure loans are placed on hold (pledge) until the loan is paid off or reduced sufficiently that the risks are minimal. Members can withdraw any available shares not being used to secure their loans at anytime they wish to.

Members are encouraged to save as much as possible to ordinary shares. Special arrangements are made with members with loans to encourage monthly savings while making their loan payments. 

Members are paid interest on their Ordinary Shares quarterly usually in March, June, September and December. The interest rates to be paid re determined by the Board of Directors. The more shares you have, the greater the interest amount received.

Members have the additional benefit of claiming a tax deductible on shares saved annually to the maximum of XCD$5,000 when filing their annual income tax returns.