A credit union is a member-owned, not for profit co-operative financial institution formed to permit those in the field of membership specified in its charter to pool their savings, lend them to one another and own the organization where they save, borrow and obtain related financial services. MEMBERS ARE UNITED BY A COMMON BOND
All persons (company based or community based) can join a Credit Union.
- Voluntary and Open membership
- Democratic Member Control
- Member Economic Participation
- Autonomy and Independence
- Education, Training and Information
- Co-operation among Co-operatives
- Concern for Community
As a credit union member, you have a say in how your credit union is run. You have a vote, and you can participate in annual meetings, elect the Board of Directors, Supervisory Committee, and the Credit Committee, and serve as a volunteer.
Each member has one vote, regardless of the amount of business they have at the credit union. As a member you are treated with dignity and respect. After all, you own part of the credit union!
Any adult member, once in good financial standing, is eligible including those who have retired.
An account is classified as dormant where for a period of more than three (3) years no transaction has been initiated by the member on the account.
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
No. Only 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 can nominate beneficiaries to your account.
Like other financial institutions, credit unions are closely regulated. Your savings carry a free insurance coverage up to $125,000. GEACU is a member of the Trinidad and Tobago Deposit Insurance Fund