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Quarterly Newsletter 2010
CAWECU NEWSLETTER
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Mr. Junior Bobb
CAWECU President
On behalf of the Board Members, Management and Staff I extend Happy New
Year greetings to all members of CAWECU. I’m pleased to report that your
Credit Union has ended another year strongly, which is represented in yet another year of growth in income. Our loan portfolio remains strong and our current delinquency rate remains low. Our loan rates continue to be as competitive
as we can make them, given the status of the economy. Our success has been
steady, constantly paving the way to overall lasting performance that will lead to
our long-term continuity as a financial cooperative that is among the best.
However, the last year brought with it many challenges, especially with the slowing down of the economy
and all other necessities associated with our cost of living. As such, we continue to see an erosion of our
disposable income and a reduction of our purchasing power. Here is where our Foodmart stepped in to
assist by providing new and cheaper sources of goods with a view to passing on these purchase prices
unto you, our valued customers and members.
We continue to offer the re-vitalized range of products which has been made available by your Credit
Union. In addition to the usual credit union loan facilities, CAWECU’s list of services have been further
enhanced as we aim to ‘take the hassle out of your every day living’
The Credit Union via its Education Committee under the directive of the Board, has approved a Marketing Plan for the period 2010-2012.In this Plan we have outlined ways to attract new members. If you are
currently a member and know a fellow employee that is not and may be interested in joining, have them
call the office staff to assist them in becoming a member. The growth we are experiencing shows that we
are making strides in meeting the needs of the membership.
On behalf of the Board of Directors, I wish to extend our heartfelt thanks and appreciation to all employees and elected committee members for their support and hard work in achieving the successes of 2009
and I look forward to the continued support of all members in 2010.
Pg. 1
Who Is Who At
Mrs. Margaret Edwards is our Customer Service Representative at the South Office since
March 2006. She is a wife and devoted mother of two (2) for thirty (30)-years who
is originally from San Fernando but now resides in Princess Town (for the past eighteen
(18) years).
Margaret is currently pursuing her studies in Nursing with hopes of becoming a Certified
Geriatric Nurse. Margaret sees her life dedicated to helping people and has ideally worked
in areas all of her life that provide service to another.
Margaret attends Cross Road Pentecostal Assembly in Princess Town where she is an
Assistant Sunday-school Teacher. She is an avid lover of the “out-doors” but spends
most of her leisure time reading and playing word puzzle.
“With God all things are possible,” is her mantra and the foundation of her belief in
God, which has motivated her to succeed in all her endeavors. CAWECU is pleased
to have such a wonderful employee, one who is not only dedicated but has a strong
desire to improve the quality of service given to customers. So we want to encourage
Mrs. Margaret Edwards
Customer Service
Representative
CAWECU South Branch
her and you our valued members to keep striving for excellence and save towards
your future. Be a member; remember your Credit Union is your own business.
A blind man with a Seeing Eye Dog
at his side walks into a grocery store.
The man walks into the middle of
the store, picks up the dog by its tail
and starts swinging the dog around
in circles over his head.
The store manager seeing all; thinking this is quite strange approaches
the blind man swinging the dog and
says “Pardon me, may I help you
with something?” the blind man
says “ No thanks, I am just looking
around.”
A wife asked her husband: 'What do you like most in Girl:
me, my pretty face or my sexy body?'
Boy:
He looked at her from head to toe and replied: 'I like
Girl:
your sense of humor!'
'When we get married, I want to share all your
worries, troubles and lighten your burden.'
'It's very kind of you, darling, but I don't have
any worries or troubles.'
'Well that's because we aren't married
Pg. 2
Testimonials
Mr. Jerome Bethel is a Work Supervisor at Kings Wharf WASA and is one of
CAWECUs’ longest standing members; he has been a member of CAWECU since
its inception and during that period he has been a continuous saver.
His faith in the Credit Union is abiding as he believes that CAWECU could become a
leader within the financial market. Being an active member of the Credit Union has
taught him the benefits of sacrificing. He credits his accomplishment over the years
to his consistent monthly savings, which allowed him to access the funds required to
purchase his own property and build a home.
When asked about his view of customer service, his reply “its excellent,” Mr. Bethel,
found that staff did a wonderful job in dealing with members.
Mr. Jerome Bethel
Work Supervisor at
Kings Wharf WASA
His advice to new members is: make the sacrifice to be a continuous saver, and make
it a priority to attend Annual General Meeting (AGM) it is in your best interest. He also advised our young members to be patient and to make the sacrifice in being an avid saver.
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CAWECU
.
Pg. 3
Why Choose Us ?
Choosing us is the hardest part, remaining with us comes naturally....
1.Warm and courteous staff: are willing to take care of all your financial needs, where customers are treated as
family and serving is done with a pleasure.
2.Convenient locations: CAWECU has three (3) convenient locations:
Head Office: Eastern Main Road, St. Joseph.
South Branch: City Yard, Circular Road, San Fernando.
Tobago Branch: Lowlands Complex, Tobago.
3. Low interest rate: CAWECU offer one of the lowest interest rate within the industry:
Ordinary Members: 1.5% on the reducing balance and retirees
Retirees: l% on the reducing balance.
4. Flexible payment: Payment plans are tailored to meet the individual, taking into consideration members’
monthly expenses.
5. Free Financial counseling: Financial counseling and personal financial management plans are available free of
charge to all members of the credit union.
CAWECU’s Christmas Hamper was presented to Ms. Annette
Grenidge of St. Joseph. Ms. Grenidge lives in the neighborhood
of the credit Unions Head Office.
The hamper is a token of CAWECU’s appreciation to members
of the community.
Ms. Torries CAWECU Marketing
Officer (right) presents a Christmas
Hamper to Ms. Annette Grenidge
(left) of St. Joseph.
Pg. 4
Living within your means
You’ve probably heard the phrase, "living within your means." But what does it really mean? Simply put, if
you’re living within your means, you can pay for the things you need without getting trapped in more debt
than you can handle. However, many of us believe that the only way to have nice things is to go into debt to
get them. While that may be true for some large purchases such as a house or car, it doesn't have to apply to
the other things we need in life.
.
For example, when you buy a house, you take out a mortgage, and you may be in debt for as long as 30 years.
That’s a long time, but this type of debt comes with benefits. The interest you pay on the loan may be deducted from your taxable income, and the equity―or money you have in the home―may be used for future
loans.
However, buying food, clothes, toys, furniture, and other items on credit is different. By doing this, you may
be going into debt to buy nonessential things. Plus, the interest charged is not tax-deductible, so by the time
you’ve paid for the item and all the interest, the cost is much higher than the original price.
Simply put, you're robbing yourself―and your future. Instead of funding your dreams and the life you deserve to live, your hard-earned money fills the lender’s pockets. Wouldn’t it be better if the money you pay in
interest could go into a savings account to help you reach your goals? Paying for everyday items by going
into debt limits your choices because you’re constantly caught paying for yesterday instead of moving toward
tomorrow.
It can be challenging at first, but try to live within your means. Even better, try to live-below your means.
How Can I Do It?
Living within your means is definitely possible. Often, it's just a matter of making different choices.
Most of us spend a significant amount of money on everyday items. Here are some suggested ways to save
money on food, clothing, and transportation costs.
Soon, you'll discover your own solutions, and living within your means will become a habit.
Food: Avoid eating out. Even at a fast-food restaurant, you'll pay three to seven times more for a meal than
you would if you cooked at home.
Make a shopping list―and stick to it. Avoid buying food on an impulse and don't shop on an empty
stomach or you may come home with more than you planned to buy.
Pack a lunch for work or school instead of going out. Compare the unit prices of products.
Buy whichever product is less expensive per ounce, per pound, per pint, and so on. Take
advantage of two-for-one sales if the items are things you use anyway. Be careful to check
the expiry date.
As much as possible, avoid purchasing junk food. Junk food is usually quite expensive,
especially when you consider that it offers little nutritional value. Stock up on sales of items
you use regularly such as toiletries products and canned food.
Continue on pg. 6
Pg. 5
CAWECU
Lands & Building
For Sale
For further information please call:
Call 662-1794/663-2582
Lot #42 LP# 403 Toco
Main Road, Cumana
Village, Toco.
5,070 SF.
Chatham Land
Plot #2/ 43,576 SF
Plot #3/ 43,772 SF
Plot #4/ 43,462 SF
Total 130,801 SF
Piparo - One Five Acre Plot
Park & Piccadilly Street, Port-of– Spain
2,850 SF.
Continue from pg. 5
Clothing: Garage sales and flea markets can be fantastic sources of quality clothes at great prices. Stick with
classics whenever possible. They stay in style longer than the latest trends.
Shoes for children can be a problem. Look for sales, but don't let a sale convince your child that he or she
needs $900 running shoes. Instead, help them distinguish between wants and needs.
Transportation: Try to find someone to share rides to work.If you live close to school or work, try walking or
biking. You'll get exercise and save money on transportation. Take advantage of public transportation if it's
available and delivers you to your destination in a reasonable amount of time.
Perform regular maintenance on your car ―such as changing the oil and coolant― as well as keeping the
tires properly inflated. Your car will run more efficiently and you’ll save money every month.
Convert to diesel if you can. If you are buying ask for diesel engine. Purchase the vehicle with the best gas
mileage rating that will serve your needs. Every two years, shop around to be sure you have the best deal
on car insurance.
Spending Tips
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
When you go shopping, take only cash. Don’t take a credit card.
Buy only the things you really need. Before going shopping, make a list of your needs and stick to
it.
Save up the money to buy what you need. Do not take out a loan or use a credit card.
Explore garage sales or flea markets. Negotiate prices.
Look for sales and off-season bargains. Compare prices.
Carefully inspect everything you buy; make sure the item is worth the money. Keep your receipts.
Take your lunches to work.
Share driving or use public transportation.
Trade baby-sitting with neighbors, friends, and relatives.
Write letters instead of calling long-distance.
Give homemade gifts.
Do as much repair work as possible yourself.
Buy only energy-efficient appliances. You will be paying for electricity and gas, too.
Pg. 6
1.
When was CAWECU established?
CAWECU was established 1998.
2.
How was CAWECU established?
Former members of the Customs Credit Union and the WASA Credit Union got together
and formed a new Credit Union Co-operative CAWECU
3.
How is CAWECU different from other Credit Union?
We are different in 3 ways:
Services offered
Family typed of business operations
Strict accountability (AGM/Audit)
4.
How soon can I access a loan?
Our policy is that loans are accessible after six (6) months of continuous savings.
5.
How soon can I access CAWECU’s services?
Members of CAWECU have access to services one month after their first
deduction period. However, not all of our credit facilities are available where you
live. For example only Tobago has the feature of non-cash medical visits, as we
are in the process of expanding.
6.
Why the Credit Union only lends up to $20,000.00?
Our Credit Union targets a niche market where our customers
appreciate our role in “taking the hassle out of their daily lives.”
We have identified seven main areas of focus and they do not
require major funding, they include:
a.
b.
c.
d.
e.
f.
g.
Groceries
Pharmaceuticals
Medical Visits
Auto care & Maintenance
Books, Uniforms, Tuition
Travel
Household Appliances
Pg. 7
CAWECU SERVICES
Continue…...
7.
Why so long?
It allows us to confirm your creditability, while updating our data
base with your data files at the various service outlets.
8.
Would I be getting a membership card?
Yes! Cards are optional. However, it is mandatory that you must get
a customer account number.
9.
Is CAWECU membership open to everybody including children?
Yes!
10. Should I join CAWECU if I am already a member of another Credit
Union?
Yes! we encourage our members to be in more than one Credit Union.
Printed & Designed by CAWECU
Financial Services
Share Accounts
Demand Deposit Accounts
Term/Fixed Deposit
Financial Counseling
Emergency Loans
Consumer Loans
Credit Facilities
Credit Pharmaceuticals
Credit Auto Maintenance Services
Credit Medical Services
Credit Books and Uniforms
Credit Educational Loans
Credit Travel Services
Vehicle Insurance Agent
Farmers Outlet
Foodmart Services
Household Items
Head Office
Eastern Main Road
St. Joseph
Tel./Fax:
868-662-1794 / 868-663-2582
South Branch
City Yard, Circular Road
San Fernando
Tele.: 868-653-7645
Tobago Branch
Lowlands Complex
Tel.:868-639-8093 / 868-639-7242
Email: gm@cawecu.com
Website: www.cawecu.com
Pg. 8