History
TCC was established in 1928 to serve the employees of the Oriental
Telephone Company (we were known as the Oriental Telephone Company
Thrift and Loan Society). The model for Thrift and Loan Societies
was introduced by British colonial administrators and based on
similar societies introduced elsewhere in the old British Empire.
In those days the Singapore and Malaysian banking systems were very
much in their infancy and it was nearly impossible for an average
worker to obtain credit. Without access to credit many Civil
Servants had taken loans from unscrupulous private financiers
commonly known as "loan sharks". These "loan sharks" employed
"hatchet" men to make collections from borrowers who were late with
their loan repayments. To avoid harassment and physical
intimidation from these people, employees often failed to turn up
to work. Thrift and Loan Societies provided participating Members
with a safe repository for savings and gave them access to credit
at affordable interest rates.
As non-profit institutions, Thrift and Loan Societies returned any
surplus to Members in the form of an annual dividend.
But times have changed, or have they? In this new Millenium many
citizens still find access to credit at reasonable interest rates
difficult or impossible to find. This is particularly so if the
borrower earns an "average" salary or the borrower has no
collateral to offer. The bureaucratic nature of large and profit
driven financial institutions also discourages flexibility and
compassion in lending policies. Borrowers often find that when they
are most in need, the commercial banks and finance companies are
least likely to help them. Similarly many of these same financial
institutions discourage saving by penalising account holders with
small account balances.
TCC continues its long tradition of encouraging thrift with fair
rates of interest on savings and investments and providing members
with access to credit when they need it.
