• Question - General
  
• Question - About Tranquillity Credit Union
  
• Question - Membership
  
• Question - Shares and Loans
  
• Question - Deposits
  
• Question - Board of Directors and Committees
  

What do credit unions offer?
Credit Unions offer both savings and lending services to its members

Where is Tranquillity Credit Union located?
Tranquillity Credit Union is located at the NP House, National Drive, Sea Lots, Port of Spain. This is the only branch of the Credit Union.

What are the hours of business?
Monday - Friday 8.00 a.m. - 4.00 p.m.

Who does Tranquillity Credit Union serve?
Tranqillity Credit Union caters to the needs of the employees, their spouses and children and pensioners of the National Petroleum Marketing Company Limited (NPMC) and their subsidiaries, namely National Agro Chemicals Limited (NACL), NATSTAR Manufacturing Company Limited and NATPET Investments Company Limited, the Petroleum Company of Trinidad and Tobago (PETROTRIN) and Shell (Trinidad) Limited.

·         Members can visit the Credit Union office at NP House, Sea Lots, Port of Spain and complete a membership form or sign up online for great benefits and chances to win!

·         Potential members should be employees and pensioners of the National Petroleum Marketing Company Limited (NPMC) and their subsidiaries, namely National Agro Chemicals Limited (NACL), NATSTAR Manufacturing Company Limited and NATPET Investments Company Limited, the Petroleum Company of Trinidad and Tobago (PETROTRIN) and Shell (Trinidad) Limited or spouses and/or children of these employees and pensioners.

·         Interested members must submit the following to the Credit Union office:

Ø      Copy of National Identification Card/Driver’s Permit/Passport

Ø      Most recent Job Letter

Ø      Most recent Pay Slip

Ø      Beneficiary Information

Ø      Copy of Beneficiary National Identification Card/Driver’s Permit/Passport (if available)

Ø      Entrance Fee of Forty Dollars ($40.00)

Ø      Signed application form

What are the benefits of being a member of Tranquillity Credit Union?

Members can enjoy benefits such as:

Ø      Quick and easy access to cash

Ø      Being part owner of the Credit Union

Ø      Dividends paid annually on share savings

Ø      Free insurance coverage on share and deposit savings

What type of loans does the Credit Union offer?
Loans are offered to members for the following:

•  General purposes (including education and travelling)
•  Motor Vehicles
•  Furniture/Appliances
•  Real Estate/Mortgage
•  Business
•  Line of Credit

 What rate(s) does the Credit Union offer on its loans?

What is a deposit account?
Deposit Accounts are saving accounts offered by the Credit Union apart from share savings. These accounts generate interest daily, monthly, quarterly and annually.

How many deposit accounts can one member possess?

• Any member can have all three (3) existing deposit accounts at any time with the Credit Union.  These three (3) deposits are (1) Ordinary Deposit Account, (2) Premium Deposit Account and (3) Fixed Deposit

What rate(s) does the Credit Union offer on its deposits?

• Ordinary Deposit Accounts do not attract interest but serve as a basic holding account.
• The Premium Deposit Account attracts a competitive interest rate based on the sum held on the deposit. Interest is compounded on a daily basis and credited quarterly to your account. The sums and rates for the Premium Account are as follows:

The Fixed Deposits attract a competitive interest rate based on the sum held on the deposit. Interest can be paid to the member on a monthly, quarterly or annual basis. The sums and rates for the Fixed Deposits are as follows:

ü      What is the role of the Board of Directors?

·         Our Board of Directors is responsible primarily for the formulation of policies which impact on the day to day running of the organization. Members of the board are obligated to ensure the continuity of the organization, by pursuing sound management, supervisory and administrative techniques. The Board:-                  

Ø      Determines who are accepted as members

Ø      Appoints an Education Committee

Ø      Appoints sub-committees, specifying their range of authority

Ø      Appoints delegates to represent the Society at any forum or meeting

Ø      Determines the fiscal policy of the organization

Ø      Reviews the Bye-Laws annually, proposing amendments, if necessary.

·         Our Board of Directors exercises all the powers of the Society except those reserved for the General Meeting of Membership, as outlined in the Bye-Laws of the Society.

·         The Board of Directors conducts the affairs of the Society, at all times observing the provisions of the Co-operative Societies Act, the regulations and the Bye-Laws.

·         The Board shall consist of twelve (12) members to serve for a term of three (3) years, to be elected at an Annual General Meeting.

ü      Who comprises the Executive of the Board of Directors?

·         The Executive Officers of the Board shall be a President, a Vice President, an Honorary Secretary, an Assistant Honorary Secretary and a Manager/Treasurer.

ü      What is the role of the Credit Committee?

·         The Credit Committee shall consist of five (5) members elected at each Annual General Meeting.

·         A Chairman and a Secretary shall be chosen by and from the Committee at their first meeting after each Annual General Meeting. The Secretary shall prepare and keep a full and correct record of all action taken by the Committee.

·         Generally, the Credit Committee’s evaluation of a loan to a member is based on the following:

Ø      Character (honesty and reliability)

Ø      Capacity (ability to repay)

Ø      Collateral (security pledged)

Ø      Conditions and/or circumstances

Ø      Capital (net worth)

ü      What is the role of the Supervisory Committee?

·         The Supervisory Committee can be looked upon as the “watchdog” of the Credit Union.

·         This group examines the affairs of the society, specifically its books, at least semi-annually. If necessary, they can convene a Special general Meeting to submit their reports and findings.

·         The Supervisory Committee shall consist of three (3) members elected annually by the membership at the Annual General Meeting.

·         To preserve its integrity, a member of the Supervisory Committee cannot avail himself for service to any other Committee or Board during his tenure.

·         Guarding against partiality or impropriety, no member is allowed to serve more than three (3) consecutive terms.

·         The Committee satisfies itself that proper documentation is on file for each loan and that each application states why each loan was granted, as well as that adequate security was given.

·         They also deal with any major complaints or charges leveled against Officers of the Credit Union.

ü      What is the role of the Education Committee?

·         This Committee is appointed at the first sitting of the Board of Directors after the Annual General Meeting.

·         Members are drawn from the general membership, with the exception of the statutory committee.

·         The Education Committee:

Ø      Co-ordinates education and training programs

Ø      Procures educational publications – written and audio-visual, for circulation among the membership

Ø      Plans seminars and conferences

·         The Education Committee is one of the most important committees, since its focus is a three (3) dimensional one – outwards, developmental and visionary. This Committee sets the tone for the general participation of the membership in most activities of the Credit Union.