Best credit union in Trinidad & Tobago?

[ganeshlalchan]

Inside.

[88sins]

teacher and or pscu.

average 4- 5 % interest ...

sorry to pop that bubble you got there, but 99.99' of them offer the same rate. the trick is to ask them how that rate is calculated, the mathematics will surprise you, you not getting 5% by the time they done, consider yourself lucky if you get 2%.

Bank charges too high.

Growth on savings .

Looking @ UTC

UTC would be your best & safest bet for nominal growth, least risk & minimal charges. But don't dump everything in one product, or in one place.
Now, eventually if you start looking for investment options with serious potential for high ROI, I advise you to start developing a U.S. based stock portfolio. It can be VERY RISKY depending on the companies you invest in, but if it works out you will grin so wide yuh ears hadda duck.

So exactly HOW you doing this with no US currency ?

there is US currency,might not be the mountain that there was, but it still have. you just have to know where to look for it and how to access it, as well as be willing to do what needs be done to get it.
& you don't want to use a local brokerage firm either

[RedVEVO]

teacher and or pscu.

average 4- 5 % interest ...

sorry to pop that bubble you got there, but 99.99' of them offer the same rate. the trick is to ask them how that rate is calculated, the mathematics will surprise you, you not getting 5% by the time they done, consider yourself lucky if you get 2%.

Bank charges too high.

Growth on savings .

Looking @ UTC

UTC would be your best & safest bet for nominal growth, least risk & minimal charges. But don't dump everything in one product, or in one place.
Now, eventually if you start looking for investment options with serious potential for high ROI, I advise you to start developing a U.S. based stock portfolio. It can be VERY RISKY depending on the companies you invest in, but if it works out you will grin so wide yuh ears hadda duck.

So exactly HOW you doing this with no US currency ?

there is US currency,might not be the mountain that there was, but it still have. you just have to know where to look for it and how to access it, as well as be willing to do what needs be done to get it.
& you don't want to use a local brokerage firm either

How you hookin up with a foreign broker with no US currency ?

You really think those are the people you want to associate with ?

[88sins]

teacher and or pscu.

average 4- 5 % interest ...

sorry to pop that bubble you got there, but 99.99' of them offer the same rate. the trick is to ask them how that rate is calculated, the mathematics will surprise you, you not getting 5% by the time they done, consider yourself lucky if you get 2%.

Bank charges too high.

Growth on savings .

Looking @ UTC

UTC would be your best & safest bet for nominal growth, least risk & minimal charges. But don't dump everything in one product, or in one place.
Now, eventually if you start looking for investment options with serious potential for high ROI, I advise you to start developing a U.S. based stock portfolio. It can be VERY RISKY depending on the companies you invest in, but if it works out you will grin so wide yuh ears hadda duck.

So exactly HOW you doing this with no US currency ?

there is US currency,might not be the mountain that there was, but it still have. you just have to know where to look for it and how to access it, as well as be willing to do what needs be done to get it.
& you don't want to use a local brokerage firm either

How you hookin up with a foreign broker with no US currency ?

You really think those are the people you want to associate with ?

1-reread the part in red
2-when I mentioned risk, I think your thoughts might have went off on a tangent just a little. The bulk of the risk comes from the companies you elect to invest in, how they manage their assets & liabilities, what sort of growth/losses they've had, how well/poorly they are performing against entities in the industry taking size logistics & comparisons of several other things into consideration & if you &/or your rep properly analyzed their historical reports thoroughly over sufficient time to see if they can be expected to meet projections or not, survive the year or fold up

[Picasso]

RHAND Credit Union

[ProtonPowder]

A piece of advice I keep hearing from people is to put money in a credit union.

I have an account in TECU that just sitting there with a small amount for 10+ years from since SEA days. I want to hear from alyuh tuners, credit unions really that good for loans?

And more importantly, if I deposit 10/20k in a credit union with a managers cheque, is there a period that i must wait before accessing a 40-70k loan?

[killercow]

First off with TECU it depends on the type of loan you taking. If it's a character loan you can get up to $45,000 unsecured. Usually you'll get a partially secured loan that's 4 times your share value. Credit unions are sometimes also better for loans for people now starting off as their interest rates tend to be lower than that of a bank. A bank however can offer persons with good credit and good financial history a much lower interest rate on a loan than a credit union. They may also be able to benefit from a higher sum with less to no collateral. Also, the way a credit union calculates interest is also critical to your overall payment figure as TECU calculates interest on the reducing balance whereas most banks will offer simple interest. With TECU depending on the figure you're looking to borrow will determine how long your loan takes for approval. Loans in excess of a predetermined amount will require approval from the credit committee. Also, TECU banks with FCB so unless the cheque you're depositing is from FCB, you may have to wait a few days for the cheque to clear (I'm not absolutely sure about this part but I think the waiting time depends on the amount the cheque is valued).

[RedVEVO]

Yes

Credit Unions are owned and managed by the depositors .

So you will always get a better "deal".

[88sins]

First off with TECU it depends on the type of loan you taking. If it's a character loan you can get up to $45,000 unsecured. Usually you'll get a partially secured loan that's 4 times your share value. Credit unions are sometimes also better for loans for people now starting off as their interest rates tend to be lower than that of a bank. A bank however can offer persons with good credit and good financial history a much lower interest rate on a loan than a credit union. They may also be able to benefit from a higher sum with less to no collateral. Also, the way a credit union calculates interest is also critical to your overall payment figure as TECU calculates interest on the reducing balance whereas most banks will offer simple interest. With TECU depending on the figure you're looking to borrow will determine how long your loan takes for approval. Loans in excess of a predetermined amount will require approval from the credit committee. Also, TECU banks with FCB so unless the cheque you're depositing is from FCB, you may have to wait a few days for the cheque to clear (I'm not absolutely sure about this part but I think the waiting time depends on the amount the cheque is valued).

& you actually believed this
son, ALL banks calculate the repayment of their loans on the reducing balance method. Credit unions are the only institutions I know of in T&T that try to sue this as a selling point. If you don't believe it, take a small loan from the bank & tell them to print out your amortization schedule, you will see your interest payment decrease & principle payment increase with each payment to be made. Most banks interest rates on loans are lower too.


OP, if u really want to invest for your future, (think buying or building your home, investing for your kids future education, or your retirement plans etc.) don't waste your time or efforts with ANY credit union. Their interest rates are always higher, your borrowing limits with them will always be lower, & many of them will make you jump thru a million & 1 hoops if you want to close your account & get your money back depending on where you told them to put it, be that shares or as savings. One popular credit union has a practice that you have to write to them to ask them to close off your shares acc. , & then wait 3-6 months for their board to decide if to release your funds or not. Same applies to if you closing your account . #ishityounot. Write for your $, then wait. & if they decide against your request, for whatever reason, you have the privilege of taking them to court on it, or reapplying to them tho release your funds again, which will take another few months.

if you want to save & not particular if your savings net you any substantial interest, or if you'd even have readily available access to it, then imho a CU is fine. But if you looking for better terms on financing, easier access to your funds, & a wider array of investment options, start building a relationship with the bank of your choice & move forward from there.

[TurboSingh12]

So what is the best Credit Union you can just walk with your documents and join? I know Works CU you have to wait 3 weeks for approval.

[tr1ad]

try venture

[dougla_boy]

Hindu Credit Union........ try dey

[ProtonPowder]

Alyuh fellas really get me thinking, and I always heard, "if it seems too good to be true, it probably is"

Using TECU's own online calculator, them payments made zero sense if the interest was really 1%. Then I realised that the % we always think about is annual while the credit union's advertisements refer to monthly interest. When you see a 1% rate from a credit union, they really mean 12%.

Things bad fellas, this is deception at its finest. Feel free to confirm for yourselves.

[Gem_in_i]

It is so. The bank explained it to me and I asked the CU and it was true.

Stay away from CU if you can.

[RedVEVO]

^^

Most people here do not like loans.

It's cash and carry .

Or cash and bullet for Harry.

Or slap for Nikesha from Larry.

[88sins]

Well at least you did the smart thing and read an understand and did your due diligence yourself and realized not all that ppl say is true.

[abducted]

Is there any update on this? Which is the best credit union now?

[paid_influencer]

most of dem credit union does tief out all the money if you dead. and nowadays with the pandemic all ah we hadda plan on deading suddenly.

[Dave]

What the last person responded.
Can't join just so. Have to get a member to sign you on.

[De Dragon]

Grastaff

[Rockram]

Most high performance credit unions have a closed membership, such as Tateco (ttec),Police, clico etc....tateco for instance have paid dividends of 7%, 6% 7% 6% and 6% for the last 5 years, that a least helps keep your savings somewhat sheltered from inflation and compared to utc and banks far better returns the trade off however is liquidity of your investment.

[timelapse]

What the last person responded.
Can't join just so. Have to get a member to sign you on.

Not all of them are like that

[Dave]

I know this but the one that was last mentioned is like that so not everyone can just join.

What the last person responded.
Can't join just so. Have to get a member to sign you on.

Not all of them are like that

[bluefete]

Grastaff

Now called Venture. Used to be good. They had to write down $millions in unsecured loans in the past couple years.

Stay away from Grastaff/Venture Credit Union.

https://www.guardian.co.tt/article/vent ... b8eb6e55ad

https://newsday.co.tt/2021/04/30/ventur ... .%E2%80%9D

[bluefete]

What the last person responded.
Can't join just so. Have to get a member to sign you on.

Not all of them are like that

Most credit unions now have open membership. Anyone can join.

[bleu18]

Which is the Best And most Reliable Credit Union in T&T? for savings,customer service etc
TECU,Pscu, Eastern,SFCCU,Venture,etc...
Secondly, are Credit Unions Safe to put some savings?

[INDAVID WORKSHOP]

Have been a Venture members since 1986 and never complained about service or dividend payments

[Musical Doc]

Have been a Venture members since 1986 and never complained about service or dividend payments

Venture credit union customer service has gotten worse over the years. Trying to call and get through to speak to someone is a real pain. Their dividend payout has decreased over the years as well but that is expected with the state of the economy. The benefits is no legal fees for car loans, interest rebate on loans and their interest rate on loans tend to be slightly lower than the banks

[hover11]

Have been a Venture members since 1986 and never complained about service or dividend payments

Venture credit union customer service has gotten worse over the years. Trying to call and get through to speak to someone is a real pain. Their dividend payout has decreased over the years as well but that is expected with the state of the economy. The benefits is no legal fees for car loans, interest rebate on loans and their interest rate on loans tend to be slightly lower than the banks

Bad customer service in the private sector, simply unheard of lol.

[redmanjp]

Which credit union has the best rates for savings?