Tuesday, March 13, 2012

Choiseul Credit Union "Plusing" away.

     The Choiseul Co-Op Credit Union was the brain child of Parish Priest, Rev. Father Ludovic Chauvet who served in Choiseul as a French Missionary from 1953 to 1965. In 1960 Father Chauvet called a meeting at the now demolished presbytery with at least twelve parishioners to discuss creating a credit union.That same year the Credit Union was started but it was not officially launched until 1963. 
     However, the Credit Union had to secure itself legally. All Co-Operatives/Credit Unions need to be registered under the Co-Operative Societies Act in order to gain legal status and government approval.
      When a society has met the law's requirements it is issued with a certificate of registration. The Choiseul Co-Op Credit Union was registered by law on October 6th, 1970.
   Approximately 42 years latter, the Co operative has come a long way. A more structured and customer friendly staff, numerous benefits to members, high interest rates on savings, larger loan disbursements and the list goes on and on.
 Recently the Credit Union introduced an innovative plan to take care of the future needs and commitments. They have introduced "FUTURE PLUS."  What is Future Plus? According to a brochure it is, "A savings plan set out to take care of your future needs." " Future Plus" is categorized into three sections namely: Future Pension Plus, Education Savings Plus and and Asset Savings Plus.

Future Pension Plus 
 This plan is a masterpiece. it offers one the opportunity to save for their twilight years. One cannot help but feel pity for the numerous person of age that have nothing to rely on except the hand outs" from other persons in the society. If the Future Pension Plus (FPP) been in place surely these senior citizens would have taken advantage of this plan and be better off today. Most likely it must have been this thinking that the Board of Directors had in mind to come up with this plan. Bravo!
 Our present generation should take full advantage of this plan as well as the other two. 
A brochure spelling out the plans reads:
Future Pension Plus 
This is an opportunity to save for your pension.
This way you can put aside any amount you can afford for a minimum period of 10 years
 in our pension plus account specially designed for NIS Contributors, Government
Employees and in particular, self employed members at an attractive rate of 5½ percent.
The higher the amount saved and the longer the term the greater the
pension (benefits) to you. 

Education Savings Plus

Here is an opportunity to save for your Children’s Education.
As a Members of Choiseul Credit Union you can save for your Children’s
Secondary, Tertiary or University Education at the rate you can afford.
The Education Savings Plus plan must be established for a minimum period of 5 years
and is rewarded with an un-comparable interest rate of 5½ percent per annum.

Asset Savings Plus

This is a Savings Plan which allows you to save now for a specific purpose
later in your life. You can save to buy land or for the deposit to get your mortgage
when you will be ready to build. This is also an opportunity to save for a minimum of
five years  for this dream car upon retirement, for this special birthday or even an
anniversary treat at 40, 50 or 60. You can also save for your dream holiday/cruise too.
We offer a very special interest rate of 5½ percent on all Asset Savings Plus
Accounts so the more you save the truer the dream will become.

What is really great about these plans is that your savings' interest is compounded. eg  An average mason say 25 years and putting  a monthly contribution of $40.00 towards his Pension Plus Plan would at the end of 10 years have in his account $6,520.08.
 A sentence that is really befitting of these plans read:

At Choiseul Credit Union “We Make Your Life Better”

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