| Q. How are credit unions different from banks? |
A. Like all cooperatives, credit unions are based on the concept of "people helping people." As a credit union member you have a say in how your credit union operates. You have a vote and can participate in annual general meetings.
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| Q. Who can be a member of the UWI (Mona) & Community Co-op. Credit Union Ltd? |
A. Students and members of staff of UWI and UTech and their families/relatives are eligible to join the Credit Union. Individuals working, living in and around the Mona area and surrounding communities are also welcome to access all our services.
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| Q. What are the requirements for membership? |
A.
- Complete membership application form
- Valid ID (driver’s license, passport, national ID), staff and Student ID’s are also acceptable.
- TRN
- Up-to-date utility bill or any other bill in the applicant’s name with current address (referred to as ‘proof of address’)
- Passport size photograph
- Contact information of two (2) references and a relative.
- A minimum of J$2,800
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| Q. What is a share account? |
A. This is the first account a member opens. It is therefore the point of entry into the credit union. The shares are an investment in the credit union and are primarily the funds used to determine the size of the loan given to the member.
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| Q. What are dividends, and how often are they paid? |
A. Dividends are what members receive from any surplus made by the credit union. This is paid on the members’ shares once per year.
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| Q. Do I have access to my accounts at any branch? |
A. Yes. Transactions may be completed from either branch located on the UWI or UTech campus. A valid ID is however required.
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| Q. How soon after joining may I qualify for a loan? |
A. Once membership is approved; you may be able to access our loans after six months of active membership.
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| Q. What is required before being able to see a loans officer? |
A. An appointment has to be scheduled to see a loans officer.
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| Q. Who is a Co-maker? |
A. A member who signs a promissory note along with the borrower. A co-maker's signature guarantees that the loan will be repaid, because the borrower and the co-maker are equally responsible for the repayment.
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| Q. What is Collateral? |
A. Assets pledged to a lender until a loan is repaid. If the borrower defaults, the lender has the legal right to seize the collateral and sell it to pay off the loan.
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| Q. How will I be updated of the balances in my account? |
A. Quarterly statements are prepared for all the accounts held by each member. These statements are posted or sent via email and can be accessed via internet banking.
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