At Community First Co-operative Credit Union (CFCCU) we offer a wide cross-section of financial products and services to our members. Below is a list of all the products and services currently offered at the credit union. For more detailed information on any product, simply click on the product of interest.
SAVINGS PRODUCTS:
Community First Co-operative Credit Union is primarily a savings institution. We have therefore provided a number of saving products designed to help you save more efficiently at the credit union. Below is the list of these products.
Permanent Shares
- Permanent shares are your long-term investments in the credit union.
- All members of the credit union 18 years and older, are required to purchase a minimum of 40 permanent shares at the value of E.C. $200.00, to be legal members of the credit union.
- Each permanent share costs E.C. $5.00
- Permanent shares are non-withdrawable.
- You must own permanent shares in order to access the credit unions products and services.
- You can earn dividends (interest) on your permanent shares each year once the credit union makes a surplus.
Regular Savings Accounts
- Available to members.
- Receive 2% interest annually
Deposit Accounts
- Acts like a second savings account and is used primarily for minor accounts and business accounts
- This is the account to which you have access if you have a loan or an ATM card
Minor Accounts
- Parents/ Guardians can open accounts for children 0 months to 17 years old
- Receive 1% interest annually
School Savings Accounts
- Available to all children where the school savings program is available
- Acts like a savings account where the children save through their schools
- Receive a special interest
- Save a minimum of $1.00 weekly
Fixed Deposit Accounts
- Fixed deposit accounts begin at $5000
- Our fixed deposit term is 12 months
- Earn up to 2.5% interest on your fixed deposit account
Savings Clubs
- Operates like throwing “Box money”
- Save a fixed amount of $50 or more each month for the specified period and earn a special interest
- Summer Club runs from September to June
- Christmas Club runs from January to November
Community First Educational Savings Account (CFESA)
- Parents and guardians now have an opportunity to open a special savings account for their children.
- CFESA runs from age 0-18 years.
- Participants are required to begin this plan with EC $500 minimum.
- A minimum monthly deposit of $50 must be maintained.
Withdrawals will be based on the following criteria:
- 5 days notice
- Before the maturity date, withdrawals will be subject to 10% of the accumulated interest, being retained by the credit union.
- Members can however withdraw up to 10% of their savings for medical emergency without incurring a penalty.
- Members are not allowed to borrow against this fund.
- For every monthly payment missed there is a charge of EC $25.
- Interest rate is 4% per annum calculated on the minimum quarterly balance.
- This rate is subject to change at anytime by the credit union based on market conditions.
- On reaching 18 years the parent/guardian must give permission for the fund to be release.
Community First Individual Retirement Account (CFIRA)
- Individuals now have the opportunity of saving specifically for their retirement.
- CFIRA runs from age 18 years – 60 years.
- Members must not be more than 50 years to qualify.
- Participants are required to begin this plan with EC $1000 minimum.
- A minimum monthly deposit of $100 must be maintained.
Withdrawals will be based on the following criteria:
- 5 days notice
- Before the maturity date, withdrawals will be subject to 10% of the accumulated interest, being retained by the credit union.
- Members can however withdraw up to 10% of their savings for medical emergency without incurring a penalty.
- Members are allowed to use up to 50% of their CFIRA savings as security for a loan for education, land, home improvement or construction, computer purchase and major medical expenses.
- For every monthly payment missed there is a charge of EC $25.
- Interest rate is 5% per annum calculated on the minimum quarterly balance.
- This rate is subject to change at anytime by the credit union based on market conditions.
- At age 60 years Community First Co-operative Credit Union will disburse the fund in one lump sum or in installments as directed by the member.