About the Jamaica Teachers' Association Co-operative Credit Union
HOW DO I BECOME A MEMBER?
Membership in the JTA Co-operative Credit Union is opened to all members and associate members of the Jamaica Teachers Association. This includes administrative and clerical personnel employed in any educational institution recognized by the Ministry of Education.
Having satisfied these criteria, all prospective members will be asked to complete a membership application which must be accompanied by the following:
- Valid photo id (Drivers’ Licence, Voters ID, Passport)
- 2 last pay advices
- Passport size photo
- TRN Card
- NIS card
- JTA membership Card
- Proof of address
- $510 for opening share balance and entry fee
- $2,000 for Permanent Shares
WHAT ARE PERMANENT SHARES?
Permanent shares are investments made by members in the credit union which form part of the credit union's permanent capital.
Permanent shares cannot be readily withdrawn as the member will have to sell his or her permanent shares to another member to be able to cash in on these shares. The minimum amount that each member must have in their permanent share account is $2,000.00. There is no need for monthly deposits to this account as with the regular share account. There only needs to be a one-off payment to bring the account up to the minimum standard of $2,000.00.
HOW SOON CAN I GET A LOAN AFTER JOINING?
After 6 months of membership, you are eligible to borrow up to 10 times the amount saved in your share account (security required).
Immediately upon joining the Credit Union, you are entitled to loans within your shares as well as to loans that are 3 times your shares. The latter however, will require security.
CAN JTA CREDIT UNION CONSOLIDATE MY LOANS?
YES WE CAN!! If your loan payments are mounting and you need breathing room, JTA Credit Union can consolidate your loans for you. With our Income Maximizer Loan Package, You can have it two ways; Secured or Unsecured.
With our secured consolidation you can use any securable asset you have to secure a consolidation loan to consolidate:
- Credit Card Loans
- Unsecured loans outside and within the Credit Union Credit Union
- Other personal loans taken with other institutions
The maximum amount accessed will be dependent on the items being used as security which can be any of the following:
- House, car or land title
- Savings at another institution
- Life insurance policy- cash surrender value
The unsecured Income Maximizer can be used to consolidate all unsecured loans taken within the JTA Credit Union. The maximum amount that can be accessed for unsecured consolidation is $300,000.
IF I AM RETIRING WHAT ARE MY OPTIONS AT THE JTA CREDIT UNION?
If you are retiring and are thinking of investing your lump sum you needn’t look further than the JTA Co-operative Credit Union Ltd. We offer solid investment products that pay premium rates of return on your investment.
RETIRE EASY WITH OUR RETIRED TEACHERS SAVINGS PLAN
You can start this plan with a minimum of $100,000.00 and earn a competitive return on your investment. Speak to a representative about this plan today!
TAX FREE EARNINGS, THE WAY TO GO!
With JTA Credit Union you have the ability to earn tax free returns on your investment with our Union Teachers’ Optimizer Plus Account (T.O.P.).
If you have a lump sum of $25,000 or more, you can make a deposit on this account. To enjoy tax free benefits, you must allow your investment to remain on the account for at least 5 years. Within this time, you can access up to 75% of your accumulated interest earnings. We are waiting to sign you on today!