What are the requirements in becoming a member?

Becoming a member is easy. You can visit us at one of our locations and complete an application. Or you can use the convenience of our online forms to start process.  You are required to buy a minimum of twenty permanent shares priced at five East Caribbean (EC) dollars each, total cost One hundred EC dollars; and pay EC$5.00 for entrance fees.  It is advisable, though optional, for you to also purchase redeemable regular shares ($25.00), death benefit ($50.00).   The total amount EC$180.00.

Please note that regular savings to your share account is a good indicator of your membership financial participation and could be used as collateral.   Note that your application has to be ratified at the next board of directors meeting.

Can non-members apply for a loan?

You must be a member of KCCU to apply for a loan.

My account has been dormant for many years. How can I re-activate my account?

After several years your information could have changed. For example you ID card, passport and so forth could have expired; address, beneficiaries and relationships changed. In order to comply with our know your customer (KYC) obligations, It will be necessary to submit new “change of status” form from our customer services department. There after you may commence making payments to your account.

Can I apply for a loan even if I haven’t been paying my share?

Yes a member of KCCU can apply for a loan at any time.

How long does it take before you can apply for a loan after you’ve become a member?

Loan applications are risk assessed based on your capacity (earnings ) to repay, your collateral (redeemable shares, savings, real estate and so forth), condition, character and purpose to name a few. The duration of your membership is also a relevant element.

I have a student loan which is unsecured and I would like to purchase land. Do you consolidate loans?

KCCU is pleased to assist our members by offering loan consolidation services. In order to know if you qualify please make an appointment to discuss your options with one of our loans officers. All loans are risk assessed.

What are the requirements for obtaining the $2000 Ready Cash loan?

You must be continuously employed with the same employer for at least 2 years and be able to provide us with a direct deduction from your work place. Please note that we do not accept deductions from all businesses. Other terms and conditions apply.

Do you offer different types of loans?

Yes. For example, vehicle loans education, land purchase, house construction, property purchase and consumer loans. Each type may carry different terms and conditions. 

How much can I borrow from my shares?

You can obtain a loan by using your redeemable regular shares as security. However if you already have a loan that is secured by the maximum redeemable regular shares you hold then other criteria will be assessed to determine the risk. Please talk to one of our representative to obtain guidance that fully takes your circumstances into account.

Can I make a loan request from outside St, Vincent?

Yes loan requests can be made outside St. Vincent.  Loan forms and details of the loan requirements  can be accessed via our website www.kingstowncreditunion.com.  Please note that all documents being submitted must be notarized. 

Is withdrawal from Shares allowed?

Yes withdrawal from redeemable regular shares are allowed, providing that such shares are not used to their maximum to secure loans nor use to co-make loans for another member. In the event that your shares are not encumbered by the circumstances just mentioned, you are required to complete a “withdrawal from shares form” which can be obtained at any of our branches or our website. You cannot withdraw from your permanent shares.

How often am I required to pay my Death Benefit?

You are required to make one payment of $50.00 per year to death benefit. This payment is deducted from your share account on the 31st January each year, therefore there is no need to come into the branch to do this. However please note that you are required to save a minimum of EC$300 per year to your redeemable regular shares. Terms and conditions apply and they are written on the Death Benefit application.

Can I send money from overseas to my KCCU account?

Money can be sent to KCCU Ltd from overseas via International Postal Money Orders, drafts and wire transfers.  Routing details can be found on our website.

How can I close my account?

You can close any account at KCCU except your permanent shares account. If you want to discontinue and cease your membership, then you are required to transfer or sell your permanent shares to another individual in order to effectively close your account.

News

Bequia Members Meeting...

Membership service is of paramount importance to our very existence and eac...

KLICK KCCU...

On the 7th April 2014, KCCU launched its website under the brand "KLICK KCC...

Assets for sale...

FOR SALE The following listed lands, properties and vehicles are for sale....

Kingstown Cooperative Credit Union © 2018. All rights reserved.