Products & Services
At the MVCCU we provide a number of services that have been refined over the years to suit the evolving needs of its members.
These include:
Equity Shares - In the Credit Union entitles the member to ownership rights in the Credit Union. As a unit of ownership the shareholder gets a voting right in the Credit Union. The total of these shares is what contributes to the capital of the Credit Union. Equity shares are the capital of the Credit Union. The investors who have a stake in a company are referred to as shareholders. The equity shares are therefore documents issued by the Credit Union and purchased by shareholders which entitle them to be one of the owners of the Credit Union. Purchase of equity shares is a requirement of membership. Each share has a par value of $5.00. Each member must acquire a minimum of 40 shares at a value of $200.00 The profits received by equity shareholders depend on the profit making capability of the Credit Union. In a situation where the Credit Union has made huge profits the benefits are passed over to the equity shareholders by way of dividends. Dividends are paid annually at a rate determined at the Annual General Meeting (AGM), not exceeding the maximum allowed by the Co-operative Laws of St. Lucia. It was necessary for MVCCU to re-classify shares to satisfy the requirement of the International Accounting Standards Board (IASB).
Ordinary Shares - Ordinary share savings are withdraw-able shares. These shares are used as security for loans issued to members of the credit union. Once ordinary share savings are pledged or held as security for a loan, they cannot be withdrawn. When the loan has been repaid in full, only then will members have access to these funds. Ordinary share accounts attract interest annually at rates determined by the Board of Directors.
Deposits - Ordinary deposit accounts offer easy access to your funds and provide you with a simple way of investing. So whether you want to save for retirement or in case of an emergency, this account caters for every type of saver. There are no fees attached and accounts can start off with as little as $5. The more funds that are in your account, the greater your interest earning potential. Interest is paid annually as determined by the Board of Directors.
Western Union & Surepay Services - Western Union money transfers are fast and easy. Receive or Send money in minutes at any participating agent location. To send money ensure you have the following: Valid identification, cash receiver name and location. All you need to do is
1. Complete Form 2. Present ID and Payment and 3. Collect Receipt. To receive money, you require: Valid Identification & MTCN number, 1. Complete the 'To Receive Money' form, 2. Present ID and 3. Sign Receipt to collect funds.
Mortgage Loans - Mortgage loans can be established on house and land, or on land alone. The borrowers’ contribution to the total cost of either acquisition should not be less than 20% of the cost of the loan. The maximum repayment period of such loans will be no more than 25 years. Assignment to the Credit Union of Life Insurance on Primary borrower for Residential Mortgage only; term coverage is acceptable. Check out our mortage requirements
Debt Consolidation - Do you want to consolidate your debt and reduce your interest rate? Are you drowning in debt? Do you have too many bills and loans to pay? Do you need some extra cash in our pocket? Come let us help you increase your cash flow with a Debt Consolidation Loan.
Vehicle Loans - Why hitch hike; when you can cruise in your own ride. Getting a Loan is easy; fast approval; reasonable repayment terms.
Check our our terms and conditions
Education Loans - Are you thinking of pursuing higher Education programmed or a professional qualification? Then you should consider an Education Loan with the Mabouya Valley Co-operative Credit Union Society Limited.
Business Loans - We understand that micro and small businesses require the capital injection to grow to their full potential. Check out our updated business loans process reflects just that thinking and is geared towards assisting the growth of your empire.