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THRIFT VERSUS CREDIT UNION

 

Thrift SOCIETIES Credit Unions
        Pros

  • No Supporting Secondary Body - Affiliation Cost to the Secondary Body is eliminated

  • Restricted to sourcing capital from member through shares and loan

  • Capital requirement for registration of a Thrift Society is minimal - less than that of Credit Unions

  • Minimum financial operating standards for Credit Union does not apply to Thrift

  • Supporting Secondary Body i.e. Jamaica Co-operative Credit Union League (JCCUL) - higher affiliation cost

  • Unrestricted ability to accept deposits from members

  • Automatic availability of insurance facility  for loans and savings portfolio

  • Accepted players within the Financial Sector

          Cons

  • Weaker capital base

  • Smaller membership base

  • Not as recognized within the Financial Sector

  • Large start up capital required

  • Bank-like concept in operations

  • Erosion of uniqueness in operation i.e. Co-operative's concepts, principles and philosophy

  • Competition from other entities within the financial sector, impacts negatively on operations of Credit Unions

 


registrar of D.C.F.S

The Department of Co-operatives and Friendly Societies (DCFS), an agency within the Ministry of Industry and Investment and, Commerce, continues its relentless pursuit of social equity and unity of purpose, which embrace the core values of decency, civility and co-operation. Read more...