Credit unions in trinidad and tobago play significant role in the economy of the country as well as in the lives of its members. First, credit unions are for the benefit of the members. They are created to promote savings for its members, unlike banks which are created for profit. As a cooperative they are owned by the members. The members invest money on the cooperative and as owners they serve on the Board and directly affect its management. The members participate and vote during the annual meeting of the credit union. As such, they offer better financial solutions for its members. For example, their Trinidad loans rates are lower than the bank rates. They have lower Trinidad loan rates because the Trinidad loans are offered to help the members. Second, credit unions in Trinidad and Tobago do not have public shareholders like the Trinidad banks since they are owned by the members. When it comes to membership, a lot of credit unions in Trinidad and Tobago have strong member base. Eastern Credit Union, which is one of the largest in the country has more than 160,000 members. This shows how strong credit unions are in the country. This also shows their economic impact to the country and to the citizens. Third, Trinidad and Tobago credit unions are in direct competition with the Trinidad banking sector. They have wide range of services, such as Trinidad loans and savings, Trinidad investments and Trinidad mortgage solutions. They also have services that are offered by banks. For example, Eastern Credit Union has its own ATM network, debit card and call center. It has 12 ATMs across the country.