General FAQs

What is a Credit Union?

A credit union is a member-owned, non-profit financial institution. A credit union is as a cooperative financial entity where members pool their resources and benefit from shared ownership.

  • Member-Owned: Unlike traditional banks owned by shareholders, credit unions are owned by their depositors, who are also considered members.
  • Not-For-Profit: Their primary objective is not profit maximization, but rather serving in the best interests of their membership. This often translates to better rates on loans and dividends for members.
  • Financial Services Offered: Credit unions offer a variety of financial products such as savings, investments, debit cards, loans to members and online banking.

How does a Credit Union function?

Credit unions operate on a core principle of shared ownership.

  • Member Deposits: Members pool their funds mainly by share accounts. These deposits serve as the credit union’s capital base.
  • Loans: Members can then borrow from this pool of funds to finance various needs. Credit unions typically offer competitive interest rates on loans compared to traditional banks.
  • Profit Sharing: Any surplus income generated by the credit union (interest earned on loans minus operating expenses) is returned to members in the form of dividends based on shares or improvements to member services.

Essentially, credit unions function as a self-contained financial ecosystem where members’ deposits fuel loans for other members, and any resulting profits are reinvested for their benefit.

What makes a Credit Union different from a bank?

The key distinction between credit unions and banks lies in their ownership structure and core mission.

  • Profit Motive: Banks are for-profit institutions. Their primary goal is to generate returns to shareholders. This can influence fees and interest rates.
  • Member-Owned Cooperative: Credit unions, on the other hand, are not-for-profit cooperatives. They are owned by their members. This cooperative structure means profits are returned to members in the form of lower fees, higher interest rates on savings, and lower interest rates on loans.

In essence, credit unions prioritize the financial well-being of their members, while banks answer to the profit expectations of their shareholders.

Membership FAQs

What are the benefits of being a COPOS member?

Being a COPOS member has many benefits, these include:

  • Competitive interest rates on investments such as our Money Market Fund and Sou Sou Save
  • Annual Loan Sales for existing and new members
  • Democratic control – As a member, you have a say in the credit union’s operations through voting at our Annual Genal Meeting
  • Member discount of 5% at Unicomer – Courts, Ashley’s Lucky Dollar, Radio Shack and Courts Optical
  • Quality member service

How do I become a member?

To become a member of COPOS is simply, all you need are two (2) valid forms of identification, a utility bill OR a bank statement on your name and one hundred and sixty dollars ($160.00). No appointment is required.

How can my child become a member?

You will need to provide your child’s birth certificate, two (2) forms of valid identification from the parent or guardian, a utility bill OR a bank statement from the parent or guardian and one hundred and sixty dollars ($160.00). No appointment is required.

Why and how do I update my information with COPOS?

Generally, our members are required to update their records every two (2) years. A member may be required to update his/her record under 2 years if any information was changed such as address, employment, next of kin, beneficiary etc. A member will need 2 valid forms of identification, a utility bill OR a bank statement and a salary slip.

Product FAQs

Why should I invest in COPOS investment products?

  • COPOS Money Market Fund offers 2% interest per annum, which is calculated and credited to members’ accounts monthly. For investments of $500,000 and over, 3% interest is paid.
  • Interest is only accrued starting with a minimum balance of $500.
  • Our Sou Sou Save offers 5% interest on investments of $500 OR $1000, which is deposited monthly over a 6 month period.
  • Our Fixed Deposits offers 2% per annum.

How can I apply for a COPOS International Visa Debit Card?

Members can apply for the COPOS International Visa Debit Card by simply providing two (2) forms of identification, a utility bill and seventy-five dollars ($75.00). Shop locally, internationally or even online with your International Visa Debit Card. Funds can be credited to the card and can be withdrawn at any ATM machine.

How do I apply for the Family Indemnity Plan?

To join the Family Indemnity Plan you will need two (2) forms of valid identification, a utility bill on your name, proof of relation such as identification, birth certificate and marriage certificate of relatives. Insurance coverage is extended to yourself and five members of your family in the event of a passing.  Persons eligible for coverage are mother, father, wife, husband and your children up to the age of twenty-six (26) years old.

Does COPOS have joint accounts?

No, COPOS does NOT provide joint accounts.

Does COPOS have online banking?

Yes, COPOS has online banking and Sure Pay for our members’ convenience.