Equity & Qualifying Shares

Based on the Co-operative Societies Act No: 12 of 2012 which took effect on 4th September 2012, it was essential to further restructure the capital structure of GECCU to comply with the relevant provisions of the said Co-operative Societies Act.


In the provisions of Part V of the said Act, it became necessary for GECCU to have at least 2 classes of Shares namely Qualifying and Equity Shares.


At the 48th AGM held on April 29th 2014, a resolution was accepted for the implementation of these two classes of Shares (Qualifying and Equity) and to reflect these changes by amending GECCU’s Bye-laws.

Qualifying Shares – these shares are required for membership in GECCU. They represent ownership of your Credit Union.


Qualifying Shares – all members are required to purchase a minimum of 100 shares at a value of $1.00 per share. These shares allow a member to access all of the services and benefits offered by GECCU, such as loans, voting at the Annual General Meetings and scholarships.


A member is required to purchase a minimum of 50 Equity Shares at a value of $1.00 per share ($50) per annum ($4.17 per month).


Equity Shares are non-withdrawable but redeemable in accordance with GECCU’s bye-law at par value of EC$1.00 per Equity Share. They cannot be withdrawn except in the case of death or cessation of membership.

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Frequently Asked Questions

Most Asked

Yes, you wil need to provide: Completed application form with Proof of Address: Utility bill, Bank Statement, Driver’s License Identification: Two Photo Identification (National ID, Passport, Driver’s License), Evidence of Source of Income: Example:Remittance Receipt

Notarized and completed Application FormnnProof of Address:nUtility bill, Bank Statement, Driver’s LicensennIdentification:nTwo Photo Identification (ID, Passport, Driver’s License)nnSource of Income:nNotorized Employment Letter, Salary SlipnnCopy of Marriage Certificate (if applicable) which must be in color and notarizednnAll original documents must be sent via mailnDeposits can be sent in the form of: international Postal order Documents should be coloured and notarized and can also be sent via email to online@geccu.com

Members are able to sign up for our online baking in the comfort of their homes. https://bsdc.onlinecu.com/geccu/#/sign-upnnYou can use the above link to enroll for our Home banking service.nFor users enrolling for the first time. nYou can use your Account number as Login ID & Email address to sign up nnPlease note the email address used must match the email address on our system.

To add a beneficiary to your account, you may visit the Member Services Department at any GECCU branch and speak with a representative. However, members can also submit a notarized letter instructing us to update their beneficiary. Please note that the letter must include; name, date of birth, address and contact numbers for each beneficiary to be added to the account.

Our Minimum Loan criteria is as follows

1. Only members can qualify for loans.

2. Members must have the minimum share requirement.

That minimum share requirement would depend on the type/purpose of the loan

Generally, our Loans Officers would look at:

1. The applicant’s ability to repay the loan

2. The conditions for the loan that being there must be a clear purpose for the loans. Adequate information must be given.

3. A good repayment history is vital

4. If necessary additional security would have to be provided

Interest is paid annually at a rate determined by the Board of Directors.n

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