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FAQs

Below is a list of the most commonly asked questions from our members. Click on the question to view the answer.

Membership FAQs

Q

How do I open a new single account?

In compliance with the Anti-Money Laundering Act, two pieces of identification are now required to open new accounts at financial institutions.

ACCEPTED FORMS OF ID

PRIMARY
  • Barbadian national identification card
  • Valid passport
  • New driver's license card
SECONDARY
  • Government-issued photo IDs
  • Student cards with photo
  • Retail outlets customer card with photo

    TATTERED OR DAMAGED ID CARDS WILL NOT BE ACCEPTED!

Proof of address which can be either of the following: 

  • All utility bills 
  • Gov't Dept. cheques that are posted to the recipients 
  • Post Marked envelopes 
  • Bank Statements 
  • Hire Purchase statements 
  • Letter from landlord accompanied by a rent receipt  
  • Letter from parent or guardian and a proof of address for the parent or guardian 
  • Letters from the Electoral And Boundaries Commission 
(All documents should not be more than 3 months old.) 
 
    * Minimum deposit of BDS $50.00
    * Membership fees of BDS $10.00
Q

How do I set up a Joint Account?

Only two persons may comprise a Joint Account Agreement.

There are two types of joint accounts:

  • Joint And :requires signatures and identification from both parties to be presented to effect any withdrawals;
  • Joint Or: presentation of identification and a signature of either party comprising the joint account is needed to execute any withdrawals.

Any deposit to this account is and will be jointly owned. Any one or both of the Joint Account holders may, after signing the appropriate documentation withdraw some or all of the funds remaining on the account. 

To setup a Joint account...

  • Complete the joint account forms
  • Ensure both applicants affix their signatures
  • Make the minimum deposit 

Each party will need to provide all the requirements of the Single Account (stated above)

 

Q

How do I transmit deposits to my account from overseas?

You may send funds via:

  • Personal Cheques
  • International Money Orders
  • Family members may visit our office and quote your account number and address and make deposits directly to your account.
  • Electronic Wire Transfers

For electronic Wire Transfers from the United States:

Intermediary Bank: The Bank of New York Mellon
Address: 1 Wall Street
New York, NY 10286
U.S.A.
Swift Code: IRVTUS3N
Or ABA# 021000018

Account with Institution: First Citizens Bank (Barbados) Limited
Swift Code: FCTTBBBB
Account No:
890-1178-969

Beneficiary Name: City of Bridgetown Co-operative Credit
Beneficiary Account number: 50000067938

Or
Intermediary Bank: Citibank New York
Address: 111 Wall Street
New York, NY 10043
Swift Code: CITIUS33
Or ABA# 021000089

Account with Institution: First Citizens Bank (Barbados) Limited
Swift Code: FCTTBBBB

Account No: 36023685

Beneficiary Name: City of Bridgetown Co-operative Credit
Beneficiary Account number: 50000067938

For electronic Wire Transfers from the United Kingdom:

Intermediary Bank: Citibank - London
Address: Citigroup Centre/Canary Wharf
33 Canada Square E14 5LB
London UK
Swift Code: CITIGB2L
Or Sort Code: 18 50 08

Account with Institution: First Citizens Bank (Barbados) Limited
Swift Code: FCTTBBBB
Account No:
10423890

Beneficiary Name: City of Bridgetown Co-operative CreditBeneficiary Account number: 50000067938

For electronic Wire Transfers from Canada:

Intermediary Bank: Bank of Montreal
Address: Floor 3, 234 Simcoe Street
M54 1M6, Toronto Canada
Swift Code: BOFMCAT2

Account with Institution: First Citizens Bank (Barbados) Limited
Swift Code: FCTTBBBB

Account No: 31691057138

Beneficiary Name: City of Bridgetown Co-operative Credit
Beneficiary Account number: 50000067938

For a complete list of Wire Transfer routing addresses please CLICK HERE

 

Q

How do I check my balances?

  • Use our FREE Easy E-Banking (Internet Banking) option
  • Take advantage of our FREE Easy Voice (Telephone Banking) option
  • Use our FREE Mobile App with Easy Pay
  • Via our ATMs (Located at our branches at Broad Street, Manor Lodge and Black Rock)
  • Via any CARIFS-ready ATM
  • By visiting  any branch of the COB Credit Union 

 

Q

What is an Agent?

An agent is noted as a person who has been empowered by the account holder to conduct business on the account on their behalf until such time as permission is withdrawn. The account holder must submit a letter bearing his/her signature and a seal from a Justice of the Peace or Notary Public.

Please note: At the death of the account holder, the Agent Agreement becomes null and void and the Agent shall not perform any transactions after the date of death. 
 
Q

As a Barbadian resident, how do I make deposits to my account?

Deposits can also be made to your account in the following ways:
  • Through our ATMs (Located at our branches at Broad Street, Manor Lodge and Black Rock)
  • Via our Fast Deposit facility
  • Via our Night Deposit facility
  • Through payroll/salary deductions 
  • At any branch of the Republic Bank (Barbados) Ltd.

ATM Deposits

  • All ATM deposits are cleared twice daily, at 10 am and at 2pm. All envelopes are credited within forty-eight (48) hours of receipt. 
  • All lost or stolen ATM cards should be reported to any of our Contact Centre Representatives as a matter of urgency to prevent any unauthorized debiting of the account. Replacement cards are issued for a fee of $20. 
  • Please remember your PIN number must not be shared with anyone. 

Fast Deposits 

  • Our Fast Deposit system allows you to credit your account and make loan payments without the hassle of standing in line. 
  • Fast Deposit envelopes are available from any of our offices. Completed envelopes should be dropped into the fast deposit box provided. 
  • Envelopes are cleared three times daily and are credited to the account within forty-eight (48) hours of receipt.

 

 
Q

What is a Trustee?

A Trustee is an individual (parent, guardian or adult party) entrusted with the care of the property of a minor – that is – an individual who is under the age of 16. The trustee is not the owner of the account but must open and operate the account on behalf of the minor. 

Loans FAQs

Q

How Do I Apply for a loan?

Click on the 'request a loan' link on the top right side of the menu bar. Follow the instructions there. You will need to be a member and provide two most recent pay slips

Q

How long will it take for a loan to be processed?

Our turn around time for loan secured by your savings is the same day. For regular loans it should not exceed a week. Mortgages are more involved as there is the need to be processed by a legal entity and therefore will take longer.

Q

Can I include furniture in a house loan?

Yes we can accommodate you. 

Q

Are dependants children only?

No. A dependant is anyone who depends totally on you for financial support.

Q

Do I need security?

We lend on the strength of your security, but not in every case. The application will be assessed on an individual basis.

Q

Can I use my car as security?

Yes, but only if the car is comprehensively insured. 

Q

When are funds disbursed?

There is an assessment process. If lending is approved you may be called on the same day or at latest the following day.

Q

When will I need to start repaying?

For loans approved during the 1st and 10th of the month, repayment is the end of the current month. Repayment will commence at the end of the following month on all loans approved after this date.

Q

Can I pay more than my monthly re-payment?

Certainly. Interest is calculated on the balance as it reduces. It is therefore to your advantage to reduce the balance owed

Q

Can the disbursement cheque be made payable to me instead of the supplier?

It is our policy to have a record of the payee and is in keeping with what you requested.

Q

Can the funds be placed on my account, allowing me to withdraw it as needed?

Yes provided it is secured by the funds already on your account.

Q

What happens if I miss a payment?

We would expect you to rectify this as soon as possible by either paying the outstanding amount or by paying a little more each month.

Q

How many payments can I miss?

You should try not to miss any of your payments but should this happen you are advised to please communicate this to us at the earliest possible opportunity. 

Q

If I pay off a loan in a shorter time will I pay less interest?

Yes you will, as interest is calculated on the reducing balance.

Q

Why is so much information necessary?

We need the information in order to make an informed decision - one that will put you in a better financial position. 

Q

Why do I need 2 pay slips?

This is the policy across the board as many members are paid bi-weekly. The deductions may not be the same during these two periods.

Q

How many loans can I apply for in a calendar year?

There is no policy on this. Every member's situation is different. 

Q

Why am I not allowed to make my payments over the counter?

A salary deduction is safer. Members may forget to make the deposit, it also saves time standing in line to make the transaction with the cashier.

Mortgage FAQs

Q

What is a Mortgage?

A Mortgage is a legal relationship having consequences in law. It is a contractual arrangement enforceable at law. It is a document governing the relationship between lender and borrower.

Q

What fees are included if seeking to obtain a mortgage?

The fees include:
  • Legal fees
  • Search fees
  • Surveyor's fees
  • Recording fees
  • Stamp duty 
  • And maybe a prorated portion to the land tax 
Q

Why does the process take so long?

The wait may be due to the important searches such as: 
  • Title searches
  • Court registry searches
  • Availability of the documents
  • Replies to requisition on titles
Q

What constitutes evidence of title?

Good title is obtain by having:
  • Title deeds
  • Recent surveyor's plans 
  • Current land tax certificate
Q

Who can be a Mortgagor?

The mortgagor can be the owner of the property or the legal representative of the owner. The owner must be able to support a claim to ownership by producing evidence of title 

Q

What are the requirements for a mortgage?

Housing, Land or Construction

  • Approved plans from Town & Country Planning Department
  • Property Valuation
  • Offer letter from vendor
  • Copy of most recent Land Tax invoice
  • Select an Attorney:

We have made this very easy for you. C.O.B is pleased to offer the services of our in house legal counsel to assist you and provide any assistance or advice you may need. This new initiative has greatly reduced the challenges encountered by overseas members.

  • Determine what type of insurance is needed:

Co-operator’s General Insurance Co. Ltd., which is owned by all Credit Unions in Barbados can provide all your insurance needs for you.

Q

What are the Consequences?

The consequences are that:
  • The Lender and the borrower will be in partnership for the duration of the plan period. 
  • The borrower is entitled to the benefit of the funds secured under the mortgage. 
  • The lender is entitled to receive funds in full settlement of the loan advanced together with the interest. 
  • The borrower is entitled the release of the charge against the property mortgaged upon repayment of the principal and the interest.

Easy Line of Credit FAQs

Q

What are the terms?

  • The minimum monthly payment is 4 % of your approved limit for an unsecured LOC. (For example - The monthly payment on a Line-of-Credit for $1000 is $40) 
  • Payments above your minimum monthly installments can be made, HOWEVER, the agreed monthly installment MUST be paid EACH month 
  • You may secure your Line-of-Credit with savings and with other collateral available to you. The minimum monthly payment for a secured LOC is 2% of your approved limit. 
  • You may use your Line-of-Credit for any of your financial needs (avoid high Credit & Hire-purchase charges) 
  • The minimum Line-Of-Credit available is $1000.00 
  • A Member should have a minimum $150.00 on his or her account to apply 
  • Line-of-Credit will be given on 3 times your gross monthly salary up to a maximum of $30,000.00 (money not used to secure any loan)
Q

What types of Securities are accepted?

  • Credit Union Savings
  • Savings at other financial institutions 
  • Life Insurance (policies with cash surrender value)
  • Bills of Sale (Vehicle)
  • Legal or Chattel Mortgage 
  • Shares (certificate or company-traded)
  • Stocks
  • Government Bonds
Q

What documents are required?

  • A job letter from your employer and two recent pay-slips
  • Proof of address dated within the last three months
  • Fill the appropriate LOC form and sign to activate your LOC account
Q

What are the benefits of obtaining a Line of Credit?

  • It saves you time and repeated trips to the Credit Union for loans of similar amounts 
  • It also allows you to borrow additional loans while having the LINE-OF-CREDIT 
  • It allows you, based on the limit that is approved for you, to purchase certain consumer durables at the cash price and therefore avoid the high Credit & Hire-purchase charges. 

Retirement FAQs

Q

What are the typical sources of income at retirement?

The typical sources of income at retirement include:
  • Pension/annuity payments
  • Rental income 
  • Interest or dividend income
Q

At what age should a person start saving for their retirement?

Starting early gives more financial freedom later. Procrastination can make even simple tasks hard. When it comes to retirement savings, the longer you wait, the more you'll have to take out of your paycheck to catch up.

Q

Why is retirement planning important?

  • To ensure that you  have enough money for a comfortable and enjoyable retirement.
  • To have enough money to last the length of your retirement.
  • To save on current taxes. For e.g. You can claim up to $4000.00 on your RRSP savings
Q

What is retirement planning?

Retirement planning is the thought and commitment made by you today to attain a pre-determined income after you leave the work force.