Facts About TCU

Teachers Credit Union was established at Tranquility Intermediate School in 1959 and was registered on December 5, 1962. There were two name changes — from Tranquility Teachers Credit Union to Government Teachers Credit Union and finally to Teachers Credit Union.

Teachers Credit Union is a Financial Co-operative in which the supreme authority is the members at an Annual General Meeting. This meeting is the most important event on the Credit Union’s calendar and every member should attend as all required reports and the audited accounts are presented for examination and acceptance by the membership. The business of the Credit Union is managed by a Board of Directors (12 persons), a Credit Committee (5 persons), a Supervisory Committee (3 persons) and other Committees that may be appointed from time to time by the Board of Directors. The financial year begins on the first day of April and ends on the last day of March of the following year.

Membership is open to persons who are members of the Teaching Service in Trinidad and Tobago and who are permanently employed with the Ministry of Education (MOE) or the Tobago House of Assembly (THA). A member can nominate someone to receive his/her benefits in the event of his/her death. Once the value of the shares permits, the Credit Union can make an initial payment of fifty thousand dollars ($50 000.00) to the nominee. The balance due can be paid after Letters of Administration have been obtained or a will has been probated.

Teachers Credit Union carries insurance coverage on members’ savings and loans with CUNA Caribbean Insurance. The Credit Union pays the monthly premium on the insurance policies so there is no direct cost to the members.

An application for a loan MUST be accompanied by the most recent payslip. A member’s loan eligibility is based on his/her share balance which is the only form of collateral that is used. The interest on all loans is one percent (1%) per month on the reducing unpaid balance and although no appointment is required for a loan transaction, almost all loan requests are granted on the day of the request. The investment policy of Teachers Credit Union is such that no investment constitutes a significant threat to its viability.