ABOUT THE ANSA McAL GROUP EMPLOYEES CREDIT UNION
In 1955,
representatives of the Credit Union League addressed the employees of
Alstons and their group companies, advising them about the benefits and
value of the Credit Union Movement. The following year, 28th
March, 1956, “The Employees of Alstons and Their Group Credit Union
(Co-operative) Society Limited was registered – Reg. No. 239
Our Society,
since its inception, has experienced varying challenges – tribulations
and triumphs, separations and mergers – throughout our existence. We
have been able however to maintain stability, integrity and satisfactory
service to our members, now totalling 4000, over the past 46 years;
paying the statutory maximum dividend specified for over fifteen years.
This legislation has now been revised.
Our Credit
Union continues to provide a special bond and unity between the group
employees as we encourage sporting and educational avenues for member’s
participation “Securing your Future through Prudential Management” is
the driving force behind our mission which states
“Our Credit
Union is a socio-economic co-operative committed to the provision of
financial, social and educational services to our membership and
charitable organizations and to the long term viability of the Credit
Union through prudential management.”
Our Society
provides a variety of services / benefits to our members (see byelaws
for member’s qualifications.)
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·
Share savings with attractive annual dividends.
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·
Loans at competitively low interest rates.
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·
Free
payroll deductions for employees.
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·
Fixed deposits.
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·
Christmas Savings Plan.
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·
Education Savings Plan.
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·
Free
Insurance coverage on shares and loans.
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·
Family Indemnity Plan – for one monthly installment covers up to six
(6) persons covered.
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·
Social, educational and sporting functions and activities.
Some
important dates in our history are identified below.
1958 –
Membership 150, First payment of Dividends.
1972 – Share
capital achieves $1 million dollars and membership exceeds 1,000
1984 – Share
capital exceeds $17 million, Dividends paid for year ending ‘83, 8%,
membership exceeds 2500.
1990 - Fully
computerized system, Launching of Irving Johnson Memorial Fund.
1993 – Change
of name from McAL Group Employees Credit Union to Ansa McAL Group
Employees Credit Union.
AMGECU is
owned and managed by the members. It is designed to encourage thrift and
promise “the all for one” concept in that resources are pooled and
individuals benefit from low cost loans. Members are encouraged to save
regularly and borrow intelligently. |
