At the UWI (Mona) & Community Co-operative Credit Union, your financial needs are in capable “hands”. Our expert service is available through our loans and member service representatives, where we take the least interest on your loans and the most interest in you. Here are some of the wide ranges of services offered by us:

Golden Harvest
Saving money can be easy. The Golden Harvest is a long-term savings plan that the credit union has made available for persons wanting to achieve a future goal such as:

• Financing your child’s education
• Buying a house or car
• Planing for retirement
• Taking a well deserved vacation

It is a group decreasing term life insurance and savings plan for individuals between the ages of 15 & 65. To become a part of such a plan, no medical is required, you may agree to contract with the credit union to make regular monthly deposits for a specific number of years (maximum of 10) and you may receive insurance of up to J$4 million.

As a result of this insurance plan, in case of death the Golden Harvest allows your family to benefit in your absence. The amount the beneficiary receives is not the amount saved but the amount that is pledged.

This type of savings may be used to secure a loan at the ratio of 1:1 (It is the sum saved that will be used and not the amount pledged).

Gold Note
This is termed a “multiple advantage” savings account, safer than a “pardner plan”.
There is no banker’s fee and interest is guaranteed. Place your deposit or even your full salary in the Gold Note Savings Account for three, six or twelve months and earn between six and nine percent per annum plus bonus interest that will be paid quarterly.

Regular Shares
This is the first account that may be opened by a member and is the point of entry into the Credit Union. The shares are automatically insured up to J$150,000 that in the event of the possible death of the member by natural causes an equal amount is paid to the beneficiary. Savings done after the age of 70 are not insured. Shares qualify members for loan at a ratio of 4:1 and are primarily the funds that are calculated to determine the size of the loan that a member can receive. Our share facility is the most convenient and readily acceptable form of security in borrowing from the Credit Union.

Loans
The Credit Union offers a variety of loans designed to meet the needs of its members. Loans are secured by collateral provided by the member or a guarantor. Loans types are categorized by the security offered, the purpose of the loan or the item to be purchased from the proceeds.

If you need to access any one of our loan facilities call one of our Loan Officers at 927-2211 or e-mail us at creditu@uwimona.edu.jm for details.

Education loan
Studying to achieve your bachelors or masters degree is now made so much easier by applying for an education loan.

Requirements:

1. Members that hold a minimum of 10% of the loan amount in shares
2. Proof of Educational cost
3. Valid Identification
4. Taxpayer Registration Number
5. Proof of Income
6. All acceptable security by the Credit Union *

Loan Term

You have up to a maximum loan term of five (5) years to repay*

General Loans
A General Loan from us can be your first step towards purchasing that luxury vehicle, financing your child's education or repairing your home.

Regular Loan

Requirements:

1. Members that hold a minimum of 10% of the loan amount in shares
2. Proof of purpose
3. Valid Identification
4. Taxpayer Registration Number
5. Proof of Income
6. All acceptable security by the Credit Union *

Loan Term

You have up to a maximum loan term of five (5) years to repay*

Share Loan

Golden Harvest Loan

Fixed Deposit Loan

Special Credit Loan

Requirements:

1. Members that hold a minimum of 10% of the loan amount in shares
2. Proof of Loan purpose
3. Valid Identification
4. Taxpayer Registration Number
5. Proof of Income

Loan Term

You have up to a maximum of 2 years to repay*
The loan has to be repaid using salary deduction.

Mortgage Loan
We believe that each of our Members should own a home so we are therefore making it easy for you to do so at our attractive and competitive loan rates.

Requirements:

1. Members that hold a minimum of 10% of the loan amount in shares
2. Signed Sale Agreement
3. Photo copy of Certificate of Title
4. Valuation Report showing picture of property (we require you to have the report done by a Valuator from the list provided by us.
5. Valid Identification
6. Proof of Income
7. Last three (3) pay slips
8. Registered Commission Land Surveyors Report
9. Property Tax Certificate
10. Approved Plan (if applicable)
11. Builder’s estimate (if applicable)
12. All acceptable security by the Credit Union *

Loan Term

You have up to a maximum loan term of ten (10) years to repay*

(* conditions apply)

Fixed Deposits

This facility allows members to invest funds with the Credit Union at very competitive rates when compared with banks and other financial institutions. A minimum of  J$5000 can be placed on deposit for periods of up to twelve months and periods in excess of this is negotiable. Where the fixed deposit is broken before the maturity date, it attracts a 3% penalty. Fixed deposits may be used to secure a loan at a ratio 1:1.

Family Indemnity Plan
This plan allows members to obtain life insurance for up to 6 immediate members of their family that they can claim in the event of death. Parents, spouses, spouses’ parents under age 70, children under age 23 and the significant other of the member are allowed on this plan. Members, upon death can claim from $80,000.00 up to J$400,000 per death providing that the person being claimed for was a part of the plan, with a minimum monthly amount of J$422.40 (conditions apply).

Youth Savings (Put Little Aside Now – PLAN)
This is a savings account for minors. It facilitates parents wanting to open accounts for children up to sixteen years old primarily for education purposes. The application form for this account should bear the name of the member in the capacity of parent/ guardian/ ward and the name of the child AND the member is also required to sign the form. Children over the age of 16 qualify for a share account. The minimum amount required to open the PLAN is J$50 and it yields interest at a rate of 6%.

Standing Order
These are payments that a member may request of the credit union to pay monthly on their behalf. This is a fixed amount monthly that is deducted from the members account and paid to an account or individual designated by the member.

Cambio Services


This facility is not restricted to members only, but any individual wanting to trade in currencies such as United States Dollars (USD), Great Britain Pound (GBP), Canadian (CAD), Cayman (KYD) or European (EURO). Individuals who transact exchange in the form of a sale, the equivalent of US$8,000 cash or more must be reported to the Financial Investigation Division (FID)..

Savings Cumbo
This is an opportunity to provide housing solutions for members through the Victoria Mutual Building Society. The Credit Union Mortgage Benefit Option may facilitate a member who needs to purchase a home on the open market, repairing or improving an existing residence, constructing a residence, acquiring land for residence or refinancing for loans granted for the purpose of purchasing a residence. For first time owners there must be a minimum of 3% of the mortgage amount in the mortgage deposit account. For other owners, there must be at least 5% save in a similar account. Where a member applies for a loan for the closing cost from the Credit Union after using the CUMBO or the NHT, the loan is issued by the credit union at the rate of 17.5% per annum on the reducing balance.

Money Transfer

The People to People remittance service has been introduced in phases and is at present for inbound transfers only. Inbound transfers may be received from parts of the United States, United Kingdom and the Cayman Islands. The second phase will see inter-island inbound transfers taking place. In light of competition in the market, the credit union continues to provide competitive rates for these transfers.

ATM Services

The credit union offers the "Access Plus" debit card service to its members only.
24 hour banking facility is offered through this ATM service, which is allowed for regular deposit accounts (share accounts are not accessible through this medium). The card can be used to perform deposits, withdrawals and point of sale transactions, and is also accessible through other financial services Multilink Network. An ATM machine is located on both University campuses within secure facilities.

Car Insurance Scheme
The Car Insurance scheme is applicable to UWI and UTech staff members and is administered by the Credit Union. Staff members of both campuses will come to the Credit Union to be enrolled on the scheme. This allows members of staff to pay special insurance premiums while benefiting from the service. When the monthly premium is paid in full, the broker issues the certificate, and the member collects the certificate at the Credit Union.