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 Savings
Products
Our
savings products include, share accounts, call deposits and special
deposits such as our Christmas club.
Shares
When you join, your money is put in a savings account called a share
account in multiples of five dollars. Any excess is placed on your
deposit account. Dividends are paid on shares.
Remember
that shares are the foundation of a credit union. They are used to
determine your loan amount so we encourage you to continue to increase
your share balances.
We
also encourage you to make use of our payroll deduction system. This
allows members the luxury of having their savings deposited to their
accounts and loan payments are facilitated without any effort. This aids
in reducing delinquency.
Deposits
Interest on this account varies from time to time, this interest is
calculated on the minimum daily balance and is paid semi-annually.
Fixed
Deposits
Our fixed deposits
start from as little as $1,000.00. If you open a fixed deposit for a
period of one year, you earn 3% interest Christmas
Club
This account allows
you to save for that much needed Christmas money. How does it work?
From
January of each year you can begin your deposits for Christmas. An
interest rate of 4% is earned on this account.
Junimembers'
Club
In order to
become a member of this exciting club, your child or young relative
must be 15 years or under.
The
account can be opened for any child who is a relative of a member of the
Credit Union or Trade Union. This means that your children, nieces,
nephews and cousins can join this club.
Members
of the Junimembers’ Club, are eligible to apply for scholarships, and
educational grants. The criteria for these are set periodically.
Loans
There are specific
loan ratios, maximum amounts and repayment periods depending on the
category of loan. For example, in order to borrow money for a new car, you
have to be a member of the credit union for at least nine (9) months, and
you can borrow up to a maximum of $60,000.00 with a maximum repayment
period of seven (7) years. These are all set out in our loans policy which
is available to all members.
Download
the application forms
Loan application within savings.pdf
- 89 KB
loan application.pdf - 107KB
In
order to view the forms
you must have the Adobe Acrobat Reader installed on your systems.
You can download it for FREE by
clicking on the link below.
Get
Acrobat Reader
Note: The
calculators are intended to provide approximate information and do not
constitute an offer to extend credit. Your actual payment information may vary.
Please contact us for exact payment information.
Line
of Credit The
maximum available limit will be 3 times your gross monthly income up to a
maximum of $7,500.00 or 10 times your weekly pay up to maximum of
$5.000.00. Repayment will be a minimum of 4% of the outstanding balance or
a minimum of $75.00 monthly.
Download
an application form
Line of Credit Application form.pdf
- 172 KB
In
order to view the forms
you must have the Adobe Acrobat Reader installed on your systems.
You can download it for FREE by
clicking on the link below.
Get
Acrobat Reader
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Line
of Credit Calculator
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Note:
The calculators are intended to provide approximate information and do not
constitute an offer to extend credit. Your actual payment information may
vary. Please contact us for exact payment information.
Standing
Order Payments
With this service you
have the convenience of paying all your fixed monthly bills in one place.
This
service is convenient and it is cheap, just $3 per bill per month.
'Quik'
Deposit Box Don't
have time to stand in line? For speed and convenience, use our quik
deposit box for: Savings
deposits
Loans payments
Standing order payments
Medical insurance
Smart
Voice Members,
you can now check your account 24hrs a day, 7 days a week. Read about
‘Smart Voice”, our automated member account information service. Click
here for further details.
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There
are various types of loans ranging from those which are within savings to
loans for furniture, cars, funerals, weddings, house repairs, education or
business. A loan within savings, means that you cannot borrow in excess of
your savings. For example, if you have $5,000.00 in free shares, i.e. shares
not tied to a loan; you can borrow all or part of that money at any time.
This loan can be approved at once. Loans can also be secured by the cash
surrender value of your insurance policy, Bills of sale, or Government
bonds.
