Below is a list of the most commonly asked questions from our members. Click on the question to view the answer.
Below is a list of the most commonly asked questions from our members. Click on the question to view the answer.
In order to open your account, kindly visit any of our branches with the following:
1. Two Forms of Valid Picture Identification
2. Proof of Residential Address (All documents should not be more than 3 months old.)
3. Proof of income
4. Minimum Deposit Amounts.
* Minimum deposit of BDS $60.00
* Membership fees of BDS $10.00
TATTERED OR DAMAGED ID CARDS WILL NOT BE ACCEPTED!
Please Note: In the event that you are already a member of another Credit Union, you will be required to request Dual Membership from that Credit Union.
Only two persons may comprise a Joint Account Agreement. Each party will need to provide all of the requirements associated with the establishment of a Single Account. (as outlined above)
There are two types of Joint Accounts:
Kindly note that any deposit to this account is jointly owned.
TATTERED OR DAMAGED ID CARDS WILL NOT BE ACCEPTED!
Please Note Well: In the event that either party is already a member of another Credit Union, he/she will be required to request Dual Membership from that Credit Union.
Deposits can also be made to your account in the following ways:
You may send funds via:
* N.B. items in bold are important
| Intermediary Bank: | Bank of New York |
| Address: | One Wall Street New York, NY 10043 |
| Swift Code: | RVTUS3N |
| Account with Institution: | Republic Bank Barbados Limited
Broad Street, Bridgetown |
| Swift Code: | BNBABBBB |
| Our Account No: | 028011762005 |
| Beneficiary Name: | City of Bridgetown Co-Op credit union |
| For further credit: | Name and account number held with the credit union |
| 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 |
| Our Account No: | 10423890 |
| Beneficiary Name: | City of Bridgetown Co-Op credit union |
| Beneficiary Account number: | 50000067938 |
| For further credit: | name and account number held with credit union |
| 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 |
| Our Account No: | 31691057138 |
| Beneficiary Name: | City of Bridgetown Co-Op credit union |
| Beneficiary Account number: | 50000067938 |
| For further credit: | name and account number held with credit union |
| Intermediary Bank: | Bank of Nova Scotia |
| Address: | Fort Street, Basseterre, St. Kitts |
| Swift Code: | NOSCKNSK |
| Account with Institution: | First Citizens Bank (Barbados) Limited |
| Swift Code: | FCTTBBBB |
| Our Account No: | 51365833 |
| Beneficiary Name: | City of Bridgetown Co-Op credit union |
| Beneficiary Account number: | 50000067938 |
| For further credit: | name and account number held with credit union |
Additionally, transfers using online services have a daily limit of $10,000. However, individual transactions cannot exceed $3,000.
For example, a member attempting to transfer $10,000 in one day would need to complete 4 separate transactions:
Transaction 1: $3,000
Transaction 2: $3,000
Transaction 3: $3,000
Transaction 4: $1,000
To see additional information on a transaction please double click on the desired transaction. The additional information includes: –
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 complete C.O.B’s official application form in full 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.
A Trustee is an individual (parent, legal guardian or a relative who has been given permission in writing by the parent or legal guardian) 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. At the age of 16, the account must be turned over to the account holder.
Cost Recovery Chart |
|
| Transaction Item | Fee |
| On us ATM transactions | $0.00 |
| Foreign ATM transactions | Maximum of $3.00 |
| Point of Sale transactions | $0.00 |
| Replaced damaged cards | $10.00 |
| Internet, Mobile and telephone banking transactions | $0.00 |
| Statements and Special Letters | $10.00 |
| Bulk coin processing | 5% of cash counted |
| Deposits and loan payments | $0.00 |
| Photocopies of legal documents | $0.25 |
| Request to retain custody of legal documents | $300.00 annually |
| Cheque request | $7.50 per cheque |
| Business accounts-incorporated | $10.00 service charge monthly |
| Business accounts unincorporated | $5.00 service charge per month |
| Business loans processing fee | 0.125% of loan granted |
| Research fee | $50.00 refunded where COB is liable |
| Returned cheques | $30.00 plus 100% of all bank charges |
| Standing order set up | $10.00 |
| Standing order fee | $10.00 |
| Annual inactive account notice | $5.00 |
| Stop Payment | $15.00 plus 100% of all bank charges |
| Internal account transfer | $1.00 |
Foreign ATM fee schedule |
|
| Foreign Transaction | Fee |
| Withdrawal | $1.20 plus 1% of the amount withdrawn. Maximum fee of $3.00 |
| Balance Inquiry | $2.00 |
| Failed transaction | $2.00 |
| Insufficient funds | $2.00 |
| Mini statement | $2.00 |
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.
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.
Yes we can accommodate you.
No. A dependant is anyone who depends totally on you for financial support.
We lend on the strength of your security, but not in every case. The application will be assessed on an individual basis.
Yes, but only if the car is comprehensively insured.
There is an assessment process. If lending is approved you may be called on the same day or at latest the following day.
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.
Certainly. Interest is calculated on the balance as it reduces. It is therefore to your advantage to reduce the balance owed
It is our policy to have a record of the payee and is in keeping with what you requested.
Yes, provided it is secured by the funds already on your account.
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.
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.
Yes you will, as interest is calculated on the reducing balance.
We need the information in order to make an informed decision – one that will put you in a better financial position.
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.
Currently the age limit is 6 years.
There is no policy on this. Every member’s situation is different.
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.
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.
The fees include:
The wait may be due to the important searches such as:
Good title is obtain by having:
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
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:
The consequences are that:
Retirement planning is the thought and commitment made by you today to attain a pre-determined income after you leave the work force.
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.
60-65 years
The typical sources of income at retirement include:
Early contact with the Collections Department is of optimum importance. If you foresee challenges in serving your loan facility or experiencing changes in your financial circumstances; please contact one of our officers.
There are several options for repaying your debt. If you can’t pay all the debt upfront, we will work with you on developing a sustainable payment plan.
If the amount of the debt seems higher than it should be, it’s most likely due to the addition of charges or fees to the outstanding balance.
These fees and charges are applied when a debt remains unpaid. This is explained in your copy of the Loan Terms and Conditions.
You are encouraged to speak to your assigned collections/recovery officer and provide any documentation you may have to prove the correct amount.
Our collections/ recovery officers are trained not only to collect outstanding payments but also to resolve debt; they will work with you to develop a payment plan.
So, if you are contacted by a collections/ recovery officer, see what your options are and what they can do to help. It is best to cooperate with collectors and try to explain your situation.
Debt Consolidation is the process that allows borrowers to refinance and/or turn multiple smaller (high-interest rate) loans into one single loan. “This makes it more convenient for borrowers to pay off their loan in a shorter amount of time and if it’s a lower interest rate, then also with lower monthly payments.
With debt restructuring, you focus on re-negotiating the terms of a single debt directly with your lender. By restructuring the debt, you make it easier to pay off.
Our collections/recovery officers ask questions to ensure that they are speaking with the correct person for privacy and security reasons. Also, it assists with gaining a better understanding of your current circumstance. All information given is confidential.