Members?of the Barbados Public Workers Cooperative Credit Union Limited (BPWCCUL) who are late with their loan payments will be penalized, for the first time.
Effective September 1, the BPWCCUL will be levying a $20 charge on all loan payments more than 30 days late.
Credit union members were informed more than a week ago through correspondence signed by manager of operations Susan Yaw, who acknowledged there had been a rise in delinquency.
“What we have found is that in speaking with our members, they always seem to think that we are the last resort in the line of people to pay. Be mindful that we, the credit union, need to be paid as well and the possibility is that you will be charged as well.
“If that is supposed to be an incentive for people to pay or at least think of us among your main list of people to pay, then so be it,” she said.
