Frequenty Asked Questions
About the Credit Union
A Credit Union is owned by its members. One Member = One Vote. Every member has permanent shares of a certain amount that gives them ownership or represents their equity in the Credit Union. Nb. The permanent shares required for Lascelles Credit Union is $1000.00
The Credit Union offers a wide range of products and services similar to that of the commercial banks but generally at better rates. Credit Unions also tend to be more flexible in assisting the members because we don’t see you as just another client, you are family.
There are also a few products that are unique only to the Credit Union movement, for example products offered by the Cuna Mutual Group. For more information visit https://www.cunamutualjamaica.com/
- External Auditors – yearly
- Internal Auditors – quarterlyIs the Credit Union audited?
All past and present employees of:
- The formerly owned Lascelles deMercado Group of Companies (LdM Group) and their immediate family members
- J Wray & Nephew
- Carreras Ltd.
- Appleton Estate
- New Yarmouth
- Federated Pharmaceuticals
- Agricultural Chemicals Plant
- Kingston Industrial Garage
- Globe Insurance Company (now Guardian General)
- Other companies associated with those listed above and their immediate family members
- All entities managed and or owned by a present or past employee of any of the companies listed above
- All entities which do business with, provide services to, provide raw materials for or consume products in relation to the companies listed above (e.g. security guards, concessionaire, brokers, haulage contractors, wholesalers, retailers etc.)
- All entities that share similar directorship, where there is at least one common director.
- Companies operating in direct or like industries as the group of companies listed above
- Companies operating in the locale of Spanish Town Road and Newport West.
To comply with KYC (Know Your Customer) standards we require:
- Proof of Current and Mailing Address
- 2 valid picture-bearing identification cards (e.g. Passport, Driver’s Licence, Voter’s ID)
- 2 Written references
- $1,000 Permanent Shares,
- $2,000 – Voluntary Shares,
- $500+GCT – Entrance Fee
No. We have made provisions for you. With the signing of our indemnity form you can email or fax in your instructions and we will action your request be it loan or withdrawal.
Deposits: There are also alternate avenues for some transactions e.g. you may deposit monies to our bank account (online or visit the actual bank):
NCB #171191246 & Scotia # 838810 (Branch Code# 90175)
Loans: Also, you can request a preliminary mobile loan interview for urgent needs.
There are many ways to receive the proceeds of a loan or withdrawal transaction.
- On your access plus debit card – immediate access
- On a cheque payable to you or a payee authorized by you
- Lodged to your commercial bank account
- Loans Within Shares & Deposit – no waiting time
- Company negotiated loans – no waiting period
- Other secured loans (eg. Mortgage, Motor vehicle) – 3 months
- Unsecured Loans – 3 months
- Withdrawal – 10 minutes
- Journal Transfer – 15 minutes
- Loans secured by your own money – same day
- Payday Loan – next day
- Motor Vehicle Loan – if you submit all documents, 2-3 days.
- Mortgage Loans – varies based on situation
- Loans backed by other security – varies based on situation and security being used
- Loans requested outside of Credit Union policy (requiring a waiver) – up to 6 days
- Motor Vehicle not older than 10 years old
- Cash / Shares / Deposits / Investment held by you
- Cash / Shares / Deposits / Investment held by others upon their authorization
This depends on the type of loan you take. Unsecured loans usually do not exceed 36 months of repayment, whilst a secured loan can go as long as 20-30 years depending on what is used as security and your age at the time of the loan application. Other factors not mentioned here can also affect the length of time given to repay the loan (e.g. the length of your employment contract)
Yes, this generally occurs when you have offered the monies as security/collateral for a loan you took out or a loan taken out by another member who you ‘stood security’ for.
There are also some major loans like mortgage and motor vehicle loans that consider shares as the first security and as such your shares is usually not available for withdrawal. Other deposits and saving however would still be available.
This is a quick and easy process. Go to our website www.lascellescreditunion.comand download the ‘Deduction Forms’ (Tools/Forms ->Downloadable Forms) complete and return to our office via email or fax.
Please note that new deduction instructions supersede the first, as such, when writing please ensure that the deduction amount encompasses all transactions (loans, standing orders, saving, child account etc.)
The Loan Protection and Life Saving Plan (LPLS) cover your loan and saving against death or total disability. All loans are insured for up to $2,000,000 JMD.
Loans exceeding this amount will require you to provide additional insurance for the difference between the $2M and the amount being borrowed.
Saving is insured up to $150,000, should you die your beneficiaries will receive all that is in your account plus the insurance coverage of the $150,000 subject to other conditions. For more information https://www.cunamutualjamaica.com/
This is a decreasing term life insurance that insures the saving goal you have set for yourself. With the interest we pay you on your saving, you are bound to increase your wealth. For more information visit https://www.cunamutualjamaica.com/
For all member-related complaints or queries please direct them to Member Services Manager or email them to firstname.lastname@example.org