Reassurance from Credit Union on the Recent ATM Fraud

In light of the recently reported case of ATM robberies the Barbados Public Workers’ Co-operative Credit Union Limited (BPWCCUL) is happy to report that none of the Credit Union's ATM machines were breached. The Credit Union also wishes to reassure its members that it's custodians have increased the number of daily checks on ATM’s, cameras and devices in and around the areas of the machines.

Member Relations Manager, Mr. Zandre Bowen in a statement on the matter said "This is not the first time such robberies have occurred in Barbados, we continue to remind you to be vigilant when using ATM’s, to take precautionary measures such as covering the keypad when entering your Personal Identification Number (PIN) and to report any irregularity you may notice.

Formal procedures are in place to address the specific matter of ATM fraud; and all financial institutions that issue ATM cards have adopted these procedures.

Barbados Public Workers’ Co-operative Credit Union Limited continues to reassure you that while investigations are taking place across the island, we are also working assiduously to ensure the safety of all funds in our care.”

Card holder Safety Tips

1. If you suspect that you have been a victim of ATM fraud, please call us immediately at 430 5200. Our Contact Centre Agents will be able to guide you through the process.

2. It is important that you monitor your account as often as possible, keep your receipts and balance statements safely. By signing up for our free E-Statement service you will get your statements monthly as opposed to quarterly with paper statements. These easy to download files can be filed electronically for quick, easy reference.

3. With our free online banking or telephone banking service you will be able to check the status of your account from anywhere, at any time. You may visit our website at www.publicworkers.bb for more information, come in to any of our four branches or call us at 430-5200 to find out how to sign up for these free services.

4. Ensure that your PIN is not shared with anyone

Central Bank Issues New Barbados Banknotes

Barbados’ new-look banknotes, the first
design change since 1973, will go into
circulation tomorrow. The Central Bank
first unveiled the new designs last
month, explaining that the new notes
will have more advanced security features and a design that reflects
Barbados’ status as a modern nation.

“As a symbol of our new status, we have introduced notes that are as modern as the latest technology can make them. These notes are our declaration of intent; we recognise that, having reached this advanced level of human development, we must cross swords with the best in the world and prevail, in order to maintain our forward momentum. That is why we have spared no effort in making our new notes the best they can be: The design is appealing, yet classy, the security features incorporate the most up-to-date technologies,” Governor Dr. DeLisle Worrell commented.

All denominations have retained their colour and the portraits on the front are unchanged.

Overall, though, the notes have a new look and feel. The backs of the notes now feature six different images, each linked to the portrait on the front. For John Redman Bovell, a pioneer of the sugar industry, the $2 has a vignette of Morgan Lewis Windmill. The $5, which has the portrait of former West Indies cricket captain, Sir Frank Worrell, has 3Ws Oval, and the $10 portrays Charles Duncan O’Neal Bridge. In honour of the Right Excellent Samuel Jackman Prescod, the first coloured man in the House of Assembly, the $20 bears a vignette of one of the Parliament buildings. The $50 depicts Independence Square, including the statue of the Right Excellent Errol Barrow; and the $100 honours the Right Excellent Sir Grantley Adams with a view of the Grantley Adams International Airport.

Raised marks to help the visually impaired identify the different denominations have now been placed on the top left of the note: one dot represents the $2 note, two dots the $5, three dots the $10, and so on.

The map of Barbados watermark, which has been found on all denominations since 1973, has been replaced by six distinct watermarks – the image of the person featured on that denomination’s portrait. Below the main watermark is a second, smaller one that shows the note’s value in numbers. Both watermarks can be seen on the left side of the note when it is held up to the light.

The security thread on the lower denominations - $2, $5 and $10 – remains the same wave-like silver line that is on current banknotes, but the $20, $50 and $100 have a new wide thread that changes from red to green when the note is tilted. Both types of thread weave in and out of the paper and have “CBB” and the denomination printed on them. For all denominations, when the note is held up to the light, the thread becomes a complete line from the top to the bottom of the note.

Under ultraviolet light, the waves in the centre of the $2, $5 and $10 glow and tiny fibres spread throughout the note fluoresce blue-yellow-blue. On the $20, $50 and $100, the waves fluoresce two different colours – pink and green on the $20, green and yellow on the $50, and yellow and green on the $100 – and tiny fibres glow pink.

On the right side of the two highest denominations, holograms have replaced the foil patches that were used previously. On the $50, the dominant image is the pelican, while on the $100, the principal image is the heraldic dolphin. Both denominations feature broken tridents, Pride of Barbados flowers and the note’s denomination as background images.

Despite the introduction of the new notes, Barbadians can continue to use banknotes from previous series. “Older notes will remain in circulation. They are legal tender, so banks, supermarkets, stores… everyone can and should continue to accept them,” clarified Octavia Gibson, Deputy Director, Currency.

Since the launch of the new notes on May 2, the Central Bank has been hosting sessions to familiarise Barbadians with the new designs and security features. The Bank will continue these educational promotions, including at BMEX.

The public can also call 227-8138, 227-8218, 227-8114 or 227-8270 or visit the Bank’s website www.centralbank.org.bb for more information on the new banknotes. Queries can also be sent to newnotes@centralbank.org.bb

Princess Margaret School first in Credit Union Rollout

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Over twenty students at the Princess Margaret Secondary School are now members of the Barbados Public Workers’ Co-operative Credit Union Limited. The students, ranging from first to fourth form, have all joined through the Credit Union’s newly launched Thrifty School Savers Programme. While Princess Margaret can boast of being the first school in the programme, Credit Union President, Mr. Glendon A. Belle, announced that there are other schools earmarked for launch shortly.

Students will benefit from financial advice and counseling, bonus savings credits and other incentives from the Credit Union. The programme is supported by four volunteer teachers and has been given the stamp of approval by the school’s Principal, Mr. Wayne Willock.

At the official launch ceremony held on the school compound, Willock proudly congratulated the students on being a part of a positive milestone for the school.

Attending the lunch-time ceremony were Credit Union officials including President, Glendon A. Belle; School Principal, Wayne Willock; Ministry of Education Representative, Celeste Clarke-Cox;
members of the press and the new student  members. The members were treated to a catered lunch and presented with their membership cards and Thrift Club branded tokens.

Credit Union Representatives Critical to Success
and Growth

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On Saturday March 16, just over 40 Credit Union Representatives gathered at the Accra Beach Hotel for a recognition event hosted by the Board and Management of Barbados Public Workers’ Co-operative Credit Union Ltd. (BPWCCUL).

The event is held annually to formally recognize the contribution of these volunteers who sign-up to give of their time to promote the Credit Union’s products, services and philosophy. The ever expanding field of Department Representatives is spread across many industries and sectors in Barbados and it is the aim of the Credit Union to have a representative in every organization—public and private—to continue to spread the Credit Union’s message.

In his address, President Glendon A. Belle updated the group on the Credit Union’s initiatives and achievements for the year. Among these were the launch of the Thrift Club Facebook page, the Perfect Union Wedding Registry product (the first of its kind in Barbados) and the impending launch the Thrift Club Schools Savings Programme.

He noted the reduction in loan rates to provide some alleviation to members in the face of tough economic circumstances. These rate reductions were made on the seasonal lines-of-credit offered during the Backto-School and Christmas periods as well as on Mortgages.

He also highlighted the Credit Union’s support of wholesome family activities citing the partnership with Gospelfest, participation in the recently-held Agrofest Expo and the much anticipated annual public Christmas Concert in Independence Square.

The update on the Credit Union’s expanding branch network was received with rousing applause as Belle indicated that the Black Rock branch opened in December last year has already exceeded expectations for new members, loans and deposits. He further added that the Credit Union would very shortly be announcing the expansion of its Emerald City operation to include a Loan and Mortgage Centre.

In closing, Belle underscored the importance of the Credit Union Representatives saying “In the face of all the technology, social media and new age marketing solutions, the involvement and testimony of the Credit Union Representative is more critical now than ever.”

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Staff of BPWCCUL’s Six Roads Branch with students from the Reynold Weekes Primary School.

Students of the Reynold Weekes Primary School received a special visit from Santa Claus and Mrs. Claus on the last day before their Christmas holiday break.  Staff of the Barbados Public Workers’ Co-operative Credit Union’s (BPWCCUL) Six Roads branch went all out to entertain the students who were excited to see Santa make a surprise visit to their school.  Several students received wrapped gifts after which Santa and Mrs. Claus visited each classroom to greet and hand out candy to each student and their teachers.  Mr. Bishop, Principal of Reynold Weekes Primary commended the efforts of the Credit Union Staff stating that it was very encouraging to see local businesses supporting the communities around them.

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Charlene Mullin, Marketing Assistant at BPWCCUL presents the cheque to Ms. Grazette,
PTA President and Ms. Parris, Nursery Supervisor.

The challenges faced due to regular water outages and abrupt closures have prompted the parents and staff of Grazettes Day Nursery to seek a solution to their water issues.  This led to the nursery starting a fund raising campaign for them to acquire a water tank and pumping system.  After reaching out to the Barbados Public Workers’ Co-operative Credit Union (BPWCCUL) for assistance, the nursery was presented with a donation towards their campaign.  Tracey Grazette, PTA President expressed her thanks for the donation stating that it would be a ‘great help’ towards getting the water tank purchased and installed.

Management of the Barbados Public Workers’ Co-operative Credit Union (BPWCCUL) recently implemented a new internal program with the aim of supporting employees with their personal development goals.  Employees were encouraged to not only focus on personal development but to also determine how they could contribute to the development of the community around them.  This resulted in donations being made to several entities and individuals.

Human Resources Manager (ag) of BPWCCUL Jameela Hollingsworth stated: “When we encouraged employees to look towards the community we didn’t know it would blossom into something so impactful.  We are extremely proud of our employees especially since they would have contributed their personal funds to these causes.”

Donations were made to the following companies and causes:

The Barbados Vagrants & Homeless Society

• B’s Recycling
• Sterling Children’s Home
• Barbados Boy Scouts Association
• Belmont Primary School
• Headstart Nursery School
• Arthur Smith School PTA

The Prison Fellowship of Barbados’ Christmas event received a boost in the form of a donation from the Barbados Public Workers’ Co-operative Credit Union (BPWCCUL).  The donation was presented to Brother Thomas Watts, one of the founders and directors of the organisation.  The Prison Fellowship of Barbados assists the families of those persons who have been incarcerated.  The organisation launched the Angel Tree Program in 2005 to benefit the children of these families at Christmastime.

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The Barbados Public Workers’ Co-operative Credit Union (BPWCCUL) recently held its 3rd annual teacher’s seminar at the organisation’s Belmont Road branch.  The seminar targets teachers at the secondary school level who are responsible for teaching students about co-operatives, credit union operations and entrepreneurship.  Having recognized the importance of these topics in schools, the seminar was conceptualised by BPWCCUL as a method to provide teachers with the necessary knowledge and skills.  Topics covered over the two day period included Youth Financial Literacy, Elements of Entrepreneurship and A Historical Perspective of the Credit Union Movement.  This year’s session also saw a strategic partnership being created with the Youth Entrepreneurship Scheme (YES).  Participants were presented with certificates at the end of the seminar.

Twenty young fashion design students are now one step closer to their goal of having their designs displayed on the international stage after receiving assistance from the Barbados Public Workers’ Co-operative Credit Union (BPWCCUL). The students will participate in an upcoming Fashion Incubator Program for budding Caribbean fashion designers, which is being facilitated by the Caribbean Market Center.

Chairman of the Caribbean Market Center Rodney Powers believes that the initiative is one that can help to rebuild the garment industry, which would provide work for locals and assist with creating a new industry to drive the economy forward.

Marketing Officer of BPWCCUL Tracia Pounder stated: “It is important to us at the Credit Union that we make investments in the local talent and youth of Barbados, whether that talent is linked to traditional or non-traditional professions”.

Members of Barbados Public Workers’ Co-operative Credit Union Limited (BPWCCUL) can now make payments directly from their Credit Union accounts to their Cave Shepherd Card.

Once registered, members who have accounts with Cave Shepherd can also register their Credit Union account to make their monthly Card payments online.

This announcement comes on the heels of the Credit Union’s launch of its mobile banking app and adds to the suite of mobile and online options available to credit union members including e-Statements, online banking, telephone banking and the ability to top-up their cell phones directly from their Credit Union account.

BPWCCUL Marketing Officer Tracia Pounder stated “This partnership means even greater convenience for our members; especially those whose salaries come directly to the Credit Union. Our range of mobile and online options coupled with our debit card product means that members can complete almost all of their monthly transactions without ever having to visit a branch.” Pounder further stated that the additional benefit of members lodging their full salaries with the credit union and facilitating their monthly transactions via their account is the ability to track their monthly spend and make adjustments accordingly.

Cave Shepherd Card Services Director Alison Browne-Ellis is also very pleased to have BPWCCUL added to the platform stating “With the introduction of BPWCCUL as an additional online payment option, we have successfully enhanced our payment channels to our Cardholders. Our CS Online Service currently allows flexible, convenient and secure access to account information along with the ease of payment options from the designated bank account or now the BPWCCUL account. Additionally, the Unit has recently launched its eStatements initiative, a move to significantly reduce the need for paper statements and to reduce our carbon footprint. All in an attempt to provide all rounded services to our Cardholders.”

Tracking finances just got a little bit easier for members of the Island’s largest indigenous financial institution.  The Barbados Public Workers Co-operative Credit Union officially launched its new Co-Optima Mobile App on September 1st 2014.  The Mobile App joins the Credit Union’s list of Co-Optima branded services such as Online Banking and Telephone Banking, all of which are provided free of charge to its membership.

Co-Optima Mobile allows Credit Union members to:

• Check account balances
• Confirm account transactions
• Transfer money within their Credit Union account
• Pay Credit Union loans
• See spending pattern graphs
• View News and Updates
• Find Branch/ATM locations

The Co-optima Mobile App can be downloaded from the iPhone App Store, Google Play Store and Blackberry App World (version 7.0 or older).  Members must first be registered for Co-Optima Connect Online Banking in order to use the App.  Sign up for Co-Optima Connect Online Banking is quick and easy and can be done by visiting any of the Credit Union’s four branches with a valid form of identification.  Additional information about the Mobile App can be obtained by contacting the Credit Union’s Contact Center at 430-5200.

The 2014 Thrift Club Summer Camp has come to a close, culminating what the campers agree to have truly been “A Summer to Remember”. The Camp, which was held at the Ellerslie Secondary School, was fully subscribed, with the participation of children between the ages of 4 to 16. Participants enjoyed several workshops which included learning the steel pan, pottery making, imaging and preparation for the world of work; and field trips to Chefette, District A Police Station and even a guided tour across the island with the Island Safari jeeps.

As she presented Thrifty to the audience, Marketing Officer of BPWCCUL Tracia Pounder stated that there were tremendous financial challenges with ensuring that the Camp was a success, but that the Credit Union was committed to the needs and development of young people; and would continue to honour such a commitment in spite of any challenges encountered.

Also addressing the audience at the Closing Ceremony, BPWCCUL director Kerry-Ann King stated: “In this day of social media and a lack of physical interaction, such initiatives are extremely important; and we at the Credit Union realize the need for proper socialization and integration for our children”. There was a very personal approach to each member of the Summer Camp; and parents at the Closing Ceremony were urged by the Camp Director Angela Greene during her Camp Report to “be an inspector, police officer and landlord. Know who your children’s friends are. Know what they’re taking in their backpacks to school; and ensure that none of their doors are locked in the house, so that you know what they are doing at all times”.

One of the main highlights of the Closing Ceremony was the unveiling of the Thrift Club Mascot: Thrifty. In the shape of a dollar-coin and with colours mirroring the branding of BPWCCUL, Thrifty represents frugality and financial prudence. Thrifty, is a manifestation of a character from the book written by Veoma Ali titled “Thrifty Saves the Day”; which was launched last year by the Credit Union. The Mascot will be used by the Credit Union as part of its ongoing outreach programme to teach children key aspects of financial literacy.

Marketing Officer of the BPWCCUL, Tracia Pounder, addressing parents at the Closing Ceremony at the Ellerslie Secondary School.

On Saturday May 31 the Board and Management of the Barbados Public Workers’ Co-operative Credit Union Ltd. (BPWCCUL) held its annual event at the Accra Beach Hotel to celebrate the commitment and achievements of its Representatives Association.

President of the Association Hazel Roach, outlined the strategic plan for the upcoming year and stated that there were many changes to come going forward.  She then emphasized to those in attendance that ‘service was just love in work clothes’.

In his address, President Glendon A. Belle thanked the Representatives for their commitment and applauded them for their loyalty to the cause of promoting the Credit Union’s products and services.  He urged them to reevaluate their roles within the changing environment and also promised that they would be provided with the resources needed to respond to some of the changes occurring.

Mr. Belle reaffirmed the Credit Union’s commitment to its community, reflected by the many initiatives implemented over the previous year.   These included the Thrift Club School Savings Program, the rollout of the new Student Loan product and the We Can Help initiative.   He also noted that subsidiary Capita Financial Services Inc. had again demonstrated a solid performance as compared to the previous year.

In closing, Belle invited the Representatives to “approach your relationship with our Credit Union with a renewed energy and focus” and thanked them for their support in the past and in the months ahead.”

On Saturday May 31 the Board and Management of the Barbados Public Workers’ Co-operative Credit Union Ltd. (BPWCCUL) held its annual event at the Accra Beach Hotel to celebrate the commitment and achievements of its Representatives Association.

President of the Association Hazel Roach, outlined the strategic plan for the upcoming year and stated that there were many changes to come going forward.  She then emphasized to those in attendance that ‘service was just love in work clothes’.

In his address, President Glendon A. Belle thanked the Representatives for their commitment and applauded them for their loyalty to the cause of promoting the Credit Union’s products and services.  He urged them to reevaluate their roles within the changing environment and also promised that they would be provided with the resources needed to respond to some of the changes occurring.

Mr. Belle reaffirmed the Credit Union’s commitment to its community, reflected by the many initiatives implemented over the previous year.   These included the Thrift Club School Savings Program, the rollout of the new Student Loan product and the We Can Help initiative.   He also noted that subsidiary Capita Financial Services Inc. had again demonstrated a solid performance as compared to the previous year.

In closing, Belle invited the Representatives to “approach your relationship with our Credit Union with a renewed energy and focus” and thanked them for their support in the past and in the months ahead.”

On Monday June 23rd the Princess Margaret Secondary School was presented with a cheque in support of the school’s Prefect Seminar scheduled for September of this year. The Seminar will give the prefects the opportunity gain knowledge from various professionals on topics such as leadership, guidance and counselling. The agenda will also include interpersonal skills, communication and conflict resolution.

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The Princess Margaret Secondary School (PMSS) was the first to enroll in the Barbados Public Workers’ Co-operative Credit Union (BPWCCUL) Thrift Club School Savers programme which was launched in 2013. The programme was created by BPWCCUL as a way to introduce students to the concept of finance and to help them understand the fundamentals of saving. Since the launch, the programme has been an active one and BPWCCUL has had the opportunity to recognize the largest and most frequent savers at the School.

BPWCCUL is not only keen about encouraging the financial literacy among students at the PMSS but has been on tour to several other schools at the primary and secondary level. Additional schools enrolled in the programme to date include Westbury Primary School and Chalky Mount Primary School. A team from BPWCCUL has also been visiting several primary schools around the Island to do a book reading of “Thrifty Saves the Day”, written by Veoma Ali, and published by BPWCCUL. Children are introduced to the concept of saving and are also given the opportunity to join the Thrift Club. Afterwards each student is presented with a personal copy of the book.

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So far the team has visited St. John’s Primary, St. Margaret’s Primary, St. Mark’s Primary, Arthur Smith Primary, Wills Primary and Chalky Mount Primary.

Your School could be next. If you are interested in the Thrift Club School Savers programme or the “Thrifty Saves the Day” school tour, please contact the Marketing Department of the Barbados Public Workers’ Co-operative Credit Union.

BPWCCUL maintains a stable delinquency record despite economic challenges faced by members

The Barbados Public Workers’ Co-operative Credit Union Limited recorded delinquency of 6.6% for the financial year ended March 31, 2014. The focused efforts of an internal team led by the Credit Risk Officer, coupled with early intervention to assist members impacted by unexpected lay-offs, were key to this achievement. So said Chairman of the Credit Union’s Board of Directors, Mr. Glendon A. Belle at the Credit Union’s AGM held last Saturday June 21, 2104 at the Lloyd Erskine Sandiford Centre.

While it is recognized that in the current fiscal period the Credit Union may well be challenged to contain delinquency, given increased unemployment levels, the Credit Union remains committed to continued member engagement and assistance through its range of debt management options.

Mr. Belle also reported on several member focused initiatives including the, ‘We Can Help’ initiative launched to assist retrenched government workers, the new Student Loan facility, the Thrift Club School Savers Programme, the Members Market and an increase in appropriation to the Social Outreach Fund. In addition, the Chairman of the Board of Directors indicated that exploratory talks have begun in relation to micro business lending – an initiative which would provide financial assistance to members who are business owners.

The Board of Directors was happy to report that notwithstanding the current economic climate the Credit Union’s financial position and that of its subsidiary remains strong, with assets for the BPW Group increased by 6.9% and growth in deposits and loans increased by 8.64% and 6.25% respectively. Capital adequacy ratios were reported to be above the minimum capital requirements and total equity increased to $96.6 million.

The Group reported a net surplus of BDS $11.1 million.

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Here, Group Human Resources Manager of BPWCCUL presenting Executive Director, TVET Council,
Henderson Eastmond with the sponsorship cheque.

The WorldSkills Barbados Competition 2014 hosted by the Technical and Vocational Education and Training (TVET) Council has been recently highlighted and Barbados Public Workers’ Co-operative Credit Union Limited (BPWCCUL) is proud to have been a sponsor of the competition. At the opening ceremony, Group Human Resources Manager, Tania Nicholls reiterated that the ethos of the Credit Union was brought to life through this sponsorship. “Joining this initiative with the TVET Council allows our mission to be achieved, through enhancing the well-being of our members,” she stated, carefully highlighting the self-mandated, social obligation of BPWCCUL. She also noted that the Credit Union also takes efficiency, training, testing and assessment seriously and this was another shared value which aligned WorldSkills 2014 with the Credit Union itself.