The OECCU is a non-profit cooperative society in the savings and loan business. It is owned and operated by people who have joined together to save regularly and lend money to each other. The OECCU is compliant with regulations set by the Central Bank of The Bahamas and works in the same capacity as a regular bank except it is owned and managed by the members of the Credit Union.
The aim of the Credit Union is to assist with empowering residents of Eleuthera by promoting savings, shareholdings, financial services and counselling, and encouraging Eleutherans to become owners and operators of their own financial institution.
The future of the Credit union is bright as they plan to be able to offer term deposits within the next quarter. They also will be able to offer small business loans within the next two quarters. Bank manager Walter Carey encourages everyone to bank with OECCU.
“The OECCU offers better rates in many areas over traditional banks. Where commercial banks usually pay .01% interest on regular savings accounts, OECCU offers .05%. On term deposits a traditional bank may offer .01-1% where the OECCU offers its customers 1-2.5% interest rates. On top of all of that we offer consumer loans at rates anywhere from some 2-5% lower than traditional commercial banks. This is a bank of the people for the people” says Carey.
In order to become a member of One Eleuthera Cooperative Credit Union persons must purchase 20 shares at $5 each, pay a registration fee of $10 and complete the relevant forms. The process is quick and easy.
