HOW ARE THE AFFAIRS OF THE CREDIT UNION MANAGED?
The Board of Directors has overall responsibility for the affairs of the Credit Union. However, the General Manager is appointed with the necessary delegated authority to manage the day-to-day operations and services provided by the Staff. The Statutory Committees (Supervisory and Credit) also assist in providing oversight of the Credit Union’s affairs.
CAN ANYONE APPLY FOR MEMBERSHIP AT UWICU?
Provided that you meet the following criteria for membership:
Membership at U.W.I. Credit Union is open to:-
(a) All persons of good character age 16 years and over who work or affiliate with U.W.I. St. Augustine.
(b) The spouses, children, grandchildren, brothers, sisters, wards and parents of bona fide members of the Society.
(c) Employees of the Society who are 16 years of age and over
(d) Employees, students and graduates of higher education institutions accredited by the legally recognized accreditation body of Trinidad and Tobago.
(e) Other registered Co-operative Societies in Trinidad and Tobago
(f) Persons who were granted membership under Bye-Law 4.1(a) and 4.1(c) above and have ceased to work or associate with the UWI St. Augustine or the Society shall continue to be members and enjoy membership at the discretion of the Board.
HOW CAN I JOIN?
Membership application forms can be collected at U.W.I. Credit Union’s office and the required documents in the new member application guide can be located on our website www.uwicu.tt.
Submit a completed application form (which must be endorsed by a Recommender) together with the required supporting documents, and when your application is approved you will be contacted to visit the office to activate your account.
IF I ALREADY HAVE A LOAN AT THE CREDIT UNION, CAN I ACCESS ANOTHER LOAN?
You may be able to access another loan based on your current shares and ability to repay. Should you desire to access another loan, inform your Loan’s officer and he/she will provide financial advice on the matter.
WHAT ARE THE BENEFITS THAT AWAIT ME WHEN I JOIN THE UWICU FAMILY?
Shares
Shares are valued at five dollars $5 each and may be purchased through weekly, fortnightly or monthly instalments. Each share represents permanent savings which is annually improved in the form of dividends.
Target Deposits
This is a regular saving account which allows members to withdraw funds quickly and easily.
Fixed Deposits
This account is designed specifically to meet the needs of the investment-minded member. We offer competitive rates of interest on funds held from a minimum of three (3) months to a maximum of one (1) year. With as little as five hundred $500, you can open a fixed deposit account offering attractive interest rates. Members have the option of rolling over funds at maturity. A penalty of 1.5% applies for encashment before maturity date.
Loans
U.W.I. Credit Union offer loans for any worthwhile purpose: home improvement, purchase of a new/used vehicle, vacation, travel, education, medical or ceremonial expense, small business, mortgage and investment. We offer fast processing and approvals with no hidden charges. Loan protection is provided up to a maximum of $100,000 at no extra cost. Interest rates start as low as 0.75% per month and is calculated on the reducing balance.
Easy Loan Application
Answer all questions on the loan application form and attach copies of a recent job letter, pay slip and all supporting documents (invoices, quotations or estimates etc.) these documents must be provided for all loans over $10,000
Loans up to $100,000 can be approved by the authorized U.W.I. Credit Union personnel, however, loans over $30,000 must be considered by the Credit Committee.
Short Term Loans (STL)
Up to $5,000 can be granted to eligible members within minutes. For STLs of $400 and under a $20 service charge is incurred and the loan should be repaid within two (2) months. STLs attract a service charge of 15% to 18% to be repaid via salary deductions in four (4) to eleven (11) months as seen in the schedule below. Late payment fees apply.
| STL Prin. ($) | Fee | Total STL | Mths. to repay | Install | Rate | |||
|---|---|---|---|---|---|---|---|---|
| $ 100.00 | to | $ 400.00 | $ 20.00 | $ 420.00 | 4 | $105.00 | 5.00% | |
| $ 401.00 | to | $1,000.00 | $150.00 | $1,150.00 | 4 | $287.50 | 15.00% | |
| $1,001.00 | to | $2,000.00 | $310.00 | $2,310.00 | 5 | $462.00 | 15.50% | |
| $2,001.00 | to | $3,000.00 | $480.00 | $3,480.00 | 7 | $497.14 | 16.00% | |
| $3,001.00 | to | $4,000.00 | $680.00 | $4,680.00 | 9 | $520.00 | 17.00% | |
| $4,001.00 | to | $5,000.00 | $900.00 | $5,900.00 | 11 | $536.36 | 18.00% |
The Family Indemnity Plan (FIP)
The Family Indemnity Plan is offered to provide financial assistance at a time when you and your family may need it most. A maximum of six persons per family can be covered. They include you, your spouse or significant other, children up to age 25, parents and parents in law up to the age of 76.
Premiums are as low as $52.80 per month. Benefits range from $10,000 to $65,000. No medical examination is required and claims are paid within two (2) working days. Contact us for more information.
Bursaries
One (1) Community Bursary valued up to $5,000. The Jerris Attz Bursary.
This Bursary is awarded to a student pursuing studies at the University of the West Indies and is based on academic excellence and financial need.
Four (4) Membership Bursaries valued up to $5,000 each: –
- Brenda Fraser Bursary
- Vibert Medford Bursary
- Claude Mc Eachrane Bursary
- Jill Thompson Bursary
These Bursaries are awarded each year to four members who are pursuing tertiary level courses, as may be approved by the Credit Union, and are based on academic excellence and financial need.
Grants
U.W.I. Credit Union Co-operative Society Limited (UWICU) currently offers the following grants to our members:
- The Secondary Entrance Assessment (SEA) Grant
- The Continuing Education (CE) Grant
- The Caribbean Secondary Examination Certificate (CSEC) Grant
- The Caribbean Advanced Proficiency Examination (CAPE) Grant
Applicants for grants must satisfy all of the following criteria:
- be a bona fide member of UWICU, for at least six (6) months prior to the date of his/ her application
- have contributed towards his/her shares for a continuous period of at least six (6) months prior to the date of application
- be in good financial standing at the date of application, therefore he/she shall not be in arrears and/or default of any financial obligation towards UWICU
Applications will not be considered if:
- submitted after the specified deadline
- the application form is incomplete
- the application form is submitted to the Office without the supporting official result/ grade slip, term reports for CE only
Payment of these grants to the applicant’s target account are subject to all budgetary allocations being in place, and the parent of the applicant being compliant.
| GRANT | ELIGIBILITY | QUANTITY | SUBMISSION DEADLINE | DOWNLOAD, PRINT AND COMPLETE APPLICATION FORM |
|---|---|---|---|---|
| SEA | Successful placement in secondary school or college based on SEA examination | $700.00 | 14th July, 2025 | SEA GRANT APPLICATION FORM |
| CE | Attaining an overall average of 65% and over at the end of each academic year from Form 1 to 4. | $700.00 at the end of each academic year | 25th July, 2025 | CE GRANT APPLICATION FORM |
| CSEC | Grade 1 or 2 in at least five (5) CSEC courses | $1,000.00 | 12th September, 2025 | CSEC GRANT APPLICATION FORM |
| CAPE | Must attain grades 1 or 2 in at least two (2) subjects (excluding Caribbean Studies and Communication Studies) at the end of Year Two | $2,000.00 at the end of Year Two | 12th September, 2025 | CAPE GRANT APPLICATION FORM |
Awards for Excellence
If you have excelled in the following arenas scholastic, sport or cultural activities, nationally or internationally, and you are an active member, this award is for you.
WHAT IF I AM RENTING AND DO NOT RECIEVE A UTILITY BILL?
If you are unable to retain a utility bill from your Landlord your must provide a copy of the lease agreement or rent receipt and the Utility Verification form (which can be obtained from the Credit Union’s Office) to be completed by the Landlord with a copy of the Landlord’s ID
WHEN A MEMBERS DIES WHAT HAPPENS WITH THE ACCOUNT?
Death Grant
In accordance with the Co-Operative Societies Act 81:03 “A society shall subject to section 30 and unless prevented by order of a Court of competent jurisdiction pay to such nominee or legal personal representative, as the case may be, a sum not exceeding five thousand dollars ($5,000.00) due to the deceased member from the society. All other moneys due to the deceased member from the society shall fall into his estate and be subject in all respects to the laws relating to inheritance including the requirement to pay estate duty”.
The Minister of Finance subsequently increased the limit of $5,000.00 imposed on the transfer of shares or interest payable to a nominated beneficiary upon death of a member to $50,000.00 effective 1 January 2020.
Letters of Administration must be retained from a lawyer in order for the beneficiary to access the funds at the credit union which will be sent via cheque to the estate of the deceased member.
CAN A MEMBER CHANGE THEIR BENEFICIARY AT ANY TIME?
Yes, this can be done by completing the change of Beneficiary Form.
CAN I APPLY FOR A LOAN ONLINE?
Yes, this feature is available to members through E-Service.
WHAT IS AN ACTIVE ACCOUNT?
Death Grant
In accordance with the Co-Operative Societies Act 81:03 “A society shall subject to section 30 and unless prevented by order of a Court of competent jurisdiction pay to such nominee or legal personal representative, as the case may be, a sum not exceeding five thousand dollars ($5,000.00) due to the deceased member from the society. All other moneys due to the deceased member from the society shall fall into his estate and be subject in all respects to the laws relating to inheritance including the requirement to pay estate duty”.
The Minister of Finance subsequently increased the limit of $5,000.00 imposed on the transfer of shares or interest payable to a nominated beneficiary upon death of a member to $50,000.00 effective 1 January 2020.
Letters of Administration must be retained from a lawyer in order for the beneficiary to access the funds at the credit union which will be sent via cheque to the estate of the deceased member.
WHAT HAPPENS IF I DO NOT REACTIVATE MY ACCOUNT?
If you do not reactivate your dormant account you may be unable to access products or services in a timely manner.
WHY TAKE A LOAN AT UWICU RATHER THAN A BANK?
Loans are accessible to members at competitive interest rates with repayment calculated on the reducing monthly balances.
Choosing to borrow from U.W.I. Credit Union means:
- Interest rebates on ordinary and unsecured loans
- Insurance coverage on loan balances
- Flexible repayment terms
Will I be able to conduct a transaction on behalf of my spouse\ child\ sibling or parent?
You will be able to conduct transactions on behalf of your children under the age of 18 years. However, your children over 18 years, spouse, sibling or parent must give you written consent to transact any business on their behalf and this must be accompanied with a copy of their valid ID.
HOW SOON CAN I QUALIFY FOR A LOAN?
You may be able to qualify for a new member loan upon joining the Credit Union subject to normal lending criteria.
IF I ALREADY HAVE A LOAN AT THE CREDIT UNION, CAN I ACCESS ANOTHER LOAN?
You may be able to access another loan based on your current shares and ability to repay. Should you desire to access another loan, inform your Loan’s officer and he/ she will provide financial advice on the matter.
CAN I APPLY FOR A LOAN ONLINE?
Yes, this feature is available to members through E-Service.
CAN I VIEW MY ACCOUNT ONLINE?
Once you are a compliant member of U.W.I. Credit Union you may request UWICU E-service which allows you to view your account online.
HOW OFTEN DO I UPDATE MY ACCOUNT?
Members are required to update their accounts every (2) two to (3) three years.
WHEN DEPOSTING MONEY AT THE CREDIT UNION WILL I HAVE TO PROVIDE SUPPORTING DOCUMENTS?
You may be asked to provide supporting documents depending on the amount and/or frequency of your deposit.
WHAT IS FIP?
The Family Indemnity Plan (FIP) is offered to provide financial assistance at a time when you and your family may need it most. A maximum of six persons per family can be covered. They include you, your spouse or significant other, children up to age 25, parents and parents in law up to the age of 76.
Premiums are as low as $52.80 per month. Benefits range from $10,000 to $100,000. No medical examination is required and claims are paid within two (2) working days. If you are not yet an owner of Family Indemnity Plan, then don’t hesitate. Sign up today. For more information contact your Credit Union representative, FIP provider or CUNA Caribbean Insurance.
HOW CAN I ACCESS FIP?
The UWICU Member must fill out the CUNA FIP form available at the CU office and be able to make provisions for the first payment. The Member must walk with one (1) valid ID. If adding a parent, you must present one (1) valid ID and your original birth certificate. If adding a child, you must present one (1) valid ID and their original birth certificate.
IS MY MONEY IN THE CREDIT UNION INSURED?
Unencumbered Shares up to $75,000
Unencumbered Deposits up to $50,000
CAN I REFINANCE MY LOAN AT UWI CREDIT UNION?
Yes, you can.
