CTCU | FAQ

Online Banking Login

Frequently Asked Questions

Consolidated Telephones Credit Union is excited to introduce you to our Co-operative Society and our Online Transaction Experience.

We understand that you may have questions and we are pleased to assist through our Frequently Asked Questions section for your use.

For further information, kindly send us an e-mail at info@ctcu.org.tt

General
information

What is a Co-operative?

A Co-operative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.

Co-operatives are democratically owned by their members, with each member having one vote in electing the board of directors from within their membership.

What is a Credit Union?

Credit Unions, called by various names around the world, are member-owned, not-for-profit financial co-operatives that provide savings, credit, and other financial services to their members from a pool of members’ savings.

Credit Union membership is based on a common bond, a linkage shared by savers and borrowers who belong to a specific community, organization, religion, or place of employment.

Credit Unions pool their members’ savings deposits and shares to finance their loan portfolios rather than rely on outside capital. Interest gained from these loans in addition to investments made by the co-operatives is returned to its members as bonus dividends on savings. Members benefit from higher returns on savings, lower rates on loans, and fewer fees on average.

Regardless of your account size in the Credit Union, each member may run for the volunteer board of directors and cast a vote in an election.

What are the Co-operative Principles?

Voluntary and Open membership

Democratic Member Control

Non-discrimination

Member Economic Participation

Autonomy and Independence

Education, Training and Information

Service to members

Building financial stability

Distribution to members

Co-operation among Co-operatives

Concern for Community – Social Responsibility

How is Consolidated Telephones Credit Union managed and operated?

Members elect a board of directors from among the membership at the annual general meeting. The elected directors are responsible for implementing policies to advance and protect the interest of its member’s finances and business. The day-to-day operations are handled by paid administrative, accounting and management professionals and in some cases by volunteers.

How is Consolidated Telephones Credit Union different from a bank?

CTCU is democratically run by its members to serve its member's financial needs, whereas banks, trust companies and other financial institutions exist primarily to earn interests for shareholders.

The views and concerns of customers within banks and other financial organizations are not always considered whereas our Credit Union members aid in the strategic direction of the Society through their input at General Meetings and their service of the Board and Committees. Members’ concerns and views are always addressed because members are not simply customers but are part owners of the business

What is the member’s role in the Credit Union’s operations?

Becoming a member makes you a shareholder, which means you become part-owner of the Credit Union and have an equal share in all the Credit Union’s assets and profits based on your pattern of savings. Our Focus is our members where our aim is to put your needs first.

As a Credit Union Member, you have a “Say” in how the Credit Union is run by participating and voting at the Annual General Meetings to elect the Board of Directors, Supervisory, and Credit Committees and serve as a volunteer.

Each member has one (1) vote regardless of the amount of business he/she has at the Credit Union. All members are treated with dignity and respect being part owners of the Credit Union.

Is my money safe at Consolidated Telephones Credit Union?

Absolutely! Credit Unions are governed under and guided by the Co-operative Societies Act of Trinidad and Tobago.

https://rgd.legalaffairs.gov.tt/laws2/Alphabetical_List/lawspdfs/81.03.pdf

Signing up

1: Who can join Consolidated Telephones Credit Union?

Only persons who are bona fide employees, former employees, retirees and pensioners of TSTT, its successors, subsidiary, associated companies and institutions, and other companies operating in the Local Telecommunications Industry, together with members’ spouses, children, parents, siblings, extended family and wards of members and employees of the Society together with their spouses, children and siblings shall be eligible for membership.

2: Does Consolidated Telephones Credit Union offer joint accounts?

No, all accounts are individual accounts; however, you should nominate beneficiaries to your account.

3: Can I open a Business Account at Consolidated Telephones Credit Union?

CTCU accepts members who are owners of businesses to open accounts in their names only (not in the name of the business). Only individual accounts are facilitated.

4: How do I reactivate my account?

The requirements for reactivation are as follows:

Complete a Know Your Member Form

Proof of Residence (Utility Bill, Rental Agreement) no older than 3 months

Two (2) forms of valid photo ID (National ID, Driver’s Permit or Passport)

Recent proof of income

Share Purchase of $50.00

Building Fund Deposit

5: Are there any membership fees?

No, a nominal administrative fee will be required at the time of applying to join. This is subsequently credited to your account upon successful membership. You must continue a minimum contribution to the Building Fund and make regular payments to your account to keep your membership active (It is advised that a member should not allow his/her account to become dormant). Unlike banks, we do not charge monthly or annual fees.

6: What do I get as a member?

All members receive a member account, known as a Share Account. This operates as a savings account and represents your share of the Credit Union.

7: Who can register for the Electronic Transaction Service (Online Banking) and do I qualify?

Any Consolidated telephones Credit Union member with a valid share savings, deposit savings, investment, loan or fixed deposit account can sign up for the MY.CTCU.ORG.TT service.

All new and existing customers to CTCU qualify.

Features

1: How can I access my account?

You can access your account online or by visiting our branch.

2: How do I pay into my account?

You can set up a regular Standing Order from your bank account or have payments from benefits paid directly to CTCU. We also have employer partnerships enabling Payroll assignments where a regular amount is deducted from your wages/salary. You are also able to pay cash in over the counter at Consolidated Telephones Credit Union’s office.

3: What is the maximum I can save in my Credit Union Account?

There is no maximum amount you can have deposited with the Credit Union across all accounts.

4: Do I receive interest on my savings?

Interest on savings is paid in the form of a yearly dividend. When you join Consolidated Telephones Credit Union you become a shareholder. This means that at the end of each year, any cash surplus is divided between members as a dividend on their savings.

5: Can I withdraw my savings?

Our online service allows you to transfer your money from your deposit savings account to Loans or Fixed Deposits. You can also request withdrawals from your savings through our office.

6: Are there fees for the Electronic Transaction Service (Online Banking)?

The online experience through my.ctcu.org.tt is free of charge to any of our members, all fees normally associated with our other products and services remain applicable.

7: What is the difference between Share Account and Deposit Accounts?

A Share Account is an account where the money saved will generate dividends or annually.

Deposit Savings Account is an account where your savings do not generate interest. The money in this account is accessible for easy withdrawal and deposits without interest.

A Fixed Deposit Account is an account where the money saved will generate a specific pre-determined interest over a defined period of time.

Payments & Collections

1: How do I set up a standing order?

A standing order is an arrangement you make with your bank to pay into your CTCU account or loan. To set this up, you will be guided by our representatives with the required documentation to contact your bank and request the payment amount to be transferred. You can also do this yourself online if you have set up internet banking with your bank.

2: Will I receive statements?

Yes, we can provide you with an e-mailed quarterly statement or you may request additional statements, throughout the year upon request. You are able to view and download statements via my.ctcu.org.tt (CTCU’s electronic transaction service / online banking facility).

3: Which accounts can I transfer to and from?

You may transfer money using the electronic transaction service, my.ctcu.org.tt, from your deposit savings to your loans, fixed deposits, special deposits or other sub-account. The accounts which are eligible to be debited and credited will automatically default in the dropdown list when making the transfer.

Security

1: Will my savings be secure?

Yes. We are regulated by the Central Bank of Trinidad & Tobago and our members’ investments are insured by the Trinidad and Tobago Credit Union Deposit Insurance Fund Co-operative Society Limited (TTCUDIF).

This TTCUDIF insurance covers up to $125,000.00 in shares and up to $50,000.00 in deposits. More information can be found at http://stabfundtt.com

2: Is my Loan insured??

Loans are secured by CUNA Loan Protection & Advance Protector Insurance plans. The premium for the coverage is borne by the member.

3: Who is eligible to obtain loans?

Any adult member of CTCU, once in good financial standing, is eligible including those who have retired. Non-members, joint applicants and business entities can not obtain a credit union loan.

Help

1: What are CTCUs business hours?

Monday to Friday - 8:00 a.m. - 3:00 p.m.

2: Can my membership be terminated?

The Bye-Laws of the Credit Union defines the conditions under which membership can be terminated. Circumstance include death, insanity, bankruptcy, resignation, or expulsion in accordance with CTCU’s Bye Laws. Such termination shall not relieve a member from his/her financial obligations to the Credit Union.

3: What are the laws governing Consolidated Telephones Credit Union?

A copy of Consolidated Telephones Credit Union’s Bye Laws can be collected at our office or read on our website, free of charge.

4: Can I obtain a history of my transactions?

Yes, you may view a history of your transactions online, free of charge or pay a nominal administrative fee to have one printed for you at the credit union’s office. This applies to your share savings account, deposit savings account and your loans.

Your transaction history can assist you in tracking the money you spend, and this allows you greater control over your finances.

5: Can I begin using MY.CTCU.ORG.TT (Online Banking) immediately?

Yes. Once you are registered as a CTCU member and have signed the Interactive Services Agreement you may start using the electronic transaction Banking service.

6: What are the features of the Electronic Transaction Service (my.ctcu.org.tt)?

CTCU’s electronic transactions service (Online Banking) is a convenient tool which allows you to have access to your account information and conduct normal credit union transactions (loan applications, payments, transfers, queries). It allows you to log on to a secure and personal environment, any day, any time, where your transaction is conducted at your convenience.

7: Can I conduct transactions if I live outside Trinidad and Tobago?

Absolutely, yes! CTCU members who work or reside outside of Trinidad and Tobago can contact our office to be guided thoroughly by our professional staff. Contact can also be made by emailing contact@ctcu.org.tt

Are You Interested?

Contact Us Now!

Legal

Address

37b Circular Road
San Fernando
Trinidad and Tobago

+1(868) 653-2828

contact@ctcu.org.tt

Consolidated Telephones Credit Union provides a wide range of financial services to its membership at highly competitive rates which includes our Fixed Deposit portfolio, our Motor Vehicle and Short Term loan policies. We lend to our members at attractive rates for provident and productive purposes and we also provide consultation in money management freely to all our members.