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 form along with a salary deduction form. The salary deduction form allows savings to be automatically deducted from the salary to the member’s saving account.
HOW MUCH CAN I BORROW?
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.
HOW SOON CAN I GET A LOAN AFTER JOINING UP WITH THE CREDIT UNION?
You may borrow up to 10 times you shares after saving at the Credit Union for 6 months. However, you may access up to $300,000 immediately upon joining the Credit Union with the appropriate security (savings in shares included).
DO I NEED SECURITY FOR A LOAN?
This depends on two things: the length of time which you have been a member of the Credit Union and the type of loan being applied for.
If you have been a member of the Credit Union for over 6 months, you may access an unsecured loan for the following purposes:
- To pursue tertiary education (for the member of his/her dependents)
- To purchase a computer
- To take a vacation
- To help with back to school purchases
Other loans, however, such as a motor vehicle and home loan will require security which is usually the object being purchased.
Loans within shares and savings do not require any security.
IF I HAVE A LUMP SUM AMOUNT, WHAT IS THE BEST WAY TO INVEST IT?
Start a Golden Harvest Account!
He or she may use this lump sum to start a Golden Harvest Account. While the lump sum can be used initially, this account requires a fixed monthly contribution for a specified number of years. The benefits of this account are the attractive interest paid and free life savings protection insurance. In addition, administration costs are not passed on to the member so he or she will never have to pay management fees or for account statements.
Open a Fixed Deposit Account
This account can be opened by visiting any of our 12 locations island wide and indicating to the representative that you wish to start a fixed deposit account. You may place your lump sum on this account for a 30 or 90 day period. You may even go beyond 90 days if you wish. You may start with as little as $10,000.00
Start your very own Teachers’ Optimizer Plus (T.O.P.) Account
This account is similar to a fixed deposit account with the major differences being that the interest paid is tax free and the amount invested must remain in the account for at least five (5) years.
WHAT IF I DO NOT HAVE A LUMP SUM BUT I AM WILLING TO SAVE A SMALL AMOUNT ON A MONTHLY BASIS, WHAT WOULD YOU RECOMMEND FOR ME?
There are a number of products available to which you can save on a monthly basis.
Build Up Your Shares!
This account qualifies you for membership in the JTA Credit Union and is also a key determinant in the approval of several of the loans offered at the Credit Union. An additional benefit is the fact that you get a dividend payment on your share account each year (as instructed at the Annual General Meeting). You are required to maintain a minimum balance of one thousand five hundred ($1,500.00) dollars in this account. You can access up to 10 times the amount saved in shares for a loan. This is entirely dependent on your ability to provide collateral.
Start an Ordinary Deposit Account
The ordinary deposit account is a savings account, which pays an attractive interest rate to members. Members can use their ordinary deposit savings as securities for loans.
Start saving for Christmas in our Christmas Club Account
The Christmas Club Account is also an account which pays an attractive interest rate per annum to the participants.
To participate in the Christmas Club Savings, members in a school/institution form a group and appoint a bursar/banker who collects from them on a monthly basis and makes payment to the credit union. The sum remains in the fund and is paid out at Christmas time along with interest.
Christmas Club Savings offers a timely pool of funds for Christmas time activities.
Get your Golden Harvest started
If you have a specific goal in mind and a time period in which you intend to achieve this goal, then this is the plan for you. This account requires a fixed monthly contribution for a specified number of years and offers attractive returns and free life savings protection insurance. In addition, administration costs are not passed on to the member you will pay a cent for management fees or for account statements. Visit our nearest branch or email ltaylor@jtacreditunion.com for more information.
WHAT ABOUT A DEATH IN THE FAMILY? CAN THE JTA CREDIT UNION HELP IN THAT CASE?
Our Answer is the Family Indemnity Plan (FIP)
This plan involves the payment of a cash benefit amount to cover the funeral costs associated with the death of the member and/or eligible family members. There are three coverage plans. This plan covers up to six family members for only one low monthly premium.
This flexible life insurance package offers up to five (5) payment options ranging from an $80,000 to $400,000 payout on each person covered on the plan. You can pick the plan that suits you best. Once the Credit Union has received a death certificate and the claim has been approved, payment will be made to the beneficiary to cover the funeral cost associated with that death.
Who is covered by the Plan?
This service extends coverage to the following family members;
1. Member
2. Spouse
3. Children or legal dependents that have not yet attained 25 years of age
4. Parents or In-laws of the member may be enrolled on the plan as long as they have not yet attained 76 years of age. There is no maximum age limit with regard to retaining coverage
under the plan.
Visit our nearest branch or email ltaylor@jtacreditunion.com for more information or if you have any other question.
WHAT IF I DO NOT HAVE A LUMP SUM BUT I AM WILLING TO SAVE A SMALL AMOUNT ON A MONTHLY BASIS, WHAT WOULD YOU RECOMMEND FOR ME?
There are a number of products available to which you can save on a monthly basis.
Build Up Your Shares!
This account qualifies you for membership in the JTA Credit Union and is also a key determinant in the approval of several of the loans offered at the Credit Union. An additional benefit is the fact that you get a dividend payment on your share account each year (as instructed at the Annual General Meeting). You are required to maintain a minimum balance of one thousand five hundred ($1,500.00) dollars in this account. You can access up to 10 times the amount saved in shares for a loan. This is entirely dependent on your ability to provide collateral.
Start an Ordinary Deposit Account
The ordinary deposit account is a savings account, which pays an attractive interest rate to members. Members can use their ordinary deposit savings as securities for loans.
Start saving for Christmas in our Christmas Club Account
The Christmas Club Account is also an account which pays an attractive interest rate per annum to the participants.
To participate in the Christmas Club Savings, members in a school/institution form a group and appoint a bursar/banker who collects from them on a monthly basis and makes payment to the credit union. The sum remains in the fund and is paid out at Christmas time along with interest.
Christmas Club Savings offers a timely pool of funds for Christmas time activities.
Get your Golden Harvest started
If you have a specific goal in mind and a time period in which you intend to achieve this goal, then this is the plan for you. This account requires a fixed monthly contribution for a specified number of years and offers attractive returns and free life savings protection insurance. In addition, administration costs are not passed on to the member you will pay a cent for management fees or for account statements. Visit our nearest branch or email ltaylor@jtacreditunion.com for more information.
WHAT ABOUT A DEATH IN THE FAMILY? CAN THE JTA CREDIT UNION HELP IN THAT CASE?
Our Answer is the Family Indemnity Plan (FIP)
This plan involves the payment of a cash benefit amount to cover the funeral costs associated with the death of the member and/or eligible family members. There are three coverage plans. This plan covers up to six family members for only one low monthly premium.
This flexible life insurance package offers up to five (5) payment options ranging from an $80,000 to $400,000 payout on each person covered on the plan. You can pick the plan that suits you best. Once the Credit Union has received a death certificate and the claim has been approved, payment will be made to the beneficiary to cover the funeral cost associated with that death.
Who is covered by the Plan?
This service extends coverage to the following family members;
1. Member
2. Spouse
3. Children or legal dependents that have not yet attained 25 years of age
4. Parents or In-laws of the member may be enrolled on the plan as long as they have not yet attained 76 years of age. There is no maximum age limit with regard to retaining coverage
under the plan.