Postal Coop serving members

Pamella Williams of the Yallahs Post Office reads the lesson at the Yallahs Baptist Church on October 8.

JAMAICA’S CREDIT unions have long been the financial bastion of the masses. They serve a diverse array of societal groups and the Postal Coop Credit Union is no different. It is dedicated to providing financial support to Jamaica’s postal service employees and their families.

In an era of rapid change, among the institution’s challenges in this new millennium are:

-The complete infusion of information and communications technology capability through equipment and accounting software acquisition to expedite data processing and record keeping;

-Impending credit union regulation requirements proposed by the Bank of Jamaica;

-The constant search for new products that will solve increasingly complex members’ needs.

The number of members on roll now stands at 2,168. This reflects an eight per cent increase from last year and the membership growth focus is now on recruiting employees from outside the Kingston Metropolitan Region (KMR) and including their families. According to immediate past president, Junior Dunn, (who stepped down after 18 years): “It is practical to serve members outside the KMR via mail, as the core business of the Postal Coop family is mail communications.”

WE USE MAIL OF COURSE

At the Postal Coop, processing membership and loan applications, enquiries etc. is all done through – you guessed it – the mail, of course. Dunn added: “We are Jamaica Post customers ourselves, as Postal Coop members use the mail communications infrastructure to handle
business from Morant Point to Negril Point, so a rural work location is no hindrance to joining and reaping the benefits.”

But what of this organisation’s financial ‘health’? Total assets are currently valued in excess of $120 million, with members’ savings totalling $90 million. And what of bad debts – the bane of any financial lending house’s existence? Delinquency is only a minute two per cent of the total loan portfolio.

Postal Coop Credit Union’s financial services include savings products such as shares, certificates of deposit and shortterm strategies such as the Christmas Club, as well as a range of loan products.. Everyone remains confident that Postal Coop is in no way
planning to ‘retire at 60’ like its members.