“Do not save what is left after spending but spend what is left after saving.” – Warren Buffet.
SHARES
1. What are Shares in a Credit Union?
Unlike a bank, in a credit union, every member is also a partial owner. Since credit unions are cooperatively owned, members deposit their funds to purchase shares. Shares do not earn interest, but instead, earn dividends which is paid annually after approval by the Annual General meeting.
Shares are the most important form of savings as a member and are used as collateral for loans.
2. How do I get Shares?
You can contribute weekly, fortnightly or monthly to Shares either over the counter, through a standing order or salary deductions. You can also transfer money from your deposit account to Shares.
3. Can I withdraw Shares?
Shares can be withdrawn provided they are NOT being held as collateral for a loan. There is a small fee for withdrawing shares. Members can request a withdrawal on the prescribed form and wait a few days for processing.