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Establishing a Credit Union Bank…

Several commentators have had a say about the proposal to launch a credit union bank in Barbados. So far BU has not heard a logical argument why the Barbados Cooperative and Credit Union League (BCCUL) wants to compete with commercial banks in the form of owning a bank. BU sides with the view a better…

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Dr. Justin Robinson's research indicates Barbadians willing to support credit union bank.
Dr. Justin Robinson’s research indicates Barbadians willing to support credit union bank.

Several commentators have had a say about the proposal to launch a credit union bank in Barbados. So far BU has not heard a logical argument why the Barbados Cooperative and Credit Union League (BCCUL) wants to compete with commercial banks in the form of owning a bank. BU sides with the view a better option is to amend existing legislation to facilitate credit unions in Barbados offering a full range of financial services.

Last month a press report was carried that research undertaken by Dr. Justin Robinson,  dean of the Faculty of Social Sciences of the University of the West Indies Cave Hill, confirmed that a large percentage of Barbadians indicated they would deposit money in a credit union bank. BU is hopeful the Robinson report will be shared so that by its widest circulation credit union members are able to support the initiative from an informed position.

The BU household has benefitted from being members of credit unions and has become increasingly concerned at the strategic path the movement has taken in the last decade. This is the subject for another blog. Also in the press report indication was given that the BCCUL “gave the green light to start negotiations with the board of directors of Capita Financial Services Inc. regarding the pricing of banking products, operational costs and other issues”. BU is unsure how to interpret from the sketchy press report Capita Financial Services involvement in the initiative. BU is making the assumption that Capita Financial Services  will be converted to a ‘credit union bank’ as part of the credit union bank project.

We find Capita Financial Services  involvement interesting. Bear in mind this institution was started with the politically contrived purchase of Clico Mortgage and Finance company by Barbados Public Workers Credit Union. Again, the subject of another blog. So far local media has been a news taker and unable to provide robust analysis about what is a significant project being undertaken by a movement that has served Barbadians well up to now.  The fourth estate of Barbados is advised to reallocate resources to the decision of the BCCUL to support a credit union bank, many ordinary Barbadians, mainly ignorant about financial matters, may yet thank them.

Given Capita Financial Services role in the project BU had a close look at its Financial Statements 2014.  What is notable is that Capita has shored up the balance sheet with new share capital of $4.5 million. The accountants will regard this as a prudent move because it reduced the leverage  along with with growth in loans. BU surmises the main reason for the capital injection was a response to the leaking of cash  at the operating level, cash and related items fell nearly 40% to $11.9 million. Along with the new share capital the increase in deposits of about 5 million helped to mitigate in 2014 but a cash loss of $900,000 at the operating level was still significant. No doubt this item will attract the attention of Capita’s bosses this financial year. Although not significant BU is curious what kind of equipment Capita procured at a cost of $600,000.

BU means Capita Financial Services no reputational harm, HOWEVER, we will continue to challenge and ask questions if we think clarity is required in the interest of the public.  Unlike the commercial banks operating in Barbados who have head offices with deep pockets, if the credit union bank runs into difficulty will credit union funds have to be at the ready?

39 responses to “Establishing a Credit Union Bank…”

  1. Life changer + Avatar
    Life changer +

    “Great article and right up my street.”
    AS MOST BAJAN’S DON’T KNOW WHAT INTEREST RATE THEY PAY.
    It’s a no brainer, the choice for me is a Credit union Bank to drive Bajan personal debt down quickly; You could simply meet with the credit union Bank and inquire if they can pay off your high interest credit cards–with lower interest credit cards from the credit union. Reducing debt from 24% down to (perhaps) 10%. This works like “magic” to motor you out of debt. Find out if the credit union can refinance your auto loan/s to lower interest rates. Many credit unions can lend at 2-3% on a auto loan, likely lower than the rate from your bank. You may even want to consider taking the maximum loan possible from your card–applying the extra “cash-out” to your credit cards. Apply this “Debt “strategy–With all your interest rates reduced and far more cash flow, this Debt strategy will be supercharged–propelling you out of debt in a fraction of the the time.
    Never use a bank again. If you ever need to borrow, borrow from a credit union. Do the math.

  2. Pachamama Avatar
    Pachamama

    We think the critical questions should relate to the gap between banking, all types of banking, and what passes for banking in Barbados.

    On a separate matter we just understood that the government got over $100MM from Butch Stuart, no relation to FJS, and used it to pay wages and salaries. We hope such a basic error did not occur. However, if the people in charge were on the cutting edge of what’s really happening in the world of finance/banking they would have known how $100MM could have solved all their problems. Folks we are yet mired within stone age thinking. The idea about a credit union bank will play into that same dated thinking. We had propose this 30 years ago. Better late than never, we guess.

  3. Life changer + Avatar
    Life changer +

    30 years…..

    One day, a snail comes to a rabbit, “Can I be friend with you?”

    Rabbit says, “Can… if you race with me and win the race.”

    So the snail agrees to race 100 m with rabbit.

    On your mark, get set, go….

    Rabbit runs with full speed, but stops at 80 m. He turns around and sees snail is at 0.1 m. So he sits under a tree and rests. Soon he falls into sleep.

    Snail runs as fast as he can. After 3 hours, he is about to pass the rabbit. He sees the rabbit is sleeping under the tree, so he runs towards the rabbit.

    “Rabbit, rabbit. Wake up. I’m almost overtake you,” shouts the snail.

    Rabbit wakes up and sees the snail is close to finishing line. He runs with his full speed and manages to win the race.

    “Thanks for waking me up. You have lost the race but have won my friendship,” says the rabbit.

  4. David Avatar
    David

    @Pacha

    BU has not questioned the credit union concept, we are scrutinizing the relevance in a Barbados market and the process being adopted based on the sketchy info available.

  5. Pachamama Avatar
    Pachamama

    @David
    Ours was not any criticism at BU. It was at the state of banking/finance, or what passes for, In Barbados. Even the language used in these parts maybe more relevant to a history class than to existential problem solving.

    We can’t understand how stories about rabbits and snails could be relevant in these times. Even so the hares are not sleeping, the snails are! It’s time for a quantum leap.

  6. balance Avatar
    balance

    I am one of the very earliest members of the Bdos Public Workers Credit Union in the days when it used to fulfil its mandate to its membership within the fundamental principles of Credit Unionism and i have remained a member because between the credit union and banks, the credit union is the lesser evil.Management of Credit Union affairs over the last decade does not inspire confidence and sorry to say the conceptualisation of Capita Finance as well. With these dark shadows lurking in my mind, i have my doubts whether the noble objectives of a Credit Union bank in the hands of the same players would achieve its objective.

  7. The People's Democratic Congress Avatar
    The People’s Democratic Congress

    It is the monetary authority, the money banks, the so-called credit unions, the finance houses and other personal or business financial account holding establishments that form part of the core financial system in Barbados that have long been and are secondarily responsible for the destruction and despoilation of many of the social political material financial affairs of the relevant people of this country.

    And as we have stated so many times on here and elsewhere too, it is these DLP and the BLP governments that have long been and are primarily responsible for the systematic destruction and despoilation of many of the social political material and financial affairs of the relevant people of this country.

    So, just as DLP and BLP governments have been for so long adopting and then implementing many relevant wicked obscene westernized euro-centricized ideological, policy and program frameworks of a social political financial nature in the process of the destruction despoilation of many of such affairs, the money authority, the money banks, the so-called credit unions, finance houses and other money trasferring core financial system of this country has been for so long adopting and then implementing many relevant wicked obscene westernized euro-centricized ideological, policy and programmatic frameworks of a psychological political financial nature to greatly help bring about such damage and destruction of many such affairs.

    Indeed, another bank based on such wicked obscene westernized eurocentricized psychological political financial principles – will – whether it is a credit union bank, a privately owned bank, a government controlled bank, a local or foreign owned bank – primarily serve to further psychologically politically exploit the broad masses and middle classes of people of this country and deepen their misery and poverty in it.

    PDC

  8. Artaxerxes Avatar
    Artaxerxes

    Life changer + | August 6, 2014 at 5:56 AM |

    “It’s a no brainer, the choice for me is a Credit union Bank to drive Bajan personal debt down quickly; You could simply meet with the credit union Bank and inquire if they can pay off your high interest credit cards–with lower interest credit cards from the credit union. Reducing debt from 24% down to (perhaps) 10%.”

    Correct me if I’m wrong, but I think you have misinterpreted the meaning of the “credit union bank”.
    You should be aware that, although the proposed bank will be owned and operated by the credit union, the bank and the credit union will two separate entities. As such, the bank will have to operate under the regulatory framework that governs the operations of all commercial banks in Barbados. More specifically, the Financial Institutions Act 1996-16 is the legislation under which the “credit union bank” will be administered.
    Consequently, there may not be a situation where the credit union bank could apply credit union loan stipulations to loans disbursed by the bank.

  9. PLANTATION DEEDS FROM 1926TO 2014 MASSIVE FRAUD LANDTAX BILLS AND NO DEEDS, BARBADOS DLP/BLP MASSIVE PONZI FRAUD Avatar
    PLANTATION DEEDS FROM 1926TO 2014 MASSIVE FRAUD LANDTAX BILLS AND NO DEEDS, BARBADOS DLP/BLP MASSIVE PONZI FRAUD

    The Banks have to be some of the Nastiest Mind set in the world , They may not shoot guns but they shoot dollar and debt, That support the PONZI crooks that we all must pay when the music stops and there is no where to sit, Watch where your ASS- sits,

  10. SuckaBubby Avatar
    SuckaBubby

    Cool idea but I think credit unions should get into investing.

  11. Carlos Bourne Avatar
    Carlos Bourne

    Too many questions about this venture. Too many credit unions not supporting it including Two large ones and many smaller ones.. Only two credit unions seem to be pushing it. What about ownership? What about the business plan which was never circulated to credit unions to allow them to make an informed decision. The recommendation to use Capita was not a popular one among credit union leadership. The concerns expressed by the President of the BWU Credit union should be addressed.before moving forward with venture.
    It is stated that $10 million would be required to commence operations which suggests that significant padding of expenses has already started. That too needs to be clarified.

  12. Life changer + Avatar
    Life changer +

    @ Artaxerxea.
    Now this is really heavy-duty stuff for the norm., potentially mind changing stuff. It’s not the first time someone can understand the contexed of the statement and a clarity question’s been asked, of course – not by a long way; but ever since the implosion of the western world’s banking system in 2008 imagining a planet without the mighty US dollar as the global reserve currency is now being openly discussed a little more frequently. Although it’s not surprising that this isn’t leading the six o’ clock news – or even getting a mention – it most definitely should be.

    Any country that has the means to provide the base currency which almost every other country on the planet uses for trading purposes is in an extremely powerful position. It’s no coincidence that now and in the past these countries have also been major military powers too, because one of the main reasons why a nation can earn the right to provide the global reserve currency is that its government isn’t likely to be overthrown anytime soon – either by internal revolution or by foreign invasion, which means its currency is relatively stable and secure, which makes it good for trading purposes.
    As I say sometimes we make choices – and sometimes choices make you.

  13. Dompey Avatar
    Dompey

    Planation Deeds

    You may not agree with the Bank’s practices and perhaps, you probably view them as immoral in some respects. But our system of democracy gives us the right through the process of self-determination, to decide whether or not we want to do business with such an institution. So in essence, you’re advancing the view that there is an obvious need to inform the public conscience regarding the Bank’s ethical conduct? Therefore, as an entity which professes to guard the masses against governmental and private- sector misconduct, you ought to vehemently and with some measure of force, educate the public conscience regard this matter.

  14. Life changer + Avatar
    Life changer +

    @ Dompey
    Well said, but you need to go further, and put it to a people’s simple 2 way vote….

  15. Life changer + Avatar
    Life changer +

    As I’ve just had pointed out to me, (privately) buy a billionaire Banker here,
    “Large credit unions are misleading when they say they are not-for-profit. Most large credit unions have loads of profit (what they call retained earnings) which have not been taxed. They simply hold on to it, pay executive salaries, conduct branch expansion, and spend millions on marketing with the tax savings.”
    So it may be as simple as the “snail & the rabbit.” I referred to earlier….

  16. PLANTATION DEEDS FROM 1926TO 2014 MASSIVE FRAUD LANDTAX BILLS AND NO DEEDS, BARBADOS DLP/BLP MASSIVE PONZI FRAUD Avatar
    PLANTATION DEEDS FROM 1926TO 2014 MASSIVE FRAUD LANDTAX BILLS AND NO DEEDS, BARBADOS DLP/BLP MASSIVE PONZI FRAUD

    Dompey | August 6, 2014 at 11:47 AM @ We and i even gave you a vote+
    Banks in American get caught when they do wrong and pay in one way or another, Barbados is such a mess that they lawyer, judges, bankers and rich men /women seem to own the banks and pelt out the law that rule them.
    All of Barbados banking is in out side cash and inside loan, Banks on this rock can not stand up to the laws of the out side , Person backing the loans and even in 4 seasons have to use the same fraud men over and over again with different men take turns leading the loans,
    need to take a look at BFP and see how its done , Some one help along with the title RANT.

  17. Life changer + Avatar
    Life changer +

    @ Plantation Deeds.
    I should imagine you have seen the news;

    Eight of The Fifteen Persons Arrested By MOCA Now Charged

    Eight of the fifteen persons who were arrested between Thursday, July 10 and Friday, July 11 in western Jamaica, during a Major Organized Crime and Anti-Corruption Task Force led operation with international and local Law Enforcement entities, were charged.

    “Charged with breaches of the Law Reform (Fraudulent Transaction) (Special Provisions) Act, 2013 are:

    • Jermaine McKenzie, 19 year old.
    • Sharon Anderson, 46 year old domestic engineer of Belfont district, St. James.
    • Lasharoo Shaw, otherwise called ‘Dwayne Shaw’, 30 year old farmer of Belfont district, St. James.
    • Laycian Shaw, 26 year old of Belfont district, St. James.
    • Mario Campbell, 26 year old vendor of Cedar Valley, St. Elizabeth.
    • Jomeo McLeod, 29 year old farmer of Haddington district, Hanover.
    • Joseph Cunningham, 32 year old labourer of Lucea, Hanover.
    • Athon Wright, 40 year old mechanic of Shrewsbury, Westmoreland.

    They are all scheduled to appear in the Montego Bay Resident Magistrate’s etc etc…

    These people just seem to think they can get away with it. Perhaps this sort of thing needs to be happening more quickly hear…

  18. PLANTATION DEEDS FROM 1926TO 2014 MASSIVE FRAUD LANDTAX BILLS AND NO DEEDS, BARBADOS DLP/BLP MASSIVE PONZI FRAUD Avatar
    PLANTATION DEEDS FROM 1926TO 2014 MASSIVE FRAUD LANDTAX BILLS AND NO DEEDS, BARBADOS DLP/BLP MASSIVE PONZI FRAUD

    Life changer + | August 6, 2014 at 1:44 PM |

    @ Plantation Deeds.
    I should imagine you have seen the news;@

    No We do not get to see all the News, We thank you of the PLANTATION DEEDS POLICE AND BU , that bring the NEWS as you see fit to post,
    Its a Matter of Time Before the Rest of the Law and NEWs Catch up with DLP/BLP/DBLP.
    The are many who love slavery and locking up people to show they are earning their money , All roads lead to “ROME” BARBADOS AND T&t..

    FOR these first class Nigger to rob their own People is one thing , But to rob the Whitemans system and his kin is another,
    Above and below you will T&T and JAM above, matter of time before the banks are connected , Eric Holder AG and the US have heard and knows well before he Slams island home , Eric will bring it home with the massive fraud they doing to all citizen of the world, Take it light as Violet Beckles would and did say , God is not asleep, and neither is the Keys to a jail cell.
    thanks again “Life changer+” we all need to know and to be in the know.

  19. Well Well Avatar
    Well Well

    Plantation…….there is a reason why they are called banksters…….lol

    Let’s hope that the DLP/BLP government can never get their hands on the credit union bank’s money going forward, it is not a national bank and should be well protected, don’t want any one to forget along the way that it is the savings of hardworking taxpayers.

  20. Artexerxes Avatar
    Artexerxes

    In June 2012, former Central Bank Governor Sir Courtney Blackman, consultant on the project, suggested that Capita Financial Services, owned by the island’s largest credit union, Barbados Public Workers’, be transformed into that proposed credit union bank. At the time the Chief Executive Officer of the City of Bridgetown Credit Union [one of the largest credit unions in Barbados] raised a number of pertinent issues relative to the establishment of a commercial bank.
    This was against the background that the credit union owned an insurance company which has not gained any significant support from credit union members and has struggled for many years as a result.

    In my opinion, and in an environment where consumers do not use sentiment as their criteria when conducting business, the most important activity in this endeavor, will be “selling the idea of a credit union owned commercial bank to the credit union membership base.

    However, as a credit union member, I would have to find out the exact number of credit unions in Barbados………..how many of them that are financially viable and meet the capital requirements will be involved in the venture; what about deposit insurance; will the membership base be entitled to be shareholders as in the case of the credit union; how will the retained earnings be disbursed among the shareholder credit unions. These are just a few concerns.

  21. Artexerxes Avatar
    Artexerxes

    Life changer + | August 6, 2014 at 12:12 PM |

    “As I’ve just had pointed out to me, (privately) buy a billionaire Banker here, “Large credit unions are misleading when they say they are not-for-profit. Most large credit unions have loads of profit (what they call retained earnings) which have not been taxed. They simply hold on to it, pay executive salaries, conduct branch expansion, and spend millions on marketing with the tax savings.”……”

    The “billionaire Banker here” is misleading you, because his statement is not entirely true. Sometimes we take statements made by certain individuals for granted, only because we are of the opinion that they know what they are talking about, so it must be gospel. However, when we are uncertain, we should to the requisite research or ask for another opinion, before advancing their arguments.

    Credit unions are classified as non-profit organisations and are exempted from corporation tax under Section 9(1)(g) of the Income Tax Act of Barbados.
    In the credit union setting, retained earnings may be defined as its net worth at the end of a financial reporting period as determined by standard accounting principles, and is an avenue for the CU to build capital. Retained earnings consist of undivided earnings, regular reserves and any other appropriations of undivided earnings designated by the credit union’s hierarchy or the regulatory authorities.
    An adequate net worth enables a credit union to be in a financially strong position to take on more risk, deal with future uncertainties such as assets losses and adverse economic cycles (such as this current protracted economic crisis; e.g. high loan delinquency occurring as a result)

    Additionally, it is erroneous to suggest that “retained earnings” are used to finance salaries and marketing expenses, since these operational expenses would have been accounted for and deducted from “gross profit” so as to determine “net profit”. Each year, net profit not disbursed as dividends to shareholders is carried forward at the end of the financial period as “retained earnings” and recorded on the balance sheet in the retained earnings account: [Retained Earnings (RE) = Beginning RE + Net Income – Dividends]

    In an ordinary business venture, retained earnings do not represent any surplus of cash held by the company, but is used for reinvesting purposes.

  22. Dompey Avatar
    Dompey

    I don’t know if yall heard the Pope this evening on the 6:oopm news, cautioning the young people not to waste their lives on social-media? I wonder if the Pope’s message was also intricately designed for the old fogies like we ourselves? Nevertheless, it so happened that I was in a conversation with an elder Jewish woman, who used to work at the hospital where I worked for a short period, and she said to me with a serious look on her face that, ” If I noticed that the kids of today, no longer play outside anymore.” Perhaps, this what the Pope was driving at on the evening news, but then again, who really cares what the Pope has to say anyway? I certainly do not because Pope thinks he speaks for the collective body of the Christian Church, which he doesn’t.

  23. Life Changer + Avatar
    Life Changer +

    @ Artexerexes.
    If I may be so bold, you are not cool. To clarify, I think it’s worth noting the irony in such a comment, from a “well informed Bajan economist,” given the fact that the “for-profit banking / corporate” sector has recently benefitted from “unprecedented” amounts of government support here, at the peoples expense.
    I know Credit unions, do pay taxes.

    Though credit unions are exempt from income taxes, they still pay many taxes, like payroll . What I should have with disclosed for the financial consultants, if I would have realised you would “colour ” my blog – the “banker” did not bother to disclose -but is clearly relevant is the fact that – “over one-third of banks are Subchapter S corporations and don’t pay income tax at the corporate level either.”
    Bankers like my friend, complain that credit unions have an unfair advantage – if so I would ask myself a more relevant question- why have only two banks converted to credit unions, while over 30 credit unions have converted to banks, just in the past 15 years and there is a suggestion of one doing the same in Barbados….
    Furthermore – and some addittional “facts” – while the bankers will first complain that credit unions are affecting their lending, the truth is far different. A study commissioned by the Small Business Administration’s Office of Advocacy in 2011- of which I am a member – found that bank business lending was largely unaffected by changes in credit unions’ business lending, and credit unions’ business lending can actually help offset declines in bank business lending during a recession. The study shows that during the 2007-2010 financial crisis, while banks’ small business lending decreased, credit union business lending increased as a percentage of their assets. Clearly, credit unions continued to serve – as banks here in Barbados, turn and continue turning people away.
    The rellivence of my stance is that it’s becoming plain to see the amount high value cars outside some houses instead of investment into property.
    To put it simply and ” without prejudice” -the average Bajan finds it easier to obtain a car loan than a mortgage in this banking system.

  24. David Avatar
    David

    Interesting to see Capita’s advertisement in the newspaper – 100% car financing available for new and USED cars, hmmmm.

  25. Bush Tea Avatar
    Bush Tea

    A local bank owned by credit unions is as much a no brainer as is local retail businesses owned by credit unions, ….farms owned by credit unions, ….transport systems owned by credit unions and hotels, construction businesses and service institutions …owned by credit unions.

    Ownership by credit unions is simply a way of saying OWNERSHIP BY ORDINARY BARBADIANS.
    Why should ordinary Bajans, with BILLIONS saved in foreign people’s banks not re-deploy those savings into business operations that serve their needs ….and generate profits to THEIR benefit rather than to a few white/ foreign people?

    The problem of course is the usual idiocy that impedes all such good ideas bout here….some idiot will come and suggest that Capita, (a colossal mistake made by jokers at Public Workers and crooked politicians), be incorporated into the arrangement.
    They will then include all the shady dealings in the startup cost and saddle the new idea with unsustainable liabilities…..
    ….then when it fails, everyone will say we should not have done it….

    Any new credit Union Bank should be independent of any old shady deals, FULLY transparent, and led by persons with a track record of HONESTY.

    …but it is URGENTLY needed.

  26. David Avatar
    David

    @Bush Tea

    Waiting to see how Capita will be involved in this project. Hopefully the credit union membership will be vigilant.

  27. Artaxerxes Avatar
    Artaxerxes

    Life Changer + | August 7, 2014 at 6:15 PM |

    “Though credit unions are exempt from income taxes, they still pay many taxes, like payroll”

    Do you care to explain the above statement?

  28. Life changer + Avatar
    Life changer +

    @ Artexe.
    To answer a “carbon based” question.
    From a search engine “Analyst”
    Myth: Credit unions pay no taxes.
    Fact: Credit unions do pay taxes, including property, local and employer taxes. However, because credit unions are not-for-profit—returning all profits to members (customers) in great rates and low fees—they’re exempt from federal income tax.
    Myth: Credit unions are really just like banks.
    Fact: Credit unions do provide many services that banks offer. But the core values are so different—regardless of the credit union’s size or offerings. As a credit union member, you’re not just a customer; you’re an owner, with a vote in determining the direction of the credit union. And because credit unions are not-for-profit, all earnings go back to the members in the form of great rates and low fees. It’s about putting people before money. Banks, on the other hand, exist to make a profit for shareholders. While that is fine, it means they’re not motivated by the same values as credit unions.
    Myth: You can’t belong to a credit union unless you work for the right employer (or you belong to a union).
    Fact: This used to be true, but it’s not anymore. Here’s how it works: a credit union’s charter defines its field of membership—the “common bond” that all people must share to be eligible to join. Today, you may be eligible within a credit union’s field of membership, based on where you live, work, worship or attend school.
    That’s good news, because with hundreds of credit unions across New York State, almost anyone can find a credit union to join. Our CU Locator can help you find credit unions for which you might be eligible.
    Myth: Credit unions’ tax-exempt status gives them an unfair advantage over banks.
    Fact: Actually, there’s no evidence to support this claim. Quite the contrary:
    Even as credit unions grow, banks have enjoyed record profits.
    Ten years ago, credit unions held 2.0% of America’s financial assets. Today they hold 2.1%.
    The typical credit union has $4 million in assets. The average bank holds $250 million.
    Myth: Credit unions should be as strictly regulated as banks.
    Fact: They are. Credit unions must comply with most of the same regulations that banks do. In fact, to ensure safety and financial soundness, credit unions face more restrictions than banks in the investments and loans they can make.
    Myth: You have to pay a membership fee to join a credit union.
    Fact: There’s no membership fee involved. While credit unions do ask you to keep a minimum amount on deposit, that amount is very small—and you will receive it back if you close your credit union account.

  29. David Avatar
    David

    @LifeChanger

    Are you posting about the credit union movement in Barbados? Surely not!

  30. Life changer + Avatar
    Life changer +

    @ David.
    Good morning,
    Just answering a “carbon based” question with an algorithmic based answer.
    “More power to the people who pay, than the machine that dominates.”

  31. David Avatar
    David

    Your comment to Artax makes no sense because it is not relevant to Barbados.

  32. Artaxerxes Avatar
    Artaxerxes

    David | August 8, 2014 at 6:57 AM |

    “Are you posting about the credit union movement in Barbados? Surely not”

    David you are absolutely correct, what Life Changer + posted is probably relevant to North America or some other country.

  33. Artaxerxes Avatar
    Artaxerxes

    Life changer + | August 8, 2014 at 6:54 AM |

    “To answer a “carbon based” question…………”

    All I asked was for you to clarify the statement “Though credit unions are exempt from income taxes, they still pay many taxes, like payroll” and you post some shiite that has no relevance to my question or with the operation of credit unions in Barbados.

    However, don’t be so sanctimonious, actually you have replied appropriately by providing a “carbon based answer” to my “carbon based question”.

  34. Life changer + Avatar
    Life changer +

    @ Artexe.
    Vanity and more vanity.( carbon based)
    Philosophically speaking, vanity may refer to a broader sense of egoism and pride. Friedrich Nietzsche wrote that “vanity is the fear of appearing original: it is thus a lack of pride, but not necessarily a lack of originality.”One of Mason Cooley’s aphorisms is “Vanity well fed is benevolent. Vanity hungry is spiteful….
    Enjoy your fill…

  35. Life changer + Avatar
    Life changer +

    @ Artexe
    ( or the snail )
    Here’s something I prepared for you earlier, referring to your responce to my blog and your troll blog about carbon based vanity.
    In conventional parlance, vanity is the excessive belief in one’s own abilities or attractiveness to others. Prior to the 14th century it did not have such narcissistic undertones, and merely meant futility. The related term vainglory is now often seen as an archaic synonym for vanity, but originally meant boasting in vain, i.e. unjustified boasting; although glory is now seen as having an exclusively positive meaning, the Latin term gloria (from which it derives) roughly means boasting, and was often used as a negative criticism.
    Speak Latin do you – because it sounds like Bajan to me.

  36. Artaxerxes Avatar
    Artaxerxes

    Life changer + | August 8, 2014 at 8:42 AM |

    Thank you for your critique of me, I will certainly use it as a guideline to change my attitude.

    Individuals such as yourself seek the attention that was denied you when you were younger. You probably grew up in an environment where you were so insignificant among your peers that you had to make some sort of noise for them to acknowledge your presence among them. You decided to read a few books to gain knowledge which gave you the misguided assumption that it would make you superior to them. Consequently, you are using every opportunity to showcase your new found knowledge, by presenting facts whether they are relevant to the discussion or not.

    I asked you to explain your reference to payroll taxes and credit unions in Barbados and you replied by giving us information relative to the operation of credit unions in North America.

    Now, let us put this in the context of one being “narcissistic”. Narcissistic personality disorder is a mental disorder in which an individual has an inflated sense of his/her own importance, a deep need for admiration and often display snobbish, disdainful, or patronizing attitudes. For example, an individual with this disorder may conclude a medical evaluation with a condescending evaluation of the physician. Behind the narcissist’s mask of ultra-confidence lies a fragile self-esteem, vulnerable to the slightest criticism.
    Instead of analyzing my contribution and critique it on its merit, you have chosen to reply with a condescending evaluation of me.
    Nowhere in any of my contributions have I have sought to criticise, ridicule, or insult you, however you have continued to travel this path by using words such as “the snail”, “blog troll”, “vanity” and “narcissistic”, as well as making some irrelevant mad rambling references to the 14th century.

    It appears as though you have misinterpreted my response to your contribution as being a criticism of you; this was not my intension. However, I understand why you have been so harsh. Perhaps my response has exposed the fragility of your self-esteem, and your vulnerability to my perceived criticism has caused you to react in such manner. Now, who is the real narcissist here?

    I offer you my apologies, you have put me in my place and have proven that I am no match for your superior intellect. I am scared!!

  37. Life changer + Avatar
    Life changer +

    @ Artexe
    In answer to the captioned matter and un qualified blog. The test of a good teacher / meta blogger is not how many questions he can ask his pupils that they will answer readily, but how many questions he inspires them to ask him which he finds it hard to answer…..

  38. Artaxerxes Avatar
    Artaxerxes

    Life changer + | August 8, 2014 at 10:58 AM |

    Once again, I succumb to you superior intellect.

  39. Life changer + Avatar
    Life changer +

    @ Artexe.

    Artaxerxes : was king of the Persian Empire from 465 BC to 424 BC. He belonged to the Achaemenid dynasty and was the successor of Xerxes I. His name is mentioned numerous times in the Bible, in the books of Ezra and Nehemiah. He allowed the Jews to rebuild Jerusalem.
    “Vanity /Corruption starts within a person – People desire money/privileges / position etc and are tempted to accept bribes or do certain things for their own gain and so they become corrupt. Corruption and vanity exists in many places of work or government.
    I think these verses from the Bible put it quite well:
    Jas 1:14 But we are tempted when we are drawn away and trapped by our own evil desires.
    Jas 1:15 Then our evil desires conceive and give birth to sin; and sin, when it is full-grown, gives birth to death.
    Oh, I accept you apology, and I reciprocate if I have injured you.

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