THERE WILL BE NO FEES for services by members

of the City of Bridgetown (COB) Credit Union.

This assurance was given by president Lynette Holder yesterday, following the presentation of 30 scholarships and grants worth $30 000 to young members as part of its Children Are Really Enthusiastic Savers (CARES) programme, in asscociation with Days Bookstore.

"We do not at this time see the need to introduce any significant fees or costs to the member," she said.

She added this approach was what differentiated them from the commercial banks which had customers, while credit unions had members with equal rights.

Credit unions in Barbados have been promoting themselves as not imposing "user fees" on members for the range of services they offer.

On the issue of deliquency by members, Holder said it was not at a worrisome level since it was below the standard five per cent threshold. She attributed this not only to members keeping up payments, but to the management team keeping it at an acceptable level.

She also commended credit union members for being "thrifty", adding there was an increase in the deposit portfolio at COB.

Holder said she was happy very few loans were for consumer items, but rather for "wise spending" in mortgages or land. (MH)