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

Membership FAQs

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!

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)

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.

You may send funds via:

  • Personal cheques payable to City of Bridgetown Co-operative Credit Union Ltd
  • Family members may visit our office and quote your name, account number and address and make deposits directly to your account.
  • Electronic Wire Transfers
  • 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

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.

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

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.

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.

Mortgage FAQs

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:

  • Legal fees
  • Search fees
  • Surveyor’s fees
  • Recording fees
  • Stamp duty
  • And maybe a prorated portion to the land tax

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

Good title is obtain by having:

  • Title deeds
  • Recent surveyor’s plans
  • Current land tax certificate

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

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.

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

  • 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)
  • 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
  • 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
  • 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

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.

  • To ensure that you have enough money for a comfortable and enjoyable retirement.
  • To have enough money to last the length of your retirement.

The typical sources of income at retirement include:

  • Pension/annuity payments
  • Rental income
  • Interest or dividend income

Dept Management FAQs

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.