FAQs
Frequently Asked Questions
What are permanent shares?
Permanent Shares represent a member’s ownership or buy-in to the Credit Union.
Can a member purchase additional Permanent Shares after joining?
Yes! A member can purchase additional Permanent Shares at any time. Shares is like an investment, the more you invest the higher your return when dividends are paid.
What is the minimum permanent share amount required at the PCCU?
Each member of the Credit Union should have a minimum of 11 shares at $20.00 per share - ($220.00).
Can a member withdraw from the Permanent Share account?
No, a member cannot redeem funds from the Permanent Share account. This only happens if the member is closing the account and the shares will be sold to another member or a potential member.
What are the other purposes of the Permanent Share?
The Permanent Shares boosts the Credit Union’s ability to disburse larger loans.
How are dividends paid?
According to the Antigua and Barbuda Police Cooperative Credit Union revised byelaws; Dividends are declared out of the net surplus after setting aside the prescribed reserves and retiring all or any part of a deficit it has previously incurred. Dividends shall be payable in accordance with section 129 of the Act. Dividends are paid on the permanent shares only.
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