acu st. maarten

Contents Definition and values of a co-operative

What are Credit Unions?

History of ACU

Who can become a member of ACU? and how?

What are the risks and costs involved in a company’s affiliation to ACU?

What are the benefits of an ACU membership

How can ACU offer its services at such great rates?

Do you need ACU to give your staff/employees a presentation?

Why should you offer ACU membership benefits to your employees?

Shouldn’t your employees also be enjoying the

ACU benefits?

Say ‘Yes!’, andyour employees will:1. Save at very attractive rates.

The highest on the market!2. Receive fabulous discounts at several

establishments in St. Maarten (also in Curacao/Bonaire).

3. Qualify for loans at the most favorable rates on the island!

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General Credit Union

Definitions and values of a co-operative.Definition a co-operative is an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise.ValuesCo-operatives are based on the values of self-help, self-responsibility, democracy, equality, equity and solidarity. In the tradition of their founders, co-operative members believe in the ethical values of honesty, openness, social responsibility and caring for others.

A co-operative society is a legal entity, with a formal set of rules. In a co-operative shares are bought by members and each member has the right to vote to appoint directors and make policy decisions.There are regular meetings.The members of a cooperative society work together for a common goal. The members have a vested interest not only financially but morally. This solidarity usually establishes a sense of community.

The seven co-operative principles

1. Voluntary and Open Membership 2. Democratic Member Control 3. Members’ Economic Participation 4. Autonomy and Independence 5. Education, Training, and Information 6. Co-operation Among Cooperatives 7. Concern for Community

The main types of co-operative societies;

1. Producer co-operatives (example: a co-operative of farmers)

2. Worker co-operatives (example: a co-operative of taxi-cabs)

3. Consumer co-operatives (example: a supermarket)

4. Retail or purchasing co-operatives (example: a hardware store)

5. Social co-operatives (example: a social service co-operative)

6. Financial co-operatives (example: a credit union)

ACU - GENERAL CREDIT UNION ALGEMENE SPAAR- EN KREDIET COÖPERATIE

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Credit Unions belong in the category of co-operatives of Consumers and are member-owned, not-for-profit financial co-operatives that provide savings, credit and other financial services to their members.Members pool their assets to provide funds for loans and a variety of other financial servicesImportant: A credit Union is NOT a bank! It is NOT driven by profit!The Credit Union Motto is:

•Notforprofit,•Notforcharity,•Butforservice

What are Credit Unions?

Credit unions worldwide offer members from all walks of life muchmorethanfinancialservices.They provide members the chance to own their own financial institution and help them create opportunities, such as starting small businesses, growing farms, building family homes and educating their children.


Credit Unions CommercialBanks

Structure Not-for-profit, member-owned financial co-operatives funded largely by voluntary member deposits

For-profit institutions owned by stockholders

Clientele Members share a common bond, such as where they live, work or worship. Service to the poor is blended with service to a broader spectrum of the population, which allows credit unions to offer competitive rates and fees.

Typically serve middle-to-high income clients. No restrictions on clientele.

Governance Credit union members elect a volunteer board of directors from their membership. Members each have one vote in board elections, regardless of their amount of savings or shares in the credit union.

Stockholders vote for a paid board of directors who may not be from the community or use the bank’s services. Votes are weighted based on the amount of stock owned.

Earnings Net income is applied to lower interest on loans, higher interest on savings or new product and service development.

Stockholders receive a pro-rata share of profits.


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History of ACUACU was founded as Ambtenaren Credit Union on November 27, 1962 by 35 public servants and was open only to government employees. In 1985 the members decided to expand membership eligibility to teachers and retired public servants. Also people employed by government companies were shortly thereafter allowed. Later ACU began also accepting employees of companies from the private sector. Soon afterwards the name Ambtenaren Credit Union was changed into AlgemeneSpaar-en KredietcooperatieACU.

Over the years ACU has grown into a co-operative with over 17,000 members, turning itself into the biggest Credit Union in the Dutch Kingdom!

ACU, just like any other credit union, is owned and controlled by its members.

ThepurposeofACU:To enable all members to influence their own financial situation, by:

1. Encouraging these members to save money at the highest interest rates on the market

2. Providing to these members financial support through loans at the most favorable rates on the market!


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To become a member of ACU, one must be employed by the government or a government company (for example: GEBE, UTS, Telem) or government foundation (for example: the St. Maarten Housing Development Foundation) or a company from the private sector, which has affiliated itself to ACU.

HowdoesacompanyaffiliateitselftoACU?For a company to be affiliated to ACU, it must follow a very easy, no-risk, three-step procedure;

• ThecompanyneedstoapplyforaffiliationtoACU, by filling out a simple form• Thecompanyneedstosubmitaproofofregistration with the local Chamber of Commerce• TheapplicationisapprovedbytheACUBoardof Executive Directors

All companies may apply. No preference is given to any sector. The list of affiliate companies includes, for example, hardware stores, hotels, airlines, car dealerships and consultancy firms.

Once a company’s application for affiliation is approved, all its employees can apply automatically for membership. To apply for membership, the employee must present a valid id, his/her last

salary slip and fls 76.50, to purchase his/her first share (fls 50) and to cover the administration fees (of fls 25 + tax). A member is required to buy at least the equivalent of ½ share (Nafl 25) every month. On this money no interest is received. However this money (or number of shares) qualifies for shareholder earnings, which are paid out once a year by ACU. During the last years the rate of paid out earn-ings has fluctuated between 4% and 5.5% yearly. These shares will always belong to the member (not to ACU!) and will be purchased back by the organization at the original price, if the mem-ber decides to cancel his/her membership. In case the member passes away, his/her shares (together with all the other funds s/he has at ACU) will go to his/her heirs. Once the employee of an affiliated company is registered as a member, s/he can start enjoying all the benefits of being a member of ACU.

What are the risks involved in affiliating one’scompanytoACU?There is only one answer: NONE!

What are the costs involved to affiliating one’scompanytoACU?The answer here is also: NONE!

• The relationship of membership is between ACU and the employee directly. • Affiliating one’s company does NOT automatically mean retention of payments to ACU for its employees.• Neither does it mean that the company can be held responsible for the actions of the member towards ACU.• Having one’s employees become members will, in no way, represent an added burden to the company’s administration.

Whataretherisksandcostsrelatedtoaffiliatingone’scompanytoACU?

Theanswerhereisveryshort:NONE!NADA!ZERO!

Who can become a member of ACU? And how?


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What are the benefits of an ACU membership? SAVE!Once the employee of an affiliated company is registered as a member with ACU, s/he can start saving at the very best rates on the island!

• For starters, s/he can start saving at 3.7% interest per year on his/her savings account

• The new member can open a savings (Abeguito) account for his/her children of up to 27 years of age, on which the interest accrued is 5.25% per year!

• The new member can also opt for a time deposit, which accrues a yearly interest of 4%.

Additionally, one must not forget the fact that simply by being a mem-ber and, thus by buying shares monthly, one qualifies for paid out earnings. This makes many members consider their shares as form of savings which yearly pays them ‘interest’. This ‘interest’, as stated above, has been fluctuating between 4% and 5.5%, which is well above the interest rates at Banks.

RECEIVEDISCOUNTS!As a member of ACU, one qualifies automatically for attractive discounts at participating establishments in St Maarten (also in Curacao and Bonaire).

APPLYFORLOANS!As a member of ACU, one qualifies automatically to apply for loans at the very best rates on the market! There are, however, some conditions; • In order to apply for a loan, the member has to have purchased monthly at least the equivalent of ½ share (fls 25). • Only after three months following his/her registration as a member, can the new member apply for a loan. • One must have a steady form of income • One must have the means to pay back the loan (ACU rules and Central Bank regulations apply)

How can ACU offer its services at suchgreat rates?

How can ACU provide to its members savings opportunities way more beneficial than anywhere else and offer loans to these associates at rates far below the ones on the market?

As explained on previous pages of this brochure, ACU is not driven by profit. ACU is a credit union and not a bank and, thus, does not follow the principle of maximization of profit. Why not? It would not make sense to make profit from oneself.

Howsafeisamember’smoneywithACU?Besides repor ting to its Board of Directors and its Board of Supervision, ACU is also subjected to a strict supervision by the Central Bank of Curaçao and St. Maarten. The Central Bank of Curaçao and St. Maarten imposes on ACU many requirements in order to safeguard the funds of the members of ACU.


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Why should you offerACU membership benefits to your employees?Because…

• You will be seen as an employer/director who cares for employees.• You will encourage your employees to save for themselves and for their children at the best rates on the island.• You will offer your employees the chance to save at several establishments, thereby increasing their purchasing power. • You will make it possible for your employees to borrow at the lowest rates on the island.• You can expand your employee benefits package, by adding these to the perks you already provide to your employees. • It’s simply the right thing to do!• Your employees will love you for it!

Is ACU available or willing to give a presentation to your staff and/or employees on the benefits of an ACU membership?Yes! If you find yourself sitting on the fence, wondering whether your employees will truly find this interesting, feel free to give us a call or e-mail us. We will gladly give a presentation to your employees at your office at no charge and with no strings attached.

IlearnedtosaveatACU! • I’m so happy that through my employer I was able to become an ACU member. As a member, I buy shares every month.

That’s a very easy way to save. And the return on my investment is higher, than if I had put that money in a savings account at a bank.

IalsosaveatACU! • In addition to buying shares monthly, I also save on my ACU savings account. And you know what? At an interest rate of 3.7%, you can’t beat that anywhere!

ACU CONTACT PERSON IN ST MAARTEN.

CHARLES BENDERS

MAIL: [email protected]: 522-5759 Servingourcommunityformorethan50years!

IsaveandborrowatACU! • I buy shares every month at ACU. That entitles me to borrow also from ACU. I did that and ...waw... at better rates than at my regular bank!

Ilovethediscounts! • I enjoy the discounts by simply showing

my ACU membership card. For example, these glasses were going to be just

beyond my budget. But I received a 10% discount and... the glasses... well they’re on my face... not in the store anymore!

acu st. maarten

Documents

cooperative members

credit unions

social cooperatives

cooperative society

member of acu

cooperative of taxi

cooperative of farmers

cooperative shares