What is a Credit Union?
A credit union is a nonprofit, cooperative financial institution owned and run democratically by a group of people, known as its members. Members pool their savings within a safe service-oriented environment and make loans to each other at reasonable rates of interest.
Credit union uses members’ deposits to fund loans to other members. Those members who borrow from the credit union pay interest on the loan. The credit union pays interest to those members who deposit funds into the credit union as an incentive for members to save even more.
Are credit unions different from profit financial institutions?
Regardless of their size or field of membership, credit unions are different than profit financial institutions. Credit unions exist to serve their members. Profit financial institutions exist to make money for their stockholders.
How do I join Tranquillity Credit Union?
To join Tranquillity Credit Union you need to fill out our Membership Application Form. You need to submit your membership application form with the following documents:
- Letter of Employment/Pension/Other Income or last financial statement
- Evidence verifying residence e.g. copy of paid utility bills such as water, electricity and/or telephone
- Any two of the following: Valid Passport, T&T Identification Card, Driver’s License, Birth Certificate
Why join Tranquillity Credit Union over any other financial institution?
- We have an above average dividend rate. One of the highest in the country compared to other financial institutions
- We strive for exceptional customer service
- We put our members first
- We have competitive interest rates on loans
- Same day loan approval
- We are a stable and growing company
- We stand by the watchwords Strength, Safety, and Unity