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EASTERN CREDIT UNION Annual Report 2018
d) Organize training for members on the Financials, Budget and how to invest.
e) ECU should collaborate with Government to be able to offer first time homeowners an interest
rate of 2% on mortgage loans.
f) ECU is not flexible enough in accommodating members to obtain loans. Consider the extension
of repayment period.
g) Some children have overgrown the children’s facility provided at the Annual General Meeting.
h) Establish a youth arm of the Credit Union
Complaints from members were as follows:
• Payments in respect of the Family Indemnity Plan (FIP) were not forwarded to CUNA, despite the
fact that money was available in the member’s account and the issue was drawn to the attention
of the Branch on a few occasions.
• Written requests made for transfer of account from one branch to another did not materialize.
• Although registration for the AGM was advertised to commence at 8.00 a.m., no personnel was
available to facilitate members who arrived on time. Also, no signage was in place to direct
preregistered members.
• It is easier for a member to access a loan to purchase a Navara than a loan to build a house at a
lesser cost.
The following responses were provided to some questions raised:
• A fee is charged for use of ECU’s ATM. However, members over the age of50 who are in possession
of an Evolution 50 Account can use the ATM at no charge.
• Members who are not satisfied that their issues are being addressed should bring them to the
attention of the Branch Manager and eventually to the Group CEO, if necessary.
• If someone covered under the FIP dies and it is discovered that ECU had not been forwarding
monthly payments to CUNA ,the claim will be honoured by CUNA. Members should, however,
make regular checks to ensure their payments are made to CUNA.
• The incident which took place at the Arima Branch is under Police investigation. Also, the security
mechanism at all branches has been enhanced.
20 NAVIGATING THE FUTURE TOGETHER
