President of the Barbados Workers’ Union Cooperative Credit Union (BWUCCU) Dalton Medford is advising Barbadians to join the credit union movement and reap its benefits.
Medford was speaking with members of the media at the annual general meeting of the co-operative when he accused commercial banks of taking advantage of citizens.
“When you look around Barbados and see what is happening with the commercial banks in terms of how it treats poor people, in terms of paying almost next to nothing for deposits, while at the same time charging them fees for everything, I think it almost . . . criminal for them to be doing that to us,” he argued.
“When you look around Barbados and see the amount of profits that commercial banks register, somebody has to tell them that is not good enough. What they are doing to poor people is not good enough.”
Medford said the BWUCCU is seeking to increase the wealth of its members and promote growth with their services.
“We are hoping to be able to broaden the wealth of members, from members just being transactional . . . we actually want to empower people,” he said.
The BWUCCU President said membership of the credit union has increased by nine per cent between 2017 and 2018.
General Ganager Corrine Clarke also disclosed that the credit union has a low delinquency rate of 4.25.
She also said there was an increase in saving accounts over the last year, with locals looking to maximize returns on their deposits.
Following the mini-budgetary measures introduced by the Mia Mottley administration, Clarke indicated that the credit union expects members to be more cautious with borrowing.
“We anticipate this year for persons to be a bit more prudent in borrowing because of the changes that were announced in early June . . . We anticipate that the reduction in your residual income will affect your choices, but we are here to encourage our members to consolidate their positions.”