SVUTCCU gives back to members

In the current climate of a steadily rising cost of living, forty-five mortgage holders at the St. Vincent Union of Teachers Cooperative Credit Union (SVUTCCU) have been given some relief. At a presentation ceremony on Tuesday, September 2nd, at the Co-operative League Centre, the recipients were bestowed with ‘Cash Back’ cheques for varying sums of money.{{more}}

The presentation ceremony had double meaning given the fact that the SVUTCCU is celebrating its 30th year of existence, having been registered in May 1978. In his remarks, General Manager Julian Jack explained that the delighted recipients have special mortgages that are funded by the Eastern Caribbean Home Mortgage Bank (ECHMB), and don’t benefit from the rebates and dividend returns that their normal mortgage holders do. He also added that this is the second time, since the inception of these ECHMB-funded mortgages, that there has been a ‘Cash Back’ presentation.

Jack further shared that during a recent visit from a representative of the ECHMB, it was expressed that as long as mortgage holders with the SVUTCCU continue to repay their loans on time, the financial institution would be willing to increase loan amounts. “That shows confidence… they appreciate and accept what we are doing,” he beamed.

President of the SVUTCCU Curtis King, in his remarks, relayed that the organisation had been established primarily for teachers but has since opened up membership to the Vincentian public. “The name Teachers’ Credit Union is just a brand name,” he explained. King expressed how important it is that as an organisation it seeks strategies to continually meet the needs and demands of its members. “The Credit Union exists not to make a profit, but to generate a surplus that could then be re-divided among our members…”

King also congratulated the recipients for living up to their responsibility of being current with their repayments, and stressed how important it is that they remain so. “These times are very challenging…” he acknowledged.

Also giving remarks was Chairman Junior Bacchus. Bacchus encouraged recipients to re-invest some, if not all, of their ‘Cash Back’ into the SVUTCCU as it would ultimately benefit them. “No other financial institution in this country… to this point, has matched what we have returned to our members!” he assured. Bacchus advised members of the public to join one of the Credit Union Leagues and research the various portfolios on offer.

Reiterating Julian Jack’s message, Bacchus conveyed to members that they should take great pride in the level of confidence that the financial community has in the SVUTCCU. “Our Credit Union is sound!” he exclaimed. (JSV)