5 Services Offered By Credit Unions

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Continuing our credit union series for International Credit Union Day, here are 5 services offered by credit unions in Jamaica:

1. CONEC Mobile Wallet

A virtual replica of a physical wallet, this technology allows you to do a number of banking functions using your mobile device. Services include topping up phone credit, paying bills to FLOW and NWC (JPS to be added by the end of 2015), and transferring funds between CONEC accounts. Members of participating credit unions can add their debit cards to their CONEC account to transfer funds between accounts. CONEC is available in the Google Play Store, and can be accessed through mobile web on Windows and Blackberry 10 devices. The Iphone app should be released in the near future.

2. Savings Accounts

The savings options at credit unions include, but are not limited to:

Permanent- Share Account

  • Establishes members as part owners, earning dividends from the credit union’s surplus

Voluntary Shares Account

  • A typical savings account that earns interest and that helps build credit for obtaining loans

3. Insurance

Insurance benefits offered include*:

  • If a credit union member dies, his/her beneficiary will receive the money in the member’s account, as well as an extra amount from insurance, as credit union savings carry life insurance
  • A member who dies at age 29 or younger will leave for his/her beneficiary an additional 100% of his/her savings
  •  If a member dies before the age of 70 with an outstanding loan, his/her estate will not be called on to repay the loan, as credit unions protect loans up to a specified amount
  • If a member becomes totally and permanently disabled before age sixty (60), a disability waiver will allow for insurance to repay the loan
  • A group health care plan is available which covers members, spouses and children up to age 19
  • Overseas medical coverage plans are available that include provision for air ambulance service
  • Motor vehicle, property and personal accident insurance are available at reduced group rates
  •  A cash benefit that can be used for funeral costs for members and their eligible family members

4. Loans

Loans are available to facilitate starting small businesses. Also, personal loans are available for:

  • medical expenses,
  • home repairs,
  • purchase of household appliances,
  • home ownership,
  • and higher education.

5. Standing Orders 

Allow a member to authorize the credit union to make fixed sum payments to cover various expenses, such as mortgage payments, on a recurrent basis.

Source: Credit Unions of Jamaica

*Conditions apply