The Ordinary Non-Qualifying Shares Account is the main account for the credit union members. It forms the corner stone of the members’ relationship with the credit union. The key features and benefits of this account are :
- Interest is paid on minimum quarterly balances bi-annually.
- Allows the credit union to better assess the member’s ability to borrow.
- Insurance benefit will be paid to beneficiaries on death of the member.*
- Non-Qualifying shares are the primary collateral used to fund and sustain loans.
- Share withdrawals (although not encouraged) in cases where members have loans are only allowed under special circumstances and must be authorized by the Secretary of the Board of Directors.
*Special conditions apply.