Banks losing customers to credit unions
Barbadians are taking money matters into their own hands and are reportedly pulling out of commercial banks to escape service fees and low-interest rates on savings accounts.
The Barbados Public Workers Co-operative Credit Union Limited (BPWCCUL) is one such institution that has seen an increase in customers.
Acting Broad Street Office Manager, Gleneth Clarke told Loop News business at the credit union is "booming".
She explained because of the bank's service fees, persons have been opting to close their accounts at the bank and open one at the Credit Union.
"Business is good. We're getting an influx of persons coming from the bank because of the bank charges. They're closing their accounts there and we're having a lot of persons coming in to open accounts with the Credit Union."
Clarke said the option of banking with a credit union was more beneficial to the customer.
"We don't charge you fees, service charge or anything. Whatever you have on the account you're still able to get interest on your account and anyone is free to join the Credit Union. Another good thing about the Credit Union is that we're also a charitable organization."
The BPWCCUL annual appreciation day took place on Friday, October 26, 2018, at the Credit Union's Broad Street Branch from 8:00 pm until 3:00 pm, and was a fun-filled day of activities including a photo booth, karaoke, spin the wheel, and various giveaways.
Performers Troy Special, Colin Spencer, Keisha Christian got close and personal with members, serenading them and handing out roses during their performances throughout the day.
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