How To Become A Member
Membership is voluntary and open to all persons living and working within a five mile radius of our offices at Bush Hill, The Garrison, St Michael, Barbados.
- Two forms of valid photo I.D.
- Driver’s License
- Government issued identification card
- Tax Payer Registration Number (TRN)
- A completed Reference Form
- Proof of Residence (any one of the following):
- Two (2) most recent Utility Bills
- Two (2) most recent Rent Receipts
- Address verification on reference form
- Minimum Required to Start:
- Permanent Qualifying Shares (Compulsory): Value of $100.00
Benefits of Becoming A Member
- Whenever you die your beneficiaries get all your savings, plus more.
- The Light & Power Employees Co-operative Credit Union Ltd offers a wide range of services (savings, loans & insurance) at competitive rates.
- You will join a Credit Union that is stable and secure and has well over 30 years’ experience in the financial arena.
Benefits of Membership
- You become a part owner of a financial institution. You can access credit in the form or loans at low rates.
- When you borrow from the Credit Union, your savings remain intact so that while you pay your loans your savings can continue to grow. This helps to maintain wealth.
- You have the convenience of payroll deductions.
- Unlike other financial institutions the Credit Union shares a percentage of its yearly profits with its members.
- Your savings are entitled to Life Savings Benefits up to a maximum of $25,000 so that in the event of your death, your beneficiaries will receive your savings as well as other benefits. If death is the result of an accident this benefit will double. There is also an additional funeral benefit of $3,000 based on your savings.
- Your family/beneficiary is protected against hardship in the event of death, through the Loan Protection Benefits. Generally the loan of a deceased member is automatically written off up to the maximum started. There are certain conditions however, which can impact the settlement amount.
In the event of temporary disability e.g. sprain or broken limbs, the loan is repaid for you for three months up to a maximum of $3,000.00