Why government ignoring credit unions?

THE EDITOR: In September 2018 the credit union movement wrote to Prime Minister Rowley, Finance Minister Colm Imbert, and Jennifer Baptiste-Primus, then minister of labour and small enterprise development, requesting that the limit of $5,000 paid to the beneficiaries of deceased members be removed.

After much haggling with former minister Robert Le Hunte, it was shared that TT is the only country in the Caribbean and indeed globally with a limit. Additionally, that there is no limit with insurance companies and the Unit Trust.

The Government, instead of removing the limit, increased it to $50,000 in January 2021, and promised that by December 2021 there would be no limit.

We are now in October 2024 and even after meeting with the Ministry of Finance before the 2024 national budget about the issue, nothing was done on removing the limit.

Deceased credit union members’ beneficiaries continue to pay attorney fees to file Letters of Administration and to probate wills in order to process their benefits. These fees are said to be exorbitant, depending on the value of the estate.

Some beneficiaries forego the process entirely when they are told of the amount of fees to be paid. In some cases, beneficiaries have millions of dollars to process, which is much needed capital to enhance their lives.

Imagine with a general election due next year and the credit union movement having more than 650,000 members – some red, some yellow and some blue – the government is ignoring this very important matter.

Please remove the limit since credit unions are now FIU compliant.

WAYNE ESTRADA

via e-mail

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