The SVG Teachers Co-operative Credit Union grants members credit based on the number of shares a member has. The size of the share capital may, therefore, determine the amount of credit obtainable. Members can use share deposits as collateral for loans. Contributions to shares must be paid regularly. e.g. monthly, bi-annually or annually.
Members may withdraw funds from this account with a written request to the Board of Directors, giving at least 3 months’ notice or incur a fine.
Upon termination of membership, all savings along with interest, less any indebtedness will be given to the members. Interest is paid on share deposit; the annual rate is determined by the Board of Directors.