The Credit Union has a responsibility to implement and observe the law (Regulation 11 of Financial Obligations Regulations (FOR) as amended in 2018). Staff were advised on April 17, 2023, of their due diligence when a representative is transacting with a member’s account. The following were implemented:

Authorisation Letter (should state the exact transactions to be conducted). This can be used to do the following transactions (non-cash transactions):

1. Collection of Statements
2. Collection of Dividend cheques
3. Collection of Cheques
4. Collection of Letters
5. Account Balance Information on Deposit Account ONLY

Documents and information to support the authorisation letter are:

1. Utility Bill of Representative
2. Telephone contact of Representative
3. Account number of Representative (if a member)
4. Relationship to member
5. Copies of picture identification for both member and representative

Power of Attorney (should state the exact powers being allowed).

This can be used to do the following transactions (considered cash transactions):

1. Withdrawal from Deposit Account
2. Withdrawal from Share Account
3. Any movement on the member’s Share and Deposit account
4. Request for Loan
5. Closure of member’s account
6. Transacting for Dividends

It is recommended that both authorisation documents have a validity date of one (1) year from the date of the document.

Representatives are to bring the respective document and additional requirements, each time they are to transact.