Membership requirements
To become a full member one has to purchase a minimum of forty (40) shares at $5.00 each. There is no maximum number of shares which can be bought by a member (see conditions in the byelaws.
The qualifying criteria are as follows:
The applicant must be a citizen or resident of Grenada; or Must not be an un discharged bankrupt Must be of sound mind Must be at least sixteen (16) years of age or over
As a means of strengthening its Institutional Capital to the benchmark standards, The Communal introduced Permanent Shares in July 2007. Permanent Shares are not withdrawable on demand, but can be sold back to the Credit Union on the spot. There is no waiting period of ninety (90) days to withdraw shares as was previously necessary. However, for sale of shares to the value of five thousand dollars ($5,000.00) or more, ninety (90) days notice must be given in writing.
Member Benefits
The Communal pays insurance on members
savings and loans so that at time of death, the savings balances including all deposits and shares up to a maximum of $13,500 and the loans up to $54,000.00 are liquidated. Certain conditions apply. The member will normally have to provide insurance to cover any excess loans over $54,000.00.
The Credit Union also provides financial advice and counselling to its members especially at time of loan application.
Since 1994, members have been provided with ID cards. The management of the Credit Union is continuously making contacts with the business sector including supermarkets and professionals such as dentists, doctors and pharmacists to offer discounts to the members of The Communal.
The Co-operative Societies Act 1996, allows a Credit Union to accept deposits from non members. However, non members are not permitted to access loans from the Credit Union.
