FAQ KCCU

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.

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

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.

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

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.

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.

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.

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

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.

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. 

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.

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.

Due to banking regulations, money can no longer be sent to KCCU Ltd from overseas via drafts, cheques or wire transfers.  

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.