Compliancy rates rise at Hanover Credit Union

Claudia Gardner, Assignment Coordinator

WESTERN BUREAU:The Hanover Cooperative Credit Union (HCCU) says it has seen a significant reduction in the rate of delinquency by its members in 2013.

In its annual report for 2013, which was presented by board president Rodcliffe Robertson during the 36th annual general meeting of the organisation last Thursday, the HCCU noted that the achievement was a result of the utilisation of a delinquency management and loan securities software in collaboration with technology company Efiniti Solutions.

"That software assisted in increasing effectiveness in monitoring and controlling delinquency. In addition, we continued to contract the services of local and international agencies, whose efforts played a pivotal role in the dramatic reduction in delinquency during 2013," Robertson said.

"We encourage members who are delinquent to come in and speak to our representatives and make the necessary arrangement to clear all arrears. This is necessary for the continued growth and overall survival of our credit union," he added.

Robertson also reported that its new office building, for which construction started in October 2012, is slated to be officially opened in August. The building is being constructed at a cost of $114 million.

"It (building) is 75 per cent complete ... . There were a number of setbacks - legal and otherwise - that placed a hold on the construction at various intervals. This new facility will offer a banking experience with a difference. We will be able to serve you better through our drive-thru teller facility, deposit drop-box, cash-dispenser facility, increased number of front-line staff, and a comfortable environment to do business in," Robertson noted.

possible merger

The president also said the HCCU had been approached to begin merger talks with another credit union but that this was on hold at present.

"Our credit union will be looking at possible partners for a merger as a strategic move; however, we are in a transformation process and have decided as a board to place on hold the start of any merger talks or the seeking of possible partners. We must inform you that the Montego Cooperative Credit Union had invited the HCCU to start merger talks. The HCCU accepted its invitation but has indicated its decision to place same on hold," he said.