Questions from Pre-Registration

We want to thank members who took the time to submit their questions via the pre-registration portal. Works Credit Union thought it best to allow members to have their inquiries answered due to the volume of questions received and other limitations of the virtual format of the meeting.

We have taken the liberty to address most of these questions here. As you proceed to go through the responses please observe that if you don't see your specific question chances are it was duplicated many times by multiple members hence only one response to such questions will be seen. In other cases, they may be questions about products or specific services which best addressed to the office in their daily operational activities and you can submit your inquiry at any of our branches to staff who are well equipped to advise as necessary. all other questions will be addressed within the meeting directly.

When will the VISA debit card be available?

Unfortunately, at the moment the VISA Debit card service is available only to current cardholders. We have been able to accept new applications due to persistent technical issues, however, we expect them to be resolved in the upcoming months.


Do you all have online banking?

Yes, we do have an Ebranch service available via the website. To access it you will need to send a request via email to so that they can activate your Ebranch profile.


Is there any online query accounts where you can log in to see how far u have reached as pertaining to the loan balance?

Please refer to the previous response.


When would the online services be fully operational, for example, when would I be able to transfer funds to the visa debit card online the option came up once and then it was gone that was months ago.

We have been working with the software provider to make the necessary adjustments. We expect the ability to transfer funds to the VISA Debit Card will be restored in the upcoming month.


How often do you get an Education report?

The Education Committee reports quarterly to the Board. The report to the membership is done annually with all other annual reports and presented at the Annual General Meeting.


Was there an AGM in 2020?

Yes, it was held on Saturday, August 14th, 2020. It was a hybrid meeting consisting of both virtual and in-person participants at the Center of Excellence.


Do you all do loan consolidation?

Yes we do, however, please note the the “5 C's of credit” is taken into consideration for each case.


Do we take over loans from other financial institutions?

Yes we do through the consolidation process indicated above.

What is the status of the aquaponics plan?

The aquaponic demo facility has been converted to a hydroponic system which became fully functional as such in February 2021. More information on the new system will be shared at the 62nd Annual General Meeting. The loan offering for the product will subsequently be reviewed to accommodate these changes.

What is the status of the aquaponics project in Tobago?

See response above. This conversion to hydroponics has since seen a higher yield in income compared to the aquaponic model.


How and when is the dividend being paid?

The dividend is paid AFTER it is approved by the AGM.  The recommended rate for 2020 is presented as a resolution on page 61 of the 2020 Annual Report Brochure for consideration and approval by the membership at the meeting. Subsequently, the dividend is paid to members accounts in accordance with Bye-Law 28(b).


What about Dividends for 2021?

The dividend for the fiscal year 2021 will be paid in 2022 after the finalization of the annual audit for the 2021 period and the subsequent approval by the AGM next year.


On what basis does the board decide to pay dividends?

It is determined by the Net Surplus After Appropriation figure reported in the financial statement report which is reported to the membership in the Annual Report Brochure.

How do you calculate what you give for dividends?

It is calculated using the weighted average based on the amount of shares saved during the year under review.

What can I do to help get my family into the credit union?

If I work as a driver could I still join?

Can I join someone that is not family?

WCU is an open-bond credit union, meaning anyone can join. You can visit any of the branches to join. 

Why don't the credit union have a special savings account that generates fast interest, but members can only access on a yearly basis?

We do have a similar facility called the Save On Us Plan. Save for 10 consecutive months and earn 2.5% interest at the end of the period. It comes in 3 fixed cycles however the Pick Your Payout option allows a member to start a 10-month cycle at any time outside of the 3 fixed cycles. Visit our website for more information about this product.


I will like to get my 16-year-old involved in this credit union, what is the best financial scheme should she invest in?

In addition to building her share savings, you can consider the Save On Us Savings Plan for her. Visit our website for more information or visit our offices to speak with our service representatives.

How can I add my son as a beneficiary?

There is a form available at the office for you to fill out. Visit your home branch to complete the process.

Why is the Tobago branch not given the responsibility of approving small loans e.g. up to $5000?

They can approve small loans.


If a member doesn’t have an email can the member still log in?

Unfortunately, each member must have an individual email address where they can securely receive their meeting access details. This is for security reasons.


The email system in place when I make an online transfer is taking over 10 days for it to show up in my account why is that?

It depends on which bank the transfer is coming from – some banks take longer than others to complete the transfer transaction. We can only complete the transaction i.e. place the money on your account when we have received the funds from the other institution.


Why does it take so long to receive shares after the request is made?

Please note the stipulation regarding share withdrawals in Bye-Law 7.4(i) above that the notice period should be a timeframe period not exceeding six months. The process as it is currently executed is much faster than the recommended period stated.

If someone is in dire need of cash and not in a position to access a loan, why is it that they have to apply to withdraw a small sum from their shares?

Please see the previous response pertaining to share withdrawals. 

Being a new member, will the previous board report be made available for us to peruse?

Yes the digital archive of our Annual Reports going as far back as 2012 is available for download from the website. Any older reports may be requested from the office.

I am inquiring about small businesses having accounts.

Unfortunately, we don’t provide business accounts as our policy does not allow it, however, we do provide business loans to members. Visit or call our offices to discuss the best financial solution for your needs.


Why aren't members given their loan agreement document.

The procedure is being put in place to accommodate this process.


Do you do Tertiary Scholarships for members?

We have the Wilfred Edwards Bursary for UWI students which is under the Education Committee. You can email to indicate your interest and someone from the Committee will contact you. 

Offering scholarships to tertiary education or financial assistance. Also is there any scholarship for postgrad studies?

see the above response regarding tertiary offerings however, we do not have any offerings for post-graduate studies. Alternately we do give loans for educational purposes as well.

When will parking for members in Port of Spain be increased to more than 5 cars?

This arrangement would be looked at soon.


If due to loss of income due to illness can my shares be used to pay off all or part of my Loan?

Once the loss of income is due to illness and depending on the severity of the illness, the member can submit medical documentation for proof of same to the Credit Department and provision would be made.


What courses are being offered in financial planning?

We currently have no courses, however, it is the mandate of the Education Committee to plan educational programmes for members. The new Education Committee will make their plans for the new term after this AGM.

Can the credit union have workshops to help educate members on different topics?

See response above.


How do I qualify for a loan and how much money must I have as capital.

Please visit the website or call for further information


How was the performance of the institution in 2020 amidst the Covid 19?

Please refer to pages 40 to 60 of the 2020 Annual Report Brochure to view the financial performance of the credit union


With this pandemic is our finances stable in the credit union?

Please refer to pages 40 to 60 of the 2020 Annual Report Brochure to view the financial performance of the credit union


Why are some people getting only 5% on their fixed deposit while others getting 50%?

This seems to be misinformation. The rates are fixed into the system and automatically applied.


Why don't you market to educate members on getting more involved in the products offered by the credit union?

We do regular advertising on various mediums including radio advertising, social media and SMS blasts. 


 When is the Credit Union getting its ATM up and running?

It will be up and running before the end of this year.


Does the credit union have land or houses for sale, for the members?

No we don't.


I would like to know if there is any way WCU can make it easier for clients to make a deposit without going in personally?

You have three options currently available:

  • Set up a salary deduction with your employer and they will send your contribution directly to us.
  • For persons whose employers don't provide this facility, you can set up a standing order with your commercial bank to have your funds sent to us 
  • If you have access to online banking with your bank you can directly transfer to our account at First Citizens. If you would like more information on how to set this up send an email to requesting our bank account information and the instructions will be made available. 


Why isn't there a method of doing loan payments online?

There is however, salary deduction is firstly recommended and in the absence of salary deduction consideration may be given by the Credit Committee for payments towards your loan online using any of the methods indicated in the previous response.


How did you help your members in the time of this pandemic?

Once members visited or called the office with their respective situation, it was assessed and recommendations were forthcoming.


I need to get an inquiry on my loan concerning the remaining time on it, is there any access to that online?

You can sign up for our Ebranch service so you can keep track of your account activity and balance. In terms of accessing g the information regarding when the loan would be complete, you can visit the office to request the document.

Business intelligence data is being sort and obtain to ascertain the factor and recommendation and strategies put in place to mitigate or improve the BI information

Will there be a better way for members to check their debit card balances or transaction history? At the moment the only available option is to go to the ATM to do a balance inquiry.

Yes, we are currently working with the third-party service provider (JMMB) to merge the data so it can be available on our Ebranch platform.


Is it true that the Supervisory Committee has suspended the President?

That matter was addressed at the Special General Meeting held on September 1, 2021.


I think there should be a policy in place stipulating a limited number of years an individual is allowed to serve as president.

Bye-laws 14 & 15 give full details regarding allowable terms of service for board members which is what the Society is guided by.


Why WCU is not more competitive as it pertains to interest on Loans (eg) TECU interest is .5%

Different loan products carry different interest rates based on the risk level. Our loans range from 0.5% - 1.75% depending on the risk. For more information, please visit or call our officers for further information


My question is if a fixed deposit expired why it was not brought to the member attention? When it was previously an automatic renewal. Now the rates change, at least it should have been renewed at the lowest rate. This is the case from August 4, 2020, to August 4 2021 - 1 year loss of interest to me as a member. This is not right.

This may have occurred when the credit union software was changed effective July 2020 - the automatic renewal feature from the old software was not a feature on the new software and it is now being implemented. Our sincere apologies for the inconvenience. We are working to ensure better communication is in place to address member concerns when such challenges arise.


Will there be an amendment to the WCU App to allow transfers to/from other financial institutions?

That will be a consideration for the future.


Any plans on improving the customer service aspect of the Credit Union? Customer Service Representative interactions, responses on the telephone, prompt email replies?

Customer service training is an ongoing process.


Hi. Would like some clarification on the RER Plan. Specifically, the drawdown and increase in payments. thanks.

Please contact or visit the office for further information.


Is it possible to receive statements for the VISA card at the end of the year? 

Yes JMMB is currently working on providing the statements before year-end.


Why can't I get my balance over the phone as I am retired? I have my mother to see about and I must get someone to look after her when I am not home.

We have a responsibility to ensure member confidentiality and there is a high risk in giving balances over the phone therefore we have to ensure the correct member is being engaged. However, I would also suggest signing up for the Ebranch online service so you can check your balances at any time.


Would like to know how loan interest is paid?

Interest on loans is calculated on the declining principal balance of the loan monthly. The system then takes your monthly payment and distributes the payment to the interest first and then the rest is applied to the principal.


I will like to know why we don't have a group health medical plan for members. Thank you.

We are currently looking into it.

Tobago has been operating for months without a Supervisor/Manager. The branch in Tobago is understaffed and members are complaining that the quality of service in the credit union as it relates how services have become more automated and there is no one who they can personally reach out to.

The Tobago office does have a Manager currently overseeing its operations. In light of the Covid-19 and the lockdown on the country, WCU was forced to increase the level of automation to protect both members and staff while still delivering our services


Are members allowed to see or getting these minutes in the reports?

The minutes of any General Meeting is usually made available to members in the Annual Report Brochures. 


Would we be getting any tokens this year?

The token this year was $100.00 credited to your deposit account once you attend the virtual meeting.


Why are statements don't be sent out via mail or email - my last statement received is in 2019

We are currently looking into it to correct it.


What is happening to the board members who were suspended after the last AGM. Since then no action was taken to investigate the matter.

The investigation into this matter has been ongoing and we expect it will be completed by September 31st, 2021.  Once the investigation is concluded the Special General Meeting to treat the matter will be held sometime in October. At the moment, only one of the members under investigation 3-year term of service has ended.


How Covid 19 has affected borrowing and lending in operations and the long term impact that can affect customers?

Since approximately 55% or more of our members are Government workers whose income was not affected, WCU was not greatly affected by Covid 19.


Creating the option to transfer money to banks from deposit account. If possible.

Our bankers are currently engaged with this and it should be available in the upcoming month.


What are the new charges assigned to the new debit card?

The new rates seen below took effect September 1, 2021:


Good day please tell me how to write to get money from my shares thank in advance.

There is an application form available at the offices and well as on the website.

The depletion of the UTC investments and no mention of what it was used for.

A better interest rate was offered at Guardian Life, hence the funds were reinvested there. Please refer to page 55 of the 2020 Annual Report Brochure.


Has consideration been given to having members being able to send their whole salary direct to the Credit Union instead of the banks, with access to an ATM Card? Any discussions with the Min of Finance concerning this?

Members can send their entire salary to us. Many members already utilize this option to have the funds sent to their VISA Debit Card for accessing their funds. Please call or visit our office to get further information relating to this.


Why is it that there are multiple segments of this AGM?? It's virtual!! So it should be completed within a day!?

The initial Meeting which was carded for August 18, 2021, was cut short and adjourned due to technical difficulties with the virtual platform, hence it being necessary to reconvene the Meeting on Saturday 18, September 2021 to complete the agenda and the business of the credit union. The Special General Meeting held on September 1st was called to treat an entirely different and specific matter.  


What was done to help members during the pandemic?

Affected members received multiple waivers as needed and loans were rescheduled.


What was the expences of the aquaponics before the revamping of the project and what was the income received within its tenure. The manager had promised to make it available at the last AGM. THANK YOU.

The cost to revamp the project is $45,461.15, and total income thus far $38,067.30


The reason for the vast increase of the legal fees, from $104,313 in 2019 to $800,722 in 2020?

WCU has a pending matter against a Senior Attorney at law.


When does the Financial Statement come out?

It comes out when the Auditors complete the year-end audit.


How do the public members be aware of what benefits this credit union have to offer them.

Please visit or website visit our offices for further information