What is a credit union?

A credit union is a not-for-profit financial cooperative that is owned by its members. Member savings form a pool of money from which low-cost loans are made to other members. Interest gained from these loans in addition to investments made by the co-operatives is retuned to its members as bonus dividends on savings.

What is the purpose of a credit union?

The purpose of a Credit Union is to serve it member’s financial needs by educating them on the benefits of savings and the wise use of credit enabling them to become better consumers of financial services. The CU movement philosophy is “Not for Profit, Not for Charity, But for Service”. Credit Unions promote thrift, encourage members to develop a systematic savings program and also provide a source of lower-interest loans as compared to by other financial organizations.

Who can join Works Credit Union?

Anyone member of the public who falls within the common bond of Works Credit Union can join and share in its ownership. A common bond can be defined as the employees of any organization, government ministry, and members of a church group or residents of a community, town or district within Trinidad and Tobago.

How is Works Credit Union managed and operated?

Works Credit Unions is democratically controlled by its members – Members elect a board of directors from among the membership at the annual general meeting. The elected directors are responsible for setting policies to protect the interest of its member’s finances and business. The day-to-day operations are handled by paid professionals and in some cases by volunteers.

How is Works Credit Union different from a bank?

Works Credit union is democratically run by its members. Works Credit Union primary commitment is to serve its member's financial needs, whereas banks, trust companies and other financial institutions exist primarily to earn interests for shareholders. The views and concerns of customers within banks and other financial organizations are not always considered. Whereas, Works Credit Union members concerns and views are always addressed because members are not simply customers but are part owners of the business.

Are savings insured? Will my money be safe with Works Credit Union?

Your shares at Works Credit Union is insured up to $21,150.00 with CUNA Caribbean Limited

Are all Credit Unions governed and operated under the same laws?

A copy of Works Credit Union By Laws can be collected at any one of our branches FREE

How long has Works Credit Union been operating?

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 over 12,000 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.

How do I 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 three offices see contact info and fill out a membership form with as little as TT$100 or they can download the membership form and return it to any one of our offices. It’s that simple… within a few days you’ll receive correspondence in the mail congratulating you of your new investment and business ownership.

Why savings accounts are called "shares"?

All members of Works Credit Union are shareholders or part owners. The funds put into their savings account are actually shares which signify ownership. All members are considered to be business owners.

What is the difference between Share Account and Deposit Accounts?

Deposit Savings Account is an account where your savings do not generate interest. The money in this account is accessible for easy withdrawal and deposits without interest. A Share Account is an account where the money saved will generate dividends or interest over a period of time.

What are WCU business hours?

Monday to Thursday - 8:00 a.m. - 3:00 p.m.

Friday - 8:00 a.m. - 3:30 p.m.

Know Your Credit Union Terms
Board of Directors

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.

Christmas Investment Account

This savings plans pays a return of 5%. Save from January – December of a year interest paid in November. 


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

Credit Committee

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.

Credit Union

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.

Education Committee

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.

Family Indeminty Plan

This death benefit plan is exclusive to Credit Unions and gives monetary assistance up to $30,000 to families in times of death. It covers parents, children and spouse.

Fixed Deposit

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

Interest Rate

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. 

Mortgage Loan

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.

Supervisory Committee

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. 

Vehicle Loan

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.