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December 16th 2015
At our last AGM, the members agreed that the minimum permanent shares should be $3000 instead of the previous $200.
This change was proposed in order to strengthen the institutional capital of the credit union, and bring our share requirement in line with that of other credit unions of comparable size.
In order to mitigate any difficulty members may face in satisfying this new requirement, IECCU credited each members Permanent Share balance, bringing it to $2,000. Each member will now be allowed six (6) months from the date of this notice, within which they can credit the additional $1000 to their Permanent Share account.
These payments can be made via:
- dummyTransfer from available savings
- dummyScotia Online, NCB E-Link, or Paymaster Online
- dummyCash over counter at our offices, or at any Paymaster location islandwide
These changes will impact our members in the following ways:
- dummyAnnual dividend payments will now be paid on a higher sum
- dummyOpening deposits for new membership applications, move from $1,200 to $4,200