The formative years
History of the PWD Co-operative Credit Union:
THE PUBLIC Works Department (PWD) Cooperative Credit Union’s membership and history are based on a common bond, a linkage shared by public servants as savers and borrowers who belong to the Ministry of Transport, Works, and Housing community. The credit union was incorporated in 1949 under the Industrial and Provident Societies Law subsequently converting itself into a registered society under the Co-operative Societies Law by notice in the Jamaica Gazette dated October 25, 1951.
The founding ‘father’ of the credit union, Dudley M. Forrester played an integral role in the formation out of the need for employees of the PWD to be more financially independent and satisfy their financial needs, especially those at the lower level of employment.
The PWD (formerly Public Works Department) Co-operative Credit Union Limited was originally located on Hagley Park Road, where the St Andrew Parish Church car park now exists. In 1951, it was moved to its current home at 147 Maxfield Avenue. Its basis for origin is not uncommon with that of other credit unions formed during the same period. The credit union met the needs of civil servants seeking loans at lower interest rates than those offered by private financial businesses at the time. As such, its purpose is primarily to promote thrift among its members by encouraging them to save part of their earnings regularly, also to make loans to them at reasonable rates of interest for provident and productive purposes.
In the mid-1970s, the name was changed from PWD Credit Union to PWD Co-operative Credit Union Ltd as the institution now represents more than just employees of the PWD, but include, family members.
The PWD Credit Union’s membership consists of employees of the Ministry of Transport and Works and its agencies along with ex-employees of the former public works department and bona fide cooperatives throughout the island. Immediate relatives of existing members also form part of the current total. The credit union currently has over 1,700 members and is one of the oldest credit unions in Jamaica today.
The growth of the society has been steady. Business transactions commenced on January 7, 1949, with 44 members, whose share capital totalled £178 ($J 29,543.57), while 20 years later, there were 158 members with a
total share capital of $J418,000.
TURNING 70
Over the next 65 years, the PWD credit union has managed to keep interest rates at the permissible maximum on unpaid balances. Subject to a few exceptions, all loans to members up to 60 years of age are insured against disability and death, and loans to members up to 70 years of age insured against death. The institution has grown over the past decades from providing basic financial services to offering financial counselling, awarding seven five-year scholarships, and sponsoring national activities such as road safety awareness. Promoting wellness and a healthy lifestyle among members is also a priority benefit that has been introduced.
MOVING FORWARD
Today, the credit union has approximately 10 staff and a volunteer pool of 29. The credit union’s existence and development as a financial institution has been recognised by the JCIA, CUNA Mutual Insurance, and the Jamaica Cooperative Credit Union League. The most recent award came in 2012 when PWD was the runner-up Small Credit Union of the Year. The year 2012 also saw the improvement of the information system infrastructure of the credit union resulting in a more reliable system to facilitate real-time processing of members’ transactions. A website is now complete to keep members more informed about new offerings and benefits.
PWD Credit Union’s staff and volunteers will continue to work tirelessly to ensure that the credit union remains the institution of choice for our members.