The St Lucia Workers’ Credit Union Opens New Premises on Bourbon Street, Castries
The St Lucia Workers’ Credit Union continues to go from strength to strength creating greater opportunities and advantages for its members at every stage. Indicative of the SLWCU’s faith in the future is the announcement of the credit union’s move to its new bigger and better facilities on Bourbon Street Castries on 23rd July, 2018. Three years ago, the St Lucia Workers’ Credit Union had the foresight to move their then location at the Gable Woods Mall to the place that were once occupied by the RBTT/RBC bank. As one interested bystander stated at that moment, “The St Lucia Workers’ Credit Union is really snapping at the heels of the big foreign banks!” The comment, though frivolous, was quite apt. A comparison is appropriate because like all credit unions, the St Lucia Workers’ Credit Union is owned and operated by its members, which means better rates and lower fees than those that customers in both local and foreign commercial banks have to put up with. While it would be wrong to imply that the Boards of Directors of Commercial Banks do not necessarily work with the best interests of their clients in mind, their first obligation is to make money for the bank’s shareholders; whatever the message broadcast on flashy expensive billboards might convey, commercial banks are operated in such a way as to provide their shareholders with the maximum profit. They are not there for the benefit of their customers. Like all credit unions, the St Lucia Workers’ Credit Union differs from banks; it is a not-for-profit organization. Having said that, it has to be stressed that the credit union is operated on strictly professional lines to create a surplus – similar to a profit – the difference being that much of such surpluses or profits are returned to its shareholding members through a system of Dividends and Patronage Refunds. The savings of members are safe – at least as safe as bank deposits, if not more so – in their credit unions; deposits are insured through CUNA Mutual at no direct cost to the members. The Board of Directors and the employees of the St Lucia Workers’ Credit Union are excited by this move to new premises and the opportunity to serve their members even better in the years to come. The credit union’s easy access and heightened visibility in the center of Castries will, it is anticipated, result in more and more St Lucian Workers discovering the advantages of joining their union. Credit unions are governed by unpaid volunteer Boards of Directors democratically elected by the membership from the membership. All members get one vote regardless of their financial position. At present, the St Lucia Workers’ Credit Union has a branch at Gable Woods Mall as well as the new locality in Castries. The opening hours are membership-friendly: Monday to Thursday, 8:00 a.m. to 3:00 p.m. and Fridays, 8:00 a.m. to 4:00 p.m. at Bourbon Street to facilitate early 8:00 a.m. business, and at Gable Woods, where commerce starts a little more slowly, Monday to Thursday 9:00 a.m. to 3:00 p.m. The Gable Woods branch is also open on Saturdays between 9:00 a.m. and 1:00 p.m. to make life easier for shoppers. As from September 01st 2018, the office on Bourbon Street will also open on Saturdays between 9:00 a.m. and 1:00 p.m. The St Lucia Workers’ Credit Union has come a long way since its inception. Thirty six years ago, it was not the entity it is today. The seed was sown within the walls of Cable and Wireless. The idea of forming a Credit Union was borne in May 1981 when one of the founding fathers explored the possibility during a trade union training course and discussions began with other members who already knew of the concept. The St Lucia Workers’ Credit Union was formed in July, 1982 by the staff of Cable & Wireless who used their bond of membership of the St Lucia Workers’ Union to come together to better themselves financially. The original members deserve praise for their vision of a better tomorrow. The Credit Union could not have become what it is today without their firm support and commitment. The St Lucia Workers’ Credit Union is the ideal, and natural choice for the Workers of St Lucia when considering how best to safeguard their futures and build a better tomorrow. A Union implies Unity, a Common Bond, a Shared Goal, and Mutual Assistance and Support. The next time you pass the premises of the St Lucia Workers’ Credit Union both at Gable Woods and Bourbon Street, pause for a moment and consider whether or not the credit union would be the right choice for you. Now is the time for the workers of St Lucia to form a common bond to the benefit of us all. Let the St Lucia Workers Credit Union become the private sector Credit Union for the workers of St Lucia. Visit a Credit Union near you today and let us partner with you in building your future!