Services
Share Savings Account
This account is the anchor account for the Credit Union it is mandatory that you deposit a minimum of $20.00
per week or $80.00 per month. This account can be used as a retirement account as you are discouraged from
making withdrawals from this account except under extreme circumstances. This account can also be used as the
collateral account for consumer loans. Interest is paid on this account at 3-4 percent per annum depending on
the balance of the account.
Deposit Account
This is a regular savings account. You have free access to the balance of this account and may use this
account for salary deposit or any other saving purpose.
Term Deposit
We offer competitive rates on our term deposits. As our share savings rate is equivalent to short term
deposit rates at other financial institutions, our term deposits are for a minimum duration of 90 days.
Consumer Loans
We offer competitive rates on consumer loans for a variety of consumer purchases and/or services. Our rates
range from 9 to 15%.
Mortgages
The National Workers Cooperative Credit Union Mortgage program offers you complete mortgage packages. We
take the hassle out of getting a mortgage. You may be prescreened or prepped by Approved Lending Services (an
independent mortgage broker) at no charge to you. At this point, you are told what is needed to qualify for a
mortgage and what amount of a mortgage your present financial position would allow you to qualify for. We also
arrange for legal work to be done quickly and at a discounted rate through our network of attorneys. We could
also arrange to have your property appraisal done on your behalf. The icing on the cake is that we can also
provide you with single and multi family homes through our real estate investments or network of contractors or
developers. For mortgages National Workers is definitely head above the rest. For new home purchases or
construction, a 5% down payment is required along with legal fees and closing cost.
Credit Cards
Credit Cards are offered to our members who have been with us in excess of one year. Our credit Cards are
through Scotia Bank MasterCard and the Bahamas Cooperative League. The interest rate on the cards is 15% which
is less than the average market rate.
Online Banking
Members are recommended to visit our web page at www.nwccubahamas.com
to view our services and products as well as to initiate transactions on their accounts and get balances. You
must sign up at your domicile branch before being able to access your account information.
Financial Counceling
This is a free service to our members. NWCCU would assist in preparing a plan for debt reduction or a savings
plan for special projects such as home acquisition or other investment.
Education Savings
Education Savings Accounts are designed to assist members preparing for your children or a designated child
college expenses. A child must be named for this account and must not be over the age of 18 years old. Interest
on this account is paid at 6½% per annum.
Christmas Savings
Many of us are faced with having to purchase gifts for our loved ones during the festive season. Our
Christmas Savings allow our members to save for the purchase of these gifts as opposed to waiting for last
minute and having to apply for small consumer loans or incurring credit card debt.
Back to School Savings
The purpose of this account is to aide members in preparing for school fees and associated expenses that are
due at the beginning of each semester/term.
Bill Payment Account
This is a unique account designed to bring comfort to our members. We stand in lines to pay your bills so
that you won't have to. Once you provide us with the information and funds, we will ensure your bills are paid
in a timely fashion.
Standing Order
Standing Orders are set up for consistent payments, for example, monthly mortgage payments. Once the funds
are in your account, we will ensure timely payment of your bill.
Checking Accounts
One of our newest products allows you to properly manage your finances. Cheques provide you with a record of
all your expenditures, helping you to track your spending.
Auto Loans
We offer a very competitive auto loan program financing on new and used vehicles. New cars costing $20,000.00
and less require $1,000.00 down-payment with salary deduction from an approved employer. NWCCU would also pay
the auto insurance for the first year up to $1,000.00. Autos over $20,000.00 require a $2,000.00 down payment.
Used autos costing up to $5,000.00 require $2,000.00 down payment without comprehensive insurance and up to
$10,000.00 with comprehensive insurance. Non salary deduction individuals may benefit from the auto loan program
with a 20% injection toward the car purchase in each category or $2,000.00 injection whichever is greater.
Please contact a Credit Officer for complete information on auto loan program. This account is also used as a
new membership drive tool.
Home Savings Account
This account is designed to assist members in saving for acquisition of a home.
Computer Loan Program
National Workers realize that a computer is an essential part of everyday life and is therefore committed to
ensuring that all of its members have a personal computer in their home. Hence we will finance the purchase of a
home computer system up to fifteen hundred dollars with no equity injection as long as salary deduction can be
established from an approved employer and our other lending requirements are met. This account is also used as a
new membership drive tool.
Vacation Savings/Loan
Borrowing for purposes such as vacation is not encouraged Program at NWCCU. However, we noticed in the past
that members continued to request loans for vacation, despite us trying to discourage it and at times going
elsewhere for it. We realize the need to be creative in giving the member what he or she wants but still
stressing the need to save for a purpose such as this, therefore, it is mandatory to establish a vacation
savings account if granted a vacation loan so that they would not need to borrow for the following year. This
account is also used as a new membership drive tool.
Small Business Loan
In living with the theme of Cooperatives "People Helping Program People" and our mission of empowering our
membership we heard the cry of our people and now seek to answer by providing small business loans to assist in
the start up or capitalization of business ventures. A full proposal of this program is being completed and is
scheduled to be ready for the next Board Meeting.
Real Estate Investment
National Workers Cooperative Credit Union has acquired fifteen lots in the Nassau Village area and has
already started the development of these lots to include multifamily homes. Construction has begun on the first
home and we expect the other to begin shortly. It is anticipated that the homes will be completed no later than
the end of July 2004. With the exception of two we have arranged for these homes to be built turn key. Our
intent is to reinvest the funds once the properties have been sold to purchase additional properties and
continue this program.