BPWCCUL | Thrift Club

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Thrift Club - Thrifty Infants, Pre-schooler up to 5 years old

Thrift Club - Thrifty Juniors, Primary school age 5-11 years old

Thrift Club - Thrifty Teens, Secondary School age 12 to 15 years

Thrift Club is a one-of-a-kind savings account for children packaged with exciting
benefits and opportunities.

It's more than just money!

Premium interest rate on their savings

Free gift on sign-up*

Developing leadership skills

Networking with children their age

Attending annual camps and parties

Developing community consciousness

Learning money management & business skills

Developing public speaking skills

Awards for excellent academic performance

The Thrift Club savings programme is carefully tailored to meet your child’s needs as they grow.

Pre-schooler up to 5 years old.

A great way for you to start preparing and saving for your child’s future!

Premium interest rate on savings
Free gift on sign-up*

Primary school age 5-11 years old.

Introduce your child to money matters and help them to develop a smart approach to saving and spending.

Premium interest rate
Free gift on sign-up*
Opportunity for annual 11 Plus awards

Secondary School age 12 to 15 years

The Thrifty Teen account is a membership account. The emphasis at this stage is on personal development and teaching valuable life skills.

Premium interest rate
Free gift on sign-up*
Opportunity for annual C.X.C. awards
Opportunity to serve on the Thrift Club Executive
Special Member ID Card

To open a Thrift Club account, simply visit any of our branches and present the following:

Parent/Guardian’s valid photo identification

Parent/ Guardian’s proof address no older than 3 months, e.g. a recent utility bill, bank statement
Birth Certificate for children under 3 months old and Minor’s identification card for
A minimum opening deposit of:
o $25 for children under 11 years
o $125 for children 12 to 15 years

Thrifty Cash is the simplest way to give a new Thrift Club savings account or to build Thrift Club savings for any child up to 15 years old.

There is a world of opportunities available to a child as a Thrift Club member:

Premium interest rate paid on their savings
Awards for excellent academic performance
Social development initiatives and activities
Leadership opportunities
Training in money management skills
Access to the vast network of credit union
professionals & volunteers

Vouchers must be purchased and redeemed for the value on the face of the voucher.
Vouchers can only be redeemed by in-branch deposit to a valid Thrift Club account.
Once issued, vouchers cannot be exchanged for cash.
Barbados Public Workers’ Co-operative Credit Union Limited is not liable for lost or stolen vouchers.

Our Thrift Club School Savers Programme was launched with the primary objective to prepare our nation’s youth to contribute to a financially literate and capable Barbadian population.

The programme provides an avenue for practical money management experiences through emphasizing from early, the financial concepts of Earning, Saving, Spending and Charitable Giving.

Students aged 8 – 15 years old in any local primary or secondary school have the opportunity through the Thrift Club School Savers programme, to save and learn how to manage money effectively now and for future financial security.

School Savers Frequently Asked Questions

Is parental consent required?
Yes. Parental consent is required for Thrift Club membership which is available to students up to 16 years. Your school will issue a permission slip.
My child already has a membership with the Credit Union. Can he/she still participate via the school programme?
Yes. Students with existing accounts can also participate via the school programme. In fact, this will be a great way to shift some of the personal responsibility for saving on to them. The existing account number will just need to be provided for the School’s records.
How will students 16 years and older participate?
The maximum age for a Thrift Club membership account is 16 years old. Students 16 years and older will participate with a General Membership account. Just before the student's 17th birthday he/she will be invited to transition to General Membership.
How will we ensure that the correct amount per transaction is recorded for each child at School?
Teacher and Student Volunteers are required to issue a temporary receipt for each deposit made at School. Parents are asked to encourage their student savers to ensure the accuracy of the amount and keep the receipts safely, at home.
What happens to funds once collected at School?
Within a short period, the funds are collected for delivery to the Credit Union. Once received by the Credit Union, they are held temporarily in the respective school’s ledger and transferred to each student’s account within 2-3 business days of delivery.
What if there is a discrepancy with the funds delivered to the Credit Union?
Once received at the Credit Union, the Cash Bag will be opened under dual custody and if any discrepancies are found, the existing organizational policy for handling such discrepancies will be activated by the senior branch officer.
How can students and parents keep track once deposited by the Credit Union?
Parents and students can keep track of their deposits via the Credit Union’s online banking and mobile app service. Students are encouraged to sign up for our Credit Union's free Estatements. Passbooks are no longer issued.
Can a withdrawal be made via the school progamme?
No. Withdrawals can only be done by visiting any of the Credit Union’s branches. Parents will need to accompany student savers under 16 years.
Will interest be paid on the students’ savings?
Yes. Interest will be calculated on the individual membership account in keeping with the rate for Thrift Club
accounts.
Is there a minimum amount to be deposited at School?
The Credit Union does not require a minimum amount. It is however recommended that the School establish a minimum to ensure the programme remains viable. We recommend a minimum deposit of $5.
Is there a maximum amount which can be deposited at School?
We recommend that the School set maximum deposit amount per transaction, in the interest of safety and security – these are students after all.
The request for the completion of a Declaration of Source of Funds is at the discretion of the Credit Union.
Our recommendation is for parents to bring their children directly the Credit Union for larger amounts of savings.
Can cheques be deposited via the School?
Yes, however all standard requirements for the processing of cheques will apply.
What happens when my child graduates?
Because it is an individual membership account, when your child transitions, he/she just continues their relationship with the Credit Union directly.
Will a MasterCard Debit Card be issued for use with my child’s account?
Yes. Only for those children 16 years and older. Up until their 18th birthday, a parent or authorized adult must grant approval for the card to be issued and used by the child.
Who is an: Authorizing Parent/Guardian?
This person consents to membership for children under sixteen years. He/she consents to withdrawals and may operate the account independently of the child until the child reaches age sixteen. Once the child attains age sixteen, he/she will then have full and independent control over the account.
Who is an: Account Designate?
This person is an alternative representative, eighteen years or older, authorized to sign transactions on the account. Both the authorizing parent and the account designate will automatically no longer be required to consent to transactions or any other business on the account when the child reaches age sixteen.

Will your School join us?

Here’s what you will need:

• The commitment of your School’s Principal and teaching staff.

• The consent and full support of parents/guardians.

• A minimum of ten (10) eager students to get started.

Educational Component

BPWCCUL will adopt or develop your school’s financial literacy programme as long as there are a minimum of ten students who are making regular deposits via the Thrift Club School Savers Programme.

As part of our adoption we also commit to:

Assisting teachers in the general classroom setting with the teaching of relevant areas of the curriculum.
Coordinating, co-sponsoring seminars and workshops targeted at encouraging personal development through valuable life skills and financial literacy.
Coordinating with the School’s administration, goal oriented savings and incentive prize promotions and competitions for Thrift Club School Savers Programme members.

Learn more about this opportunity.

Advisory Committee

The members of our Thrift Club Advisory Committee are our young ambassadors who advocate for youth services at the Credit Union and serve as liaisons for youth members in our Schools and communities.

The Committee represents both our Thrift Club Membership and Thrift Club School Savers brands.

Serving on the Committee is a great opportunity to develop leadership and advocacy skills.

There are seven seats available to any young Credit Union member 14 to 18 years old. Committee members serve for two (2) years with the opportunity for reappointment.

The selection process varies, but usually includes input from past Committee members, the wider Thrift Club and School Savers membership along with other relevant selection criteria.

Committee roles include the following positions:

President
Vice-President
Secretary
Assistant Secretary
Floor Member (3)

From time, to time the Thrift Club Advisory Committee may also chose to establish sub-committees from among general Thrift Club and Thrift Club School Savers membership with a specific focus on any of the following areas:

Event Planning and Promotions
Communications – Online and Print
Financial Capability and Empowerment
Product Development / Proposals

Feel free to reach out to us and the Committee via:

@thriftclub_bpwccul

@thriftclub.bb

BPWCCUL’s Thrift Club

Meet the members of the current Thrift Club Advisory Committee below.

Front Row L - R Kaiowa Pilé-Durant Floor Member - Social Media Coordinator Shauntae Price Assistant Secretary Christianne Spooner Secretary

Second Row L - R Patriece Savoury-Fergusson President Krishonda Myles Vice-President In order of appearance - Top Row L - R Toshiro Benn Floor Member - Events and Promotions Shane Prescod Floor Member - Financial Empowerment

Awards, Scholarships and Grants

Thrift Club adds value by providing opportunities to be benefit annually from Awards, Scholarship and Grants.

All awardees are recognized in the following categories, during an awards event to celebrate their accomplishments.

1. Academic Awards:

• for outstanding achievements in the Barbados Secondary Schools’ Entrance Examinations (11+)

• for outstanding achievements in the Caribbean Secondary Education Certificate Examinations (CSEC)

• for outstanding achievements in the Caribbean Advanced Proficiency Examinations (CAPE)

• in recognition of attainment of Barbados Government Exhibitions

• in recognition of attainment of Barbados Government Scholarships

2. Scholarships:

• BPWCCUL - Ralph Boyce Scholarships - University of the West Indies – all campuses

• BPWCCUL - H. Delisle Hurley Memorial Scholarships - Barbados Community College (BCC) -Technical, Vocational and Applied Studies

• BPWCCUL - Verta Coppin Memorial Scholarships - Samuel Jackman Prescod Institute (SJPI) -Technical and Vocational Studies

• BPWCCUL/Thrift Club Overcomer Scholarship - for local Secondary School Leavers

• BPWCCUL/Thrift Club Sports and Arts Achievement Scholarships

3. General Educational Grants:

• Tertiary level studies

Take advantage of our opportunities for awards, scholarships and grants as you pursue your academic endeavours. Click here for more information and to apply online.