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
The Golden Harvest is a long-term savings plan for individuals between the ages of 15 & 65 wanting to achieve a particular goal such as:

• Financing education
• Buying a house or car
• Taking a well deserved vacation
• Preparing for retirement

With a Golden Harvest, the same amount of money is deposited to the account each month for a specific period ranging from 1 - 10 years. The member is required to sign a contract when opening the account stating that they agree to the terms and conditions outlined. The Golden Harvest account is insured for amounts up to J$4 million. If a member dies, a beneficiary will receive the insurance benefit to the equivalent of the goal amount, which is the amount the member would have accumulated at the end of the set period. Ninety Five (95%) percent of the amount saved in a Golden Harvest account may be used to secure a loan.

Gold Note
You can place deposits of up to $50,000 in a Gold Note Savings Account for three, six or twelve months on which interest is paid quarterly.

Permanent Shares
Every member must have a Permanent Share account. This is the point of entry into the Credit Union and the first account opened. In order to remain a member of the credit union $2,000 must be kept in this account.

Voluntary Shares
Voluntary shares qualify members for loans at a ratio ranging from 4:1 to 10:1. These funds help to determine the size of the loan that a member can qualify for. Our share facility is the most convenient and readily acceptable form of security in borrowing from the credit union. Voluntary Shares are automatically insured up to J$150,000, so that if a member dies by natural causes an equal amount is paid to a named beneficiary. Savings done after the age of 70 are not insured.

Loans
The Credit Union offers loans for different purposes. Members are required to secure loans by providing collateral or by using a guarantor. Loan types are categorized by the security offered, the purpose of the loan or the item to be purchased with the borrowed funds.

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

Education loan
Apply for an education loan and make achieving your Bachelors or Masters degree so much easier.

Interest Rates:

Requirements:

• Passport size picture
• Taxpayer Registration Number Card (TRN)
• Completed application form with contact information for 2 relatives & references
• Up-to-date utility bill or any other bill in the member’s name with current address (proof of address)
• Letter of acceptance from school (if applicable)
• School voucher or statement of school fee from institution or documentary evidence supporting purpose of loan
• Statements of all liabilities and deposits
• Job letter stating salary, position, length of employment (if on contract, length of contract) and last three pay slips.
• Credit reference (if required)
• Print out of savings/current account transactions for last 6 months OR updated bank book (if required)

• Financials prepared and stamped by a certified chartered Accountant
• Income & expenditure statement
• Balance sheet
• Cash flow statement
• Cash flow projections (for at least three years)

Acceptable Collateral

• Fixed Deposit
• Savings account
• Registered Land Title**
• Insurance policy (50% of cash surrender value) **
• Motor vehicle (2002-2011) **
• Government Bond (85% of Government Bond)
• Stocks (50% of stocks)

Other requirements

• $2,000.00 in permanent shares
• Qualifying ordinary shares
• Persons who live, work or attend school within the community, are graduates of UWI or UTech OR are related to an existing credit union member are eligible to apply

Loan Term

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

Regular Loan
A regular loan can be used to take your first step towards purchasing a motor vehicle, financing your education or repairing your home.

Regular Loan

Requirements:

• Job Letter stating salary, position, length of employment (if on contract, length of contract)
• Last three pay slips
• Print out of savings/current account transactions for last 6 months OR updated bank book (if required)

• Financials prepared and stamped by a certified chartered Accountant
• Income & expenditure statement
• Balance sheet
• Cash flow statement
• Cash flow projections (for at least three years)

• Taxpayer Registration Number Card (TRN)
• Valid ID (Driver’s License, Voter’s ID, Passport)
• Completed application form with contact information for 2 relatives & references
• Up-to-date utility bill for current address (Proof of Address)
• Supporting documents for stated purpose of loan
• Statements of all liabilities and deposits

Acceptable Collateral

• Fixed Deposit
• Savings account
• Registered Land Title
• Insurance policy (50% of cash surrender value)
• Motor vehicle (2002-2011)
• Government Bond (85% of Government Bond)
• Stocks (50% of value of stocks)

Motor Vehicle

• Valuation done within the last 6 months (valuations must include approved front, back and firewall pictures)
• Valuators:
  • Caribbean Loss Adjustors
  • MSC McKay Ltd.
  • Mendez Livingstone Incorporated
  • Auto Assessors Ltd.
  • Advance Insurance Adjusters
• Authorization letter from the Trade Board re vehicle with duty concession (if applicable)
• Certificate of Fitness, Certificate of Registration and Insurance
• Copy of Title
• Valid Jamaican Driver’s License
• Vehicle must be comprehensively insured

Insurance Policies/Bonds/Stocks

• Current Statement
• Insurance policy (if applicable)

Other requirements

• $2,000.00 in permanent shares
• Qualifying ordinary shares
• Persons who live, work or attend school within the community, are graduates of UWI or UTech OR are related to an existing credit union member are eligible to apply

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/Liquid Advantage Payroll Loan

Requirements:

• Job Letter stating salary, position, length of employment (if on contract, length of contract)
• Last three pay slips
• Credit Report (if applicable)
• Tax Registration Number Card (TRN)
• Passport size picture
• Valid ID (Driver’s License, Voter’s ID, Passport)
• Up-to-date utility bill with current address (Proof of Address)
• Supporting documents for the purpose of the loan
• Active membership for at least six months
• Statements of all liabilities and deposits
• Completed application form with contact information of 3 references (next of kin not living with you)
  • Address (home & work)
  • Place of employment
  • Email Address
  • Telephone
  • Valid Identification
  
  NB. Proof of address and valid IDs must be provided for the three contact persons

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

Mortgage Advantage Loan
We make it easy for you to own a home by offering you very attractive and competitive loan rates as follows:

First time home owner - 9.55%

Second time home owner - 11.99%

Requirements:

• One Passport Size Photograph
• Valid Identification ( Driver’s License, Passport, Electoral Registration Card)
• TRN Card (If Applicable)
• Last three (3) Salary Slips
• Job letter stating salary, position, and commencement date of employment.
• Up-to-date utility bill for current address
• Statements of all liabilities and deposits
• Financial Reference (Credit Reference – if applicable)
• Last three (3) rent receipts (if applicable) or Letter from building society or financial institution showing the status of existing mortgage for second time home owners.
• Sales Agreement
• Deposit Receipt
• Valuation Report with photograph of property
• Photocopy of Certificate of Title (pre-owned property)
• Surveyor Identification Report by a commissioned land surveyor
• Evidence of processing fee, closing cost, for the acquisition the real estate and escalation cost (if applicable) based on the agreed purchase price in the Sales Agreement
• Statement of fees/charges from the vendors and purchasers attorneys-at-law
• Life Insurance Policy and status letter for provider (if applicable)
• A referral letter from the N.H.T. for Combined Mortgage applicants
• Up to date property tax certificate
• NHT Processing Fee (if applicable)

**Approved list of Valuators

• Victoria Mutual Property service Ltd.
• DC Taveres & Finson Co. Ltd.
• Real Estate Brokers & Appraisers Ltd.
• David Delisser & Associates
• Allison Pitter & Co. Ltd
• CD Alexander Int. Co. Ltd.
• Chang Rattery & Co.
• LOJ Property Mgmt. Ltd.
• JN Real Estate Dev. Co.
• VB Williams
• Property Consultants Ltd.
• La Miason Property Services

Other requirements

• $2,000.00 in permanent shares
• Qualifying ordinary shares
• Persons who live, work or attend school within the community, are graduates of UWI or UTech OR are related to an existing credit union member are eligible to apply

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

(* conditions apply)

Acceptable Collateral Checklist

MOTOR VEHICLE AS COLLATERAL
• Current Valuation (done in the last 6 months) - Valuations must include front, back and firewall pictures Approved
• Valuators: Caribbean Loss Adjustors; MSC MCKoy Ltd.; Mendez Livingstone Incorporated; Auto Assessors Ltd. Advance Insurance Adjusters
• Authorization letter from the Trade Board re vehicle with duty concession (if applicable)
• Certificate of Fitness ,Certificate of Registration and Insurance
• Copy of Title
• VALID Jamaican Driver’s License
• Vehicle must be comprehensively insured

REGISTERED LAND TITLE AS COLLATERAL
• Current Valuation by a registered valuator **(done in the last 24 months)
• Copy of property title
• Mortgage Statement (by first mortgage holder where a mortgage exists)**
• Valid ID (Driver’s License, Voter’s ID, Passport)
• Surveyor’s Report
• Up-to-date water bill
• Up-to-date Certificate of Payment of Property Tax
• Fire & Peril Insurance

Approved list of Valuators
• Victoria Mutual Property service Ltd.
• DC Taveres & Finson Co. Ltd.
• Real Estate Brokers & Appraisers Ltd.
• David Delisser & Associates
• Allison Pitter & Co. Ltd
• CD Alexander Int. Co. Ltd.
• Chang Rattery & Co.
• LOJ Property Mgmt. Ltd.
• JN Real Estate Dev. Co.
• VB Williams
• Property Consultants Ltd.
• La Miason Property Services

INSURANCE POLICIES/ BONDS/STOCKS AS COLLATERAL
• Current Statement
• Insurance policy (if applicable)

Fixed Deposits

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

Mega Advantage Deposits

A minimum of J$250,000.00 can be used to open this account for a minimum period of 6, 12, 18 or 24 months. This product is the most unique of its kind being offered in the market today as interest is calculated and paid at the beginning of the tenor instead of at the end. Seventy Five (75% ) percent of this interest is paid to the member in cash and twenty five (25%) percent is maintained in the member&rsqou;s voluntary shares account until the investment matures.

Family Indemnity Plan
This plan allows credit union members to get life insurance coverage for themselves and up to five other members of their family. Claims are made when members or any of their family covered by the plan dies. Parents, spouses or spouses&rsqou; parents under age 70, children under age 26 and the member&rsqou;s significant other are eligible. When a death occurs, payment ranges from $80,000.00 to J$400,000 for each person. FIP monthly premiums start from as low as J$422.40.

Youth Savings (Put Little Aside Now – PLAN)
Parents can open a PLAN account for children up to sixteen years old. The application form for this account will bear the name of the member in the capacity of parent, guardian or ward as well as the name of the child. The form should be signed by the member. On reaching 17, PLAN account holders become eligible to open a share account. The minimum amount required to open the PLAN is J$50.

Standing Order
A member may request that the credit union makes monthly payments on their behalf to a third party or company. A fixed amount is deducted from the members account and paid to another account or to a particular individual as instructed by the member.

Cambio Services


This facility is not restricted to our members, but any individual wanting to trade in US dollars (USD), British Pounds (GBP), Canadian dollars (CAD), Cayman dollars (KYD) or European currency (EURO). The Proceeds of Crime Act (POCA) stipulates that transactions over US$1,000 or its equivalent must be accompanied by an explanation of the source of funds. The Financial Investigation Division (FID) must be informed about transactions involving the sale (to the credit union) of any of the accepted currencies valued at US$8,000 or higher (cash).

The Credit Union Mortgage Benefit Option (CUMBO)
Members, who may need to buy a house on the open market, construct, repair or improve a residence, acquire land or refinance a mortgage loan, should use this option. This product is offered in conjunction with Victoria Mutual Building Society. First time owners must have a minimum of 3% of the mortgage amount in a mortgage deposit account. Other owners must have at least 5% saved in a similar account. If a member applies to the credit union for a loan to cover the closing cost after using the CUMBO or the NHT, the loan is issued by the credit union at the prevailing rate.

Money Transfer

Inbound transfers may be received from parts of the United States, United Kingdom and the Cayman Island through our People to People/Reggae Money Express remittance service, Itech and JN Money Transfer Services. Intra-island transfers can also be conducted where money is sent within Jamaica.

ATM Services

Our "Access Plus" debit card is offered to members with regular deposit accounts and can be used to make deposits, withdrawals and point of sale transactions. The card can be used at the ATM machines located on our UWI Mona and Utech campuses as well as at any machine or POS on the island wide Multi-link network.