Interested persons may visit either of our offices at Cavan Lane or Sargeant's Village and complete an application form. Two forms of picture ID, including National ID, must be submitted along with proof of address (utility bill or similar) and $10.00 application fee.

BS&T Employees' Credit Union membership is only available to persons who are employees of the BS&T Group of companies or its associated companies and immediate relatives of members.

BS&T Employees' Credit Union offers members the following Saving Accounts: (a) Shares account (S0) - this account bares no special features. Dividends are paid annually as approved by the Credit Union's Board of Directors and dependent on financial performance.

(b) Special Shares (S1) - this compulsory share account is for persons who have loans that exceed their savings. The compulsory share account acts as additional security for the loan and assists the member to save. Dividends are also paid on this account as for S0.

(c) Income Tax Shares (S2) - Shares savings of a maximum of $10, 000 yearly, claimed for income tax purposes and held on this account for five years. Any withdrawals made before the end of five years are subject to 20% withholding tax. Dividends are paid as for S0 and S1.

(d) Permanent Shares - this account is the member's ownership stake in the credit union. All members must maintain a balance of $50.00 to be considered a member with the credit union. The permanent share account protects the credit union's share capital from being reduced by on demands withdrawals which can negatively impact the financial stability and strength of the credit union. In addition, the permanent shares entitle you to:

• Exercise your membership right to vote at the yearly AGM.
• Receive loans from the credit union.
• Receive yearly dividends payments when such is paid.

Call Deposits (D0) - interest deposited to this account is calculated on the daily balance and paid quarterly. Premier back-to-School Loan (D1) - this loan assists in the purchasing of school supplies and is offered in the summer period to members who have children entering or attending school (excluding day nurseries).

Premier Christmas Loans (D2) - this loan is offered around the Christmas period.

Registered Retirement Savings Plan (D3) - this account assists members to save towards retirement. Funds for the RRSP are deducted monthly by standing order and remitted to Sagicor Life Inc. the administrators of the plan.

Premier Savings Plan (D4) - this account is designed for members who are saving towards a specific goal or having difficulty growing their savings. Members agree to a regular deposit for a minimum period of two (2) years. Interest paid on this account is ¼ % above the call deposit rate and is also calculated on daily balance and paid quarterly. There is a penalty for withdrawals before maturity of the account.

Premier Early Starter Education Savings Plan (D5) - this product is tailored for parents and/or guardians who wish to invest in a savings product that will supplement the cost of providing for their children's future education. The product is intended for children up to age thirteen (13) satisfying the product specifications. The product is for a minimum of five (5) years and matures at five (5) year intervals, to a maximum of fifteen (15) years or when the child reaches age eighteen (18) years. The credit union will match the initial monthly installment up to maximum of $100.00. Interest is paid at a rate above the regular call deposit rate, calculated on the daily balance and paid quarterly. The rate is variable and changes with the regular interest rate.

Income Tax Savings (D8) - members can claim up to $3,000.00 deposits as income tax allowance. Withdrawals are subject to 20% withholding tax if withdrawn within three (3) years.

Members must all have a shares account which is evidence of their stake in the Credit Union. The share account entitles you to receive loans from the credit union and dividends are paid when applicable. Call deposits is a regular savings account that pays interest.

Interest is calculated on the daily balance and paid quarterly.

The Annual General Meeting is held soon after the March 31 end of the financial year.

Dividends are paid after approval at the AGM. A dividend is dependent on the performance of the credit union and a recommendation from the Credit Unions Board of Directors.

There are ten (10) remote locations for deposits and withdrawals. They are any DaCosta Mannings and Super Centre stores except Super Centre Warrens. As well as Knights, Six Roads.

To make withdrawals from the remote locations, members must present any form of valid picture identification and fill out the withdrawal form. For deposits, members must complete the deposit form, printing clearly their account number, their name and where the funds should be allocated. After each deposit members must receive a receipt from the remote location clerk.

External transactions are restricted to 8:00 a.m. to 4:00 p.m. Monday-Friday for withdrawals. However, deposits can be made at any given time once the locations are open for business.

Only the person who opens the account and contributes to it can withdraw. The withdrawer has the option of receiving a cheque made payable to the adult or they can transfer the funds from the child's account to the parents account upon signing a transfer form. After the transfer has been completed the parent can make the withdrawal at a remote location.

Withdrawals from the Income Tax account can only be done at the Credit Union offices. There is a 20% withholding tax penalty applied to withdrawals from such an account.

Members receive their statements at the end of every three (3) months of the year.

A member who wants to resign should come into either of our two credit union offices with their identification and complete the resignation form. Funds will be payable by cheque only.

Members must maintain a balance of $50.00 to be considered a member of the credit union.

In order to make changes to accounts or payroll deductions, members must come into the credit union and complete the relevant forms.

The benefits of opening a junior savers account are:

• Children from 0-16 can have their individual deposit account where they can earn the same interest as regular deposit accounts.
• Parents can get an early jump start in preparing for their child's educational financing.

Members can apply for loans by calling and making an appointment to see a loans officer. The loans officer will then guide the member accordingly. However, if it is a loan within savings, members can call the credit union and apply via telephone.

Members wait three (3) months before applying for loans. Members are encouraged to establish a savings history which will assist loan applications.

Approval times on loans vary according to the category of loan, from as little as hours for loans within savings to a few months for mortgages.

Members can claim up to maximum of $13,000.00 when completing their annual income tax return. Maximum if $10,000.00 on shares for five (5) years and maximum of $3,000.00 on deposits for three (3) years. There is a 20% withholding tax penalty for withdraws from income tax accounts.

Credit Union Income tax allowances benefit members by reducing their taxable income by as much of $13,000.00

Members who are interested in a Registered Retirement Savings Plan can make an appointment with our representative at Sagicor to discuss plan options. Contributions can be made directly through the credit union.