Credit Union Shares

A share account at a Credit Union is essentially a Savings Account. When shares are purchased the holders then become “owners” of the credit union which allow them to select and approve a team, each year, to manage its affairs. A shareholder at
Teachers Credit Union (TCU) continues to be a member even after retirement or in a case where the member accepts another job opportunity.

At Teachers Credit Union, loans are given solely on shares with no additional security while the shares attract a yearly dividend.

Shares are insured for a maximum of $50,000.00 at no cost to any member and are protected by the
Deposit Insurance Fund for a maximum of $125,000.00.

A member who has a share balance of at least $18,000.00 over a period of six consecutive months can apply for a LinCU Visa Debit Chip Card – the cost of which, at this time, is paid for by TCU. The member can also apply for a Special LinCU Loan for as much as $60,000.00 which is separate and apart from a regular loan although the quantum is based once more on the value of the shares that are held
by the member. Should such a member pass away, a total of $24,000.00 is available for dependants over a period of six months.

Members with shares that are unencumbered can co-make a loan for another member who wants a loan but has insufficient shares to be used as collateral for the desired loan.