Permanent Shares

A share is an instrument of a company that when purchased makes the holder part owner of that organization. A person must buy shares to become a member/owner of the St. Vincent and the Grenadines Teachers Co-operative Credit Union Ltd.

  • The cost of a share is $5.00. However, a member must hold a minimum of 60 shares ($300) to become eligible to benefits
  • Contributions to shares must be paid regularly. e.g. monthly, bi-annually or annually.
  • Shares allow a member to obtain credit from the Credit Union. The size of share capital may therefore determine the amount of credit obtainable.
  • Shares other than qualifying shares may be used as a primary form of security when a loan is granted
  • Shares are not redeemable. However, a member may sell his/her shares to another member or potential member or one may ask the union to repurchase their shares
  • Dividend is paid on shares based on the accumulated surplus in a given year
  • Dividend may be withdrawn on the request of the member, otherwise it is added to the member's share capital.

Share Deposits

  • Can be used as collateral security for loans
  • Holders may withdraw funds from this account upon a written request to the Board giving at least 3 months’ notice.
  • Upon termination of membership, all savings along with interest, less any indebtedness will be returned to the member.
  • Interest is paid of share deposit. The Board determines the annual rate.

 Call (784)457-2947 or visit our nearest branch today for more details.