FAQ

Credit Unions, called by various names around the world, are member-owned, not-for-profit financial co-operatives that provide savings, credit, and other financial services to their members.

Credit Union membership is based on a common bond, a linkage shared by savers and borrowers who belong to a specific community, organization, religion, or place of employment.

Credit Unions pool their members’ savings deposits and shares to finance their loan portfolios rather than rely on outside capital. Members benefit from higher returns on savings, lower rates on loans, and fewer fees on average.

Regardless of your account size in the Credit Union, each member may run for the volunteer board of directors and cast a vote in an election.

All persons who are lawful citizens of Trinidad and Tobago.

A Co-operative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.

1. Voluntary and Open membership

2. Democratic Member Control

3. Member Economic Participation

4. Autonomy and Independence

5. Education, Training and Information

6. Co-operation among Co-operatives

7. Concern for Community

Becoming a member makes you a shareholder, which means you become part-owner of the Credit Union and have an equal share in all the Credit Union’s assets and profits based on your pattern of savings.  Our Focus is our members where our aim is to put your needs first.

As a Credit Union Member, you have a “Say” in how the Credit Union is run by participating and voting at the Annual General Meetings to elect the Board of Directors, Supervisory, and Credit Committees and serve as a volunteer.

Each member has one (1) vote regardless of the amount of business he/she has at the Credit Union.  All members are treated with dignity and respect being part owners of the Credit Union.

Any adult member, once in good financial standing, is eligible including those who have retired.

No.

Currently, loans are covered under the Advance Protector Insurance. The member absorbs the cost of the coverage.  The Advance Protector Insurance was established in January 2020.

An account is classified as dormant when there has been no activity initiated by the member for three (3) years.

It is advised that a member should not allow his/her account to become dormant.

The requirements for reactivation are as follows:

• Complete a Know Your Member Form
• Utility Bill (no older than 3 months)
• Two (2) forms of valid id
• Recent proof of income
• Share Purchase of $5.00

GEACU accepts owners of businesses to open accounts in their names only (not in the name of the business).

Co-operative accounts and individual accounts are facilitated.

We have one (1) main office located at #3 Peter Hill Road, Mayaro.

No, all accounts are individual accounts; however, you should nominate beneficiaries to your account.

Yes, Credit Unions are governed under the Co-operative Societies Act of Trinidad and Tobago.

https://rgd.legalaffairs.gov.tt/laws2/Alphabetical_List/lawspdfs/81.03.pdf

Membership shall be terminated by death or insanity, bankruptcy, resignation, or expulsion in accordance with GEACU’s Bye Laws.

However, such termination shall not relieve a member from his/her financial obligations to the Credit Union.