F.A.Q.

What are the requirements to open an account?

To open an account you will be required to submit the following:

• Valid government issued Identification (Driver’s Licence, Passport or Voter’s Id)
• Taxpayer Registration Number (TRN)
• Recent utility bill (if the bill is not in your name, you will be required to submit a utility bill for the premises at which you reside along with a duly executed Declaration of Permanent Address. Said form is available at all First Regional branches)
• Two (2) passport size photographs
• Two references (Credit Union Committee Member, Police Officer (Rank of Inspector or higher), Manager of another financial institution, Credit Union Employee at supervisor level, Credit Union member for at least two (2) years, Justice of the Peace, Notary Public, Attorney-at-Law, Minister of Religion, Medical Doctor, Employer (HR Manager or higher), Principal)
• Minimum Three Thousand Five Hundred Dollars ($3,500)

What are the requirements to reactivate my account?

To reactivate your account you will be required to submit the following:

• Valid government issued Identification (Driver’s Licence, Passport or Voter’s Id)
• TRN
• Recent utility bill (if the bill is not in your name, you will be required to submit a utility bill for the premises at which you reside along with a duly executed Declaration of Permanent Address. Said form is available at all First Regional branches)

What are the requirements to start a Paadna Plan?

Starting a Paadna Plan is very easy. Simply visit the branch nearest you and present a valid government issued Identification to a Member Service Representative. The entire process of starting the Paadna Plan will take only a few minutes.

Is it possible to have more than one Paadna Plan at the same time?

There is no limit as to the number of Paadna Plans you may have at the same time.

Can I open a Joint Account at First Regional?

First Regional does not operate Joint Accounts. However, you may authorize a trusted individual to withdraw from your account by visiting the branch nearest you and completing the required Authorization for Withdrawal Form. The person you wish to add to the account must accompany you to the branch. Both of you will be required to present a valid government issued identification and TRN.

Is it possible to have more than one loan at the same time?

Yes, you may have several loans at the same time provided that our assessment of your finances reveal that you can comfortably satisfy your loan obligations whilst still being able to take care of your personal needs.

Does First Regional offer Motor Vehicle Loans for taxi purposes?

Yes, we offer Motor vehicle loans for taxi purposes. Visit the branch nearest you or call our “Phone A Loan” Representatives at 876-707-2038/2048/2058 for further details.

Is it possible to remit monies from overseas to my First Regional Account?

Yes, you may send money via wire transfer to your First Regional account. Visit a branch nearest you or call us at 876-972-2424 to obtain the relevant information.

What is a Permanent Share?

A Permanent Share represents a member's ownership of or equity in First Regional Co-operative Credit Union Limited.

Are all members required to have Permanent Shares?

Yes. Permanent Shares are necessary in order to retain membership in First Regional Co-operative Credit Union.

How will members benefit from having Permanent Shares?

Permanent Shares represent members’ part ownership or equity in First Regional. Dividends are paid on Permanent Shares. Permanent Shares increase the Capital of the Credit Union and allow it to undertake expansion and enhancement of services to the members.

Can Permanent Shares be used as collateral?

No.

What is the Minimum Permanent Shares Requirement?

Each member is required to purchase at least Two Thousand Five Hundred Dollars ($2,500.00) in Permanent Shares.

Will dividends be paid on Permanent Shares?

Dividends are paid on Permanent Shares subject to approval by members at the Annual General Meeting.

Can Permanent Shares ever be withdrawn?

No. Permanent Shares cannot be withdrawn. However, if a member decides to give up membership or dies, the member or beneficiary will be paid for the shares.