The BIU Members Credit Union Co-op Society confirmed this afternoon [July 27] they have a short-term hold on loan payouts, which they said was due to a larger than usual withdrawal of members’ funds and loan requests over the past six months.
A statement issued said: “The BIU Members Credit Union Co-op Society hereby confirms that a short-term hold on loan payouts is in effect. This is due to a larger than usual withdrawal of members’ funds over the past six months and also an increase in the number of loan requests.
“The BIU Members Credit Union hereby requests members to exercise patience in receiving their loan payouts while the Credit Union endeavours to handle each approved loan request during this time of increased loan demands as well as increased withdrawals by some members as they grapple with their economic challenges.
“Contact is being made with each member so affected to determine some solution to the inconvenience caused due to the longer than usual wait for loan payouts being presently experienced.
“Members are also being asked to bear in mind that this approach has been used over the years and is still being used on an on-going basis by the Credit Union in an effort to meet every member’s legitimate request.”
The statement was signed by Graham Nesbitt, President of the BIU Members Credit Union Society.
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