What do the different accounts mean?

  • admin
  • June 02, 2023
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The Qualifying Shares allows a member to access all of the services and benefits offered by GECCU, such as loans, voting at Annual General Meetings and scholarships. Equity Shares represent members’ ownership in GECCU.

Equity Shares Capital contribute to the safety, soundness and competiveness of GECCU. It also ensures continued provision of the excellent range of services which GECCU offers. An annual dividend will be paid on the Equity Share based on the financial performance of the Credit Union.

Regular Shares Savings determine members’ eligibility for loans and can be used as collateral. Deposits to this account determines a member’s eligibility for Death Benefit, Members MUST have saved at least $120.00 in the last year of his/her membership. Withdrawal from Shares Savings are not encouraged, however, if it becomes absolutely necessary members must give one (1) month’s notice.

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