BIU Credit Union Puts Loan Payouts On Hold
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.
In other words, the BIU is broke.
PHC pay up!!!
Perhaps Pastor Bean and Derek Burgess could make up the shortfall.
Very good. Best comment so far!
Oh, no…… where is all the money? Let’s think about this….!
Atlantic City? Vegas?
Whatever happened to the millions of dollars put aside over the years by the construction division ? Did Bernie Madoff have a hand in making all that free cash disappear ? That Union building was built from that fund ( borrowed by the admid. under Bro. Ottie and, all funds payed back in its entirety ).Since then the fund had grown into quite a few million . I bet there are deceased members of the construction division spinning like any old top in their friggin graves ,vexed with the people who were entrusted with the guardianship of that fund . The many were sacrificed for the few . Shame on you B.I.U.
Sounds like they have something in common with the current government.
You are some sick people on this page. I bet you all just read the headline.
Some day, you really must face reality.
I am many healthy people off this page. I bet you all just went to the Supernatural Fruit Market and called it a day.
You need to quit calling people who disagree with you “sick”. Or, then again, maybe you are right. They are sick of you and your lot p***ing on them and telling them it’s raining. You really should do sensible people a favor and put a sock in it.
Lavvy, why don’t you use your superior intellect to articulate a reasonable explanation?
Yes you are!
For once I agree with you LaVerne: it is not the headline that matters here – it is the Credit Union’s BOTTOM LINE that you should be concerned with!!!
LaVerne,
I for one read the entire article – in short it says that the BIU does not have the cash to meet its legitimate obligations.
Under the headline , the first sentence says:
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.
How is this different to the headline. Are you suggesting that Bernews is putting out false information?
That’s what I said – the BIU doesn’t have the cash to meet its obligations.
@ blankman. My post should have had a @ LaVerne. I wasn’t questioning your post.
What the BIU is falling behind on something??? The same group that were 11 YEARS behind on filing their financial statements? Anyone here surprised?
If this was another business with BIU workers telling their workers you are going to have to WAIT for your maoney – you would be screaming bloody murder and have them marching by now!!!
Here are a few novel ideas that many healthy and busy businesses have been using for years to catch up and provide great service to their customers (the members in this case). If the problem is short term then they institute shift work or overtime! You know??? You extend hours and ask the workers to work a few nights or weekends until you catch up on the workload. Of course this means double time or time and a half pay, and I know the BIU will support that!
Or if the problem is thought to be long term, YOU HIRE MORE PEOPLE. Otherwise you will end up falling way behind and before you know it you will be 11 years behind, you know like your financial statement.
Laverne, when the public has been inconvenienced and bullied by the BIU for years dont call us sick and blame us when we react! You poke at even the calmest puppy for years and one day it grows up, gets sick of it and BITES BACK!
RUFF!
Most of these idiots know NOTHING about the Credit Union or what it does. The Credit Union has helped out tons of people when they need it, with many taking advantage and not paying the money back, or even making an attempt. The Union will work with you and your financial situation but some people make absolutely NO attempt of repaying their loan which spoils it for the next person. Compound it with what the Credit Union says is happening here, and of course there is a problem.
To these applicants who went to the media-shame on you! It seems like you are only trying to punish the Credit Union but what are they supposed to do? This is only a temporary measure. You’re putting them on blast for being in the same situation you all are in-if you had money you wouldn’t be going to them for a loan, would you? Then you want to criticize them for being in that same predicament as you’re in? How is that fair?
What if they put all of your names out there and how much money you went to them for? You wouldn’t like it-you don’t want your business out there so why put the Credit Union’s business out there where you know they’ll be attacked by the public? Have some patience or go to the banks for your loan! Oh, what’s that you say? It’s harder to get a loan from a bank, you say? Yes, because unlike the Credit Union who care about their members and genuinely try and help, the banks don’t give a hoot about you! So stop attacking the Credit Union in the press…at least they tried to help you ungrateful people!
Wow! That is a very informative post. So if you’re a BIU member and paid into the Credit Union, don’t expect to get your money back because the Credit Union has lent your money to people that aren’t expected to pay back the money. Sounds just like the PLP Government.
No wonder the CO OP went out of business. Maybe those people who need a loan should go and ask Derrick Burgess as he seems a nice guy who will even give you your own Island.
I won’t even bother explaining this to you. Didn’t you read where I said the Union and the Credit Union are two separate entities? Not every BIU member is a member of the Credit Union! They keep separate books! I have money in the Credit Union and I’m not even a Union member any longer-I don’t pay one cent in dues to the BIU, but I can still deposit money into my Credit Union account. I can walk into the Credit Union tomorrow and withdraw my savings…can a Union member go and ask for their dues back? They are totally separate and Union dues don’t play into the Credit Union side-what don’t you people get?
You people have no idea how these two entities work. Instead of posting idiotic posts on Bernews, how about going into the Credit Union and inquire about opening an account and they will kindly explain to you how it works, and that your money is perfectly safe. If not, kindly shut up, please.
Was Union Asset Holdings a separate entity too? That was the entity that issued a multi million dollar “Bond” to guarantee the new Berkeley school. Proved to be worthless as the BIU didn’t have the assets to back it. Who is the ultimate backer of the Credit Union if as you say the money is perectly safe?
The ultimate backer??? Would that be the PHC Club?
The sickness lies with people wasting other people’s hard earned money. The sickness of greed indeed.
The PLP will bail the union out.
But PLP is broke too. They simply spent it all on themselves.
She will simly borrow some more!
when will you all wake up..?
i told u all before Bda is circling the drain and its jus a matter of time (soon)before we all drown.
i cnt wait to hear all the jibberish talking economists who THINK they know what time it is with their wallstreet talk to baffle your brains with b#ll$h!t.
You take me money every week. It should be there when we need it. End of subject.
LaVerne does de truth hurt girl
Laverne…enlighten us then. Why would they put loans on hold if there was money to loan. They must be broke. Stop being dillusional.
What money, oh we spent it.
No hold on BIU salaries though.
How uninformed the bda public is. Nothing unique about the biu credit union. They just have less capacity to create currency as your other banks do. Simple math says that with interest is impossible to derive within a closed circle of funds without bankruptcy of some parties. Learn the fundamentals of economics people. Even American turkeys enjoy 3,560 days in a row of getting prime quality food. Then comes their thanksgiving day.
In other words, don’t confuse what appears to be continuity with sustainability. The banking system is a farce.
Watch the YouTube video: money is debt.
B and B and F have spent it all
you fill in the missing letters!
Out of money, out of ideas. But got plenty of denial in the hopper. And lots of sheep who love to eat denial patties!
Sounds like our so-called Government!
Oh, wait. It’s the same people! Silly me…..
First of all, it is the BIU Members Credit Union, which is a separate entity from the BIU, is regulated by the Bermuda Monetary Authority. Rest assured that if all was not well with the Credit Union, the BMA would step in. You are all welcome to pay a visit to the Credit Union and view its financial statements which are posted for all to see.
The funny thing is, I bet not one of you is a member of the BIU, hence you have no association with the Credit Union. I also bet that the only time you visit that part of time is when a movie is showing that you want to see.
I would be surprised if any of you read more than the headline.
Yah, like the BIU is a seoarate entity from the PLP you mean!
And vice versa!!
If all was not well the BMA would step in?????? Really… THAT IDS YOUR DEFENSE! With all due respect to the BMA is this not the same governing body that let this same BIU fall 11 years behind in filing your financials! Please! Give us a break!
For you info, I was a member of the union a long time ago at Princess and then at Dept of Health and I believe we paid $7 per week in dues. Forgive me I may be wrong and Im sure someone here will correct me. I remember being caught up then in a few different BIU messes and extended strikes that had nothing to do with our division. The one time that we striked and were actually given compensation it was something like a $20 voucher at CO-OP??? I didnt pull the plug on the BIU at that point because I was advised “not to” but when I changed jobs I gave the money to charity. I couldnt support a union that thought so little of me!
A note to theose of you that don’t remember CO-OP . It was a BIU run (into the ground) supermarket. Members didn’t get cash, but a voucher to spend in their own store.
I’ll bet there were still quite a lot of vouchers that couldn’t be honored before the CO OP went under. Did the memebers get their cash back instead?
(Hoots of laughter at such a suggestion).
Incidentally, if I was by misfortune required to be a member of the BIU, I’d give my dues to charity, as allowed for by law. Never give it to the BIU.
Interesting there is mention of the BMA. LaVerne, please remind all the people you refer to as sick who is the head of the BMA. Surely not a Cox, who happens to be the brother of Paula? Shock and horror, a brother and siter having control over the financial wellbeing of Bermuda. Worse than the old 40 thieves.
The BIU Credit Union is different to the BIU? Is that like how govt ministers get all in a mess about whether WEDCO is a government entity or not? One minute they take credit for it, the next minute they disown it.
Are you telling us the BIU is disowning the BIU Credit Untion? That would be quite an interesting factoid for anyone stupid enough to still have deposits there.
And the financials are ‘posted for all to see’, Lavvy? Not that I can see. On your BIU Credit Union website it has the 2009 Annual Report. That’s two and a half years out of date. A bit useless as a source of information if you’re actually on the verge of insolvency.
Ms. Furbert, you said exactly what I was going to say. These idiots don’t even know the difference between the BIU and the BIU Credit Union which are run as two separate entities, with separate sets of books.
To all the idiots posting here, here’s an idea I suggest you try: Everyone-every single account holder- go to the local banks and withdraw all the money you have deposited there and stick it under your mattresses. Then everyone go back and request a loan and see what happens…
I did several years ago, and received not just one loan but also an overdraft. Sheez, I sound like the Government.
What’s you point?
Go to the Treasury and Capital Markets Dept. of any local bank and they’ll explain how it all works. Better yet, Google it.
Oh look everyone. We have a financial genius in our midst.
You aren’t a government minister are you, by any chance?
Mad Dawg, please don’t let me have to put you on blast, o.k. You are obsessed with tearing down the PLP-it’s like it’s your life goal. Still walking around with that dossier of newspaper clippings and other so-called secret documents you claim to have on the PLP and it’s ministers that you stick in everybody’s face who’s willing to listen? You’re calling people names but look at you-you’re the one who thinks he’s working for MI6 or the CIA or something with your dossier of crap. If you have so much dirt on them, let’s hear it…or are you worried about being sued for slander?
Just go take your medication and shut up.
Cold As Ice, do it. Put me on blast. I think I can deal with that.
Do you actually have anything to add to the discussion, or are you going stick with the delusional ranting about the CIA and secret documents?
Why all the animosity here. Most of you don’t have a dime there so what do you care? People are just ready to pounce on anything negative they feel is even remotely attached to the PLP.
If you all care so much, why don’t you pop over to the BIU Credit Union on Monday and open up an account to help them out. You did it for BNTB in a heartbeat (bailed ‘em out)and I don’t remember all the attacks on them so why here? Again, what do you all care if you don’t have money there or haven’t applied for a loan? I agree, instead of whining to the public, why don’t these people apply at Cap. G, BNTB or HSBC?
I suppose I’ll be on your hit list now…I’ll just wait for the negative attacks (sigh)…
I’m leaving you alone…I wouldn’t want you spazzing out on me-I’m not up to date on my CPR…
I bet there will be a run on the Credit Union now which will spell it’s demise. Because if I still had funds in there I would be sure to take it all out. Better to be safe than …..
The Credit Union is required to post a monthly financial statement for members to see. It should also be available upon request.
What you’re required to do and what you actually do under this Cox run BMA/PLP are two very different things.
Where’s Raymond Russell when you need him?!
He could add some perspective to all this.
Pay in for 30 odd years and expect some help when you need it? not likely.
What possible reason could there be for so many to be defaulting under a Labour Government
who promised change, transparency , paradigm shifts, infrastructure investment and…
hang on, sorry, I was reading from the Turks and Caicos Government address to the Nation.