COB continues to enhance its products and services

THE City of Bridgetown Cooperative Credit Union Ltd. (COB), unveiled a suite of new services yesterday that will bring added benefits to its members.

As the organisation celebrates its 33rd anniversary this week, Chief Executive Officer Steve Belle revealed that these services will help members with their nest egg for retirement, offer assistance to Small and Medium Enterprises in the organisation and help homeowners with their water storage needs.

Belle explained that coming to the market within a matter of days will be the re-branded COB Golden Age Projector Plan which replaces the Registered Retirement Savings Plan. According to Belle, “From last year there was a change in the tax rules relative to savings in that product so we had to create a new product.”

“In the past you were able to claim up to $10 000 as a tax deduction. With the rules changing in tax laws you are no longer allowed that. So what would happen is that if you continue to save into that plan, what would happen if you made a withdrawal,there would be penalties in terms of withholding taxes.With this plan there are no withholding taxes.”

Belle noted that interest rates will also be extremely competitive and will be calculated daily and posted monthly. “The objective of the plan is to ensure at the end of the day you have an adequate nest egg for retirement. We will put some restrictions in relation to be able to withdraw. The restrictions will not be that punitive. If the funds were needed for a medical purpose, education and housing. Those kinds of situations you will be able to withdraw, but if you want to take a cruise for example there will be penalties involved,” he explained.

Additionally, the CEO told the media, that as it relates to micro, small and medium sized (SMEs) corporate members and businesses operating as sole traders totalling 9 000 firms, a set of services will also be rolled out to continue to develop the entrepreneurial class of the COB’s membership, with the view of helping them to succeed.

“In addition to lending and saving products and services we will be offering a range of services for that category of membership particularly accounting, marketing, legal and Human Resource services.”

“A  lot of small businesses, while they are good at doing what they do, they don’t really have the infrastructure. So what we are doing is building out a range of services to help them through that process. So that no longer does the owner have to focus on marketing and finance and tax. They have COB as their institution providing them with those services.”

He also revealed that the COB is seeking a sustainable partnership with the Barbados Water Authority in its water tank initiative, which he anticipates can be rolled out within the next month. Also on the cards is an initiative billed COB TV, which is geared for existing and potential nembers via the organisation’s social media platforms, as well as a comprehensive educational and public awareness campaign addressing the usages and benefits of services provided. (JH)