Download Credit Union Newsletter Jan 2016

THE CICSA CO-OPERATVE
CREDIT UNION LIMITED
www.cicsa-creditunion.org 58 Huldah Ave, George Town, Grand Cayman January 2016
From the Desk of the CEO
Your Credit Union has done it again! Your Credit Union has broken new ground in returning more to memberowners. You are now being rewarded with a 2% refund of the interest you paid on all loans repaid on time
during the financial year 1 August 2014 to 31 July 2015. Now that is good news! Happy New Year from your
Credit Union!
Members at the last AGM held on 25 November 2015 at the Family Life Centre voted to receive a loan interest rebate of 2% IN
ADDITION to receiving the usual dividends. This additional form of patronage (return on your investment in the Credit Union) was
proposed by the Board of Directors to reward members who borrow from and faithfully repay their loans at the Credit Union.
Your Credit Union is a leader in giving back to its shareholders—you. You have always received dividends on your shares account
even during the global financial crisis which started in 2008.
The primary reason for the drop in the dividend percentage in recent years is the huge increase in shares/savings. That is to say,
the undistributed surplus or profit earned from the interest on loans has to be divided amongst more shares. Therefore the
percentage earned is correspondingly lower. One of the objectives of the Credit Union is to provide members with the opportunity
to save. Members have taken that principle seriously and are saving big-time at their Credit Union!
The downside (if we can call it that) in the huge increase in shares/savings is a lower dividend percentage—unless members borrow
more (and payback on time) from the Credit Union. And so, the loan interest rebate, though small, is being offered as an incentive:
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It will encourage savers and other qualifying members to borrow first from their Credit Union which should help to grow the
loan portfolio and ultimately the interest income from which dividends are paid;
It will encourage members to repay their loans on time which should help to reduce delinquency; and
It will discourage borrowers from prematurely paying out their loans which would help to reduce the amount of loans that are
prematurely paid-out and conversely increase interest income from which dividends are derived.
If you want to earn more dividends as well as a loan interest rebate, come and borrow from your Credit Union. Which other
financial institution rewards you with a favourable return on your shares/savings AND a refund on interest paid on your loans—only
at your Credit Union! Come in and see a loans officer today! Contact us at 815 4222 or email [email protected].
Save $50
a month in
my shares...
Get a car loan
now at the
Credit Union...
At the end of
the loan, $3,600
will be saved plus earn
dividends yearly!
IS IT YOUR DREAM TO
OWN LAND?
Visit our Loans Department and see
how your Credit Union can help you
make your dream a reality.
To make an appointment call
815-4222 or email
[email protected]
For more information
contact us at
815-4222 or email
[email protected]
A few winners from the
“Christmas in November” promotion
Credit Union’s 4th Annual 5K Walk/Run
Special Points
Worth Noting
Have
your
personal
circumstances changed? Birth?
Marriage? Divorce? Death?
Relocation?
Please take a few
minutes on your next visit to our
office to update or correct your
profile and beneficiary information,
post office box, or contact numbers.
Within Share Loans It is easy to
borrow your own money with the
Credit Union. Any of our tellers will
give you a within share loan up to
the available amount of your shares.
 Your shares is the collateral
 Fixed low interest rate with
longer terms for lower payments
 Only your ID is needed
 While the loan is being repaid,
your shares are still in your
account as a savings earning
dividends for you!
Did You Know?
Credit Union
offers Cash Advances with a charge
of 10%. However if you save in
your shares on a monthly basis, you
will be eligible for an easy within
share loan at a lower interest rate.
Credit Union held its 4th Annual 5K Walk/Run on Saturday 3 October 2015 with over 200
participants. It was yet another successful event with participants spanning all age groups and
from all walks of life!
Proceeds from this event were donated to two worthy causes: 1 — To the local charity, Feed
Our Future; and 2 — To help our fellow credit union members in Dominica with their recovery
efforts from tropical storm Erica. Look out for the 5th Annual 5K Walk/Run in October 2016. It
will be bigger and better with your participation!
Credit Union would like to thank the Department of Sports, Merta Day; Sport N Zone, Christopher
Goddard; Race Caribbean, Derek Larner and his team; and all Credit Union volunteers for
making this 4th Annual 5K Walk/Run such a success.
www.cicsa-creditunion.org
Once you have saved over $2,500 in
your shares, you could qualify for a
character loan which is less than the
10% charged on a Cash Advance!
This will give you a savings and
allows you to leave the Cash
Advances for true emergencies.
New Fees
As of 1 March 2015
the following non-refundable fees
are in effect: Returned mail $15 per
item.
Dormant accounts $20
annually. ATM replacement cards
$15 per card.