The Grenada Union of Teachers Cooperative Credit Union (GUTCCU) has become the third credit union on island to offer Automated teller machine (ATM) services, giving its members access to their funds through the 22 ATM machines and over 250-point of sales on island.
One week after launching three ATM machines, GUTCCU has officially initiated the use of its debit card following a ceremony held last week Wednesday at the Grenada Trade Centre Annex at Morne Rouge.
The debit card became available on January 17 at a cost of approximately $23 for members but will be deferred to the anniversary of the card in 2019.
Chief Executive Officer (CEO) Lucia Livingston-Andall represented the Public Service Co-operative Credit Union (PSCCU) now trading as Ariza Credit Union at the ceremony.
PSCCU was the first credit union to offer ATM service in the country.
Andall noted that credit unions, like banks are charged with the responsibility of “creating, communicating and delivering financial products and services that are valued to their customers and their members”.
“In an era that customer expectations are increasing exponentially, where loyalty cannot be taken for granted…and where new digital technology are the order of the day, we cannot be satisfied with partial or superficial changes, we cannot afford to be too slow to adapt”, she said.
“…In addition to providing ATM debit card and credit card services, we must seek to do more, to provide more as far as our resources would allow”, she added.
Managing Director of the Grenada Co-operative Bank Limited (GCBL), Richard Duncan, offered congratulations to the credit union and spoke about the critical meeting that led them to where they currently are on the initiative.
As the bank that brought the idea to the credit union to offer connex services to its members, Duncan said: “In May 2001 the bank developed and presented an idea to the credit unions – the meeting took place at the office (of) the Credit Union (at) the marine villa.”
According to Duncan, it was decided that “we would collaborate with the largest credit union first, PSCCU now Ariza, Grenada Union of Teachers Credit Union, Communal Credit Union and Grenville Cooperative Credit Union”.
“Today, 16 years and 8 months later here we are unmolding the third credit union with its own Connex Debit Card”, he said.
“…This event demonstrates that it’s not only by the power, not by might but by the creative and discipline application of mind that victory is won”, he added.
Duncan referred to Connex as “a convenient user-friendly service”.
He said: “…It does not matter if you are a Co-op Bank customer, an Ariza customer, CCU customer or a GUTCCU member, simply insert your Connex Debit Card at any of the 22 ATM and over 250 points of sales on the island and access your account.”
General Manager of the GUTCCU, Retisha Boyd said the credit union’s vision has been realised with the installation of the machines.
She said, “Today the dream of our members has come true, 24-hour access to their funds through the GUT Credit Union Connex Debit Card. Our credit Union is committed to offering new products and services to our members as we brave the available technology and improve member access and broaden your financial offerings.
“This debit card is indicative of the credit union’s vision to be the financial institution of choice for our members…a vision born many, many, many years ago with the birth of the credit union”, she added.
President of the Grenada Co-operative League, Phillip Telesford who also offered remarks at the launch said that the initiative “brings the credit union closer to its members and marks the evolution of the GUT Credit Union”.
“No longer will you be required to wait in long lines to access your hard-earned monies but rather have the opportunity to access the funds in the comfort of living rooms and anywhere in the world”, he said.
He also took the opportunity to invite the remaining credit unions to get on board with the connex brand.
Minister of Labour and Co-operatives, Oliver Joseph who was present at the launch called for the expansion of credit unions so as to create “confidence in the credit union movement.”