A credit union is a member-owned, not-for-profit financial cooperative. Members pool their money to provide loans and other services to each other, and any profits are returned to members through lower fees, better rates and dividends on shares. Credit Unions offer its members traditional banking services like savings accounts, loans, and more.

The purpose of a credit union is to serve its members by helping them save wisely, use credit responsibly, and become smarter financial consumers. Credit unions promote regular saving, offer affordable loans, and focus on financial education—not profit. The credit union philosophy is: “Not for Profit, Not for Charity, But for Service.”

Works Credit Union is an open bond credit union, which means just about anyone in Trinidad and Tobago can join. Whether you're part of an organization, government ministry, church group, or a resident of a community, town, or district—you’re welcome to become a member and share in ownership.

Works Credit Union is democratically controlled by its members. Each member has a say and can vote to elect a Board of Directors at the Annual General Meeting. These elected directors are responsible for setting policies that protect members’ financial interests and guide the direction of the credit union. The daily operations are carried out by qualified, paid professionals, with support from dedicated volunteers in some cases.

Works Credit Union is different from a bank because it’s owned and democratically run by its members. While we do generate a profit, that surplus is returned to our members through better rates, lower fees, and member benefits—not paid out to external shareholders. Our priority is to serve our members’ financial well-being, and because members are also owners, their voices directly influence how we operate.

Banks, trust companies and other financial institutions exist primarily to earn interests for its shareholders. The views and concerns of customers within banks and other financial organizations are not always considered.

Your shares at Works Credit Union is insured up to $21,000.00 with Life Savings Insurance from CUNA Caribbean.

Your life savings are covered in the event of accidental death, dismemberment or loss of sight.

All Credit Unions in Trinidad and Tobago are governed under the Co-operative Society's Act of Trinidad and Tobago however each Credit Union is mandated to create individual Bye-Laws to guide their day to day operations. These Bye-Laws must be in compliance with the Act. You can access a copy of Works Credit Union's Bye Laws here.

Works Credit Union began its operations on October 1st 1959 at the head office of the Ministry of Works and Transport. Through out the years, WCU has enrolled more than 20,000 members and has opened it doors to members of the public (open bond). Presently, any member of the public an become a member of Works Credit Union.

To become a member of Works Credit Union, any member of the public can visit one of our five (5) offices, fill out a membership form with as little as TT$50 or they sign up online via our website. It’s that simple… within a few days you’ll receive a text or email notification confirming that your application for membership has been approved.

In credit unions, savings accounts are called “shares” because your deposit represents your ownership in the credit union. When you open a share account, you become a part-owner and gain the right to vote and participate in key decisions. It's a way of showing that the credit union is owned and controlled by its members.

A Deposit Savings Account is a basic savings account that does not earn interest or dividends. It’s mainly used for easy access to your money, allowing you to make deposits and withdrawals at any time.

A Share Account, on the other hand, represents your ownership in the credit union. It earns dividends over time based on the credit union’s financial performance, and gives you the right to vote and participate in decisions as a member-owner. Your Shares Savings is the main asset that determines your eligibility for loans and the amount you can borrow. 

Our P.O.S, Arima, San Fernando and Tobago Branches open Monday to Thursday - 8:00 a.m. - 3:00 p.m., Friday - 8:00 a.m. - 3:30 p.m.

Our Trincity Branch at East Gates Mall opens 9:30 a.m. to 4:45pm, Monday to Friday.

This Board consists of twelve (12) members who serve a three year term. The Board of Directors in a Credit union is elected by the membership at its Annual General Meeting. They ensure the accounts are accurately kept, to enter in contracts and make investments on behalf of the Society. 

Combining of several loans or liabilities in one often with a lower repayment and longer repayment period. 

This is a very important Committee of the Credit Union. They are in charge of approving and supervising all loans to members. The committee comprises of five (5) elected members.

Is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at reasonable rates and providing other financial services to its members.

Interest/Surplus paid unto shares on a yearly basis.

The Education Committee is in charge of publicity and education. The Committee advises and acts in collaboration with the leaders of discussion groups, assist in the provision and maintenance of a library for the use of members.

This death benefit plan is exclusive to Credit Unions and gives monetary assistance up to $100,000 to families in times of death. It covers parents, children and spouse.

This account allows you to deposit your money for a set period of time, thereby earning you a higher rate of interest in return.

A rate which is charged or paid on money borrowed.

A type of debt. The borrower receives an amount of money called the principal and is typically required to be repaid in regular installments both interest and principal over a given period of time. 

Is a person who has an account in the Credit Union and is part owner of the organisation. They elect their Board of Directors and other Committee members in a one person one vote system regardless of the amount of money invested in the Credit union. 

A mortgage is a common type of debt instrument used by many to purchase housing/land/ construction. A lien on the title of mortgage is repaid in full. Any default in payment can result in the property being sold. 

Where there is an existing loan facility and any new amount being sort is consolidated with the existing facility and terms and conditions are renegotiated. 

This is where the terms and conditions of the existing loan facility are renegotiated usually resulting in a lower repayment and longer repayment time.

A divided up unit of the value of a company. Owning shares qualifies you to become a member of a Credit Union. It is an investment that produces long term returns. At Works Credit Union each share is at a fixed rate of $5.00 per share. The shares gains dividends or interest on a yearly basis.

This Committee is responsible for making an examination of the affairs of the Credit Union including an audit of its books at least semi-annually. The Committee comprises of three (3) elected members. 

Loan taken for the purpose of purchasing a new or used vehicle in which the vehicle is used as security until the loan is repaid.