Question 1

What is Teachers & Salaried Workers Co-operative Credit Union?

Accepted Answer

Teachers & Salaried Workers Co-operative Credit Union is a member-owned financial co-operative operating in the Bahamas. The institution serves teachers and salaried workers throughout the Commonwealth of The Bahamas, providing accessible financial services through a co-operative model. As a credit union, it operates on the principle that members pool their savings to provide loans and financial services to each other at competitive rates.

The credit union is regulated by the Central Bank of The Bahamas and operates under The Bahamas Co-operative Credit Unions Act, 2015. It is designated with the BSD code FCU-0005 in the official registry of supervised financial institutions.

Question 2

When was Teachers & Salaried Workers Co-operative Credit Union founded?

Accepted Answer

[Information not publicly available] While the credit union appears in Central Bank of The Bahamas records dating back to at least 2015, the exact founding date of Teachers & Salaried Workers Co-operative Credit Union has not been publicly disclosed. The institution has been consistently listed among the supervised co-operative credit unions regulated by the Central Bank of The Bahamas.

Question 3

Where is Teachers & Salaried Workers Co-operative Credit Union headquartered?

Accepted Answer

Teachers & Salaried Workers Co-operative Credit Union is headquartered in Nassau, The Bahamas. According to Central Bank records, the institution maintains its principal office at P.O. Box N-8325, Nassau, Bahamas, with contact telephone number (242) 502-9200.

Question 4

Where does Teachers & Salaried Workers Co-operative Credit Union operate?

Accepted Answer

The credit union operates within the Commonwealth of The Bahamas, serving members throughout the country. While headquartered in Nassau on New Providence Island, the institution provides services to teachers and salaried workers across the Bahamian archipelago. The geographical scope aligns with its common bond of membership, which is open to eligible residents of The Bahamas.

Question 5

What services does Teachers & Salaried Workers Co-operative Credit Union offer?

Accepted Answer

Teachers & Salaried Workers Co-operative Credit Union offers core financial co-operative services to its members, including:

Savings Products: Members can open savings accounts and fixed deposit accounts. The credit union encourages thrift by providing modalities for members to accumulate savings and acquire equity shares in the institution.

Loan Services: The credit union provides various loan products to members, including personal loans (amortized over a maximum of 84 months), mortgage loans on real property (up to 360 months), and agricultural or business loans. All loans are structured with provisions for regular payments of principal and interest.

Member Equity: Members can hold equity shares in the credit union, participating in the ownership and governance of the institution. The credit union distributes annual surpluses through dividends, bonuses, or patronage rebates based on member participation.

Financial Education: The credit union provides education on co-operative principles, family financial management, and the efficient management of financial affairs.

Question 6

What makes Teachers & Salaried Workers Co-operative Credit Union unique?

Accepted Answer

Teachers & Salaried Workers Co-operative Credit Union distinguishes itself through its focused mission on serving the teaching profession and salaried workers in the Bahamas. The credit union operates on co-operative principles, meaning members are both owners and customers, with democratic control exercised through member meetings.

The institution emphasizes financial inclusion and accessibility for its target membership group. Unlike profit-driven financial institutions, the credit union aims to provide competitive interest rates on both savings and loans while maintaining member protection through statutory reserves, liquidity funds, and insurance on member savings and loans.

As part of the Bahamian credit union movement, the institution contributes to the statutory reserve fund administered by the Apex Body and maintains a liquidity deposit fund of at least 10% of member deposits, ensuring financial stability and member protection.

Question 7

What type of financial institution is Teachers & Salaried Workers Co-operative Credit Union?

Accepted Answer

Teachers & Salaried Workers Co-operative Credit Union is a co-operative credit union, a specific type of member-owned financial co-operative recognized under Bahamian law. Credit unions in the Bahamas are not-for-profit financial organizations formed under The Bahamas Co-operative Credit Unions Act, 2015.

Credit unions differ from banks in their ownership structure and purpose. They are owned by their members who pool resources to provide financial services primarily to each other. The institution is supervised by the Central Bank of The Bahamas, which assumed regulatory responsibility for all Bahamian credit unions effective June 1, 2015.

As a co-operative, the credit union adheres to international co-operative principles including voluntary and open membership, democratic member control, member economic participation, autonomy and independence, education and training, co-operation among co-operatives, and concern for community.

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About Teachers & Salaried Workers Co-operative Credit Union in the Bahamas

Teachers & Salaried Workers Co-ope­rative Credit Union