Question 1

Why is the savings account called 'shared' savings?

Accepted Answer

All of our members at TACU Credit Union are shareholders or part owners. The funds placed in the shares savings represent your portion ownership of the credit union. Shares form the capital base of the organization and are used to provide loans to members.

Question 2

What are your business hours?

Accepted Answer

Monday – Friday 8:00 am to 3:00 pm

Question 3

How is a credit union different from a bank?

Accepted Answer

TACU Credit Union's primary role is to satisfy the financial needs of its members. It is democratically run and the views of the members' community are represented through an elected Board of Directors, Credit Committee, and Supervisory Committee. Unlike banks that operate to generate profits for shareholders, credit unions are not-for-profit organizations owned by their members.

Question 4

Can I perform transactions on behalf of my relatives/spouse?

Accepted Answer

Yes. Once proper authorization is given by the account holder, with the relevant identification/s, you can conduct transactions on their behalf.

Question 5

If I already have an existing loan with TACU, can I access another loan?

Accepted Answer

You may be able to access another loan based on your shares, history with the organization, and ability to repay. Feel free to contact one of our loan officers who can assess your eligibility based on your specific situation.

Question 6

Who can join TACU Credit Union?

Accepted Answer

Any employee of the Trinidad and Tobago Electricity Commission and any Power Generation Company within Trinidad and Tobago. Retirees who have retired within two (2) years from either the Trinidad and Tobago Electricity Commission or any Power Generation Company within Trinidad and Tobago. A person deemed to be a member of the immediate family, which includes spouse, child, parent, brother or sister, of a member of the Society.

Question 7

What are the requirements to become a member?

Accepted Answer

To become a member, you need to complete an application form, provide valid identification (National ID, Passport, or Driver's Permit), proof of address (utility bill no older than 3 months), and make an initial deposit to purchase shares. The minimum number of shares required is 10 shares at $5.00 each, totaling $50.00.

Question 8

How do I open an account?

Accepted Answer

Visit our office at 27 Malabar Road, Arima with your valid ID, proof of address, and initial deposit. Our friendly staff will guide you through completing the application form and setting up your account.

Frequently Asked Questions