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What Makes the Credit Union Different

The Credit Union Difference!

Credit Unions are uniquely different from other financial institutions and are viable saving alternatives to other financial institutions in Jamaica!

  • Non-profit co-operatives
  • Credit unions only exist to serve their members and their communities.
  • Credit unions are owned by their members and democratically controlled; one member = one vote
  • Credit unions do not pay corporate income tax
  • To do business with any credit union, one must first become a member of that Credit Union.
  • Dividends are paid to members who are shareholders of their credit unions
  • Credit Unions offer favorable interest rates on savings, loans, and services.* conditions apply.
  • Credit Union members automatically receive loan protection and life insurance protection at no cost to them.* conditions apply.
  • For-profit corporations
  • In-service to their shareholders
  • Owned and controlled by outside shareholders; vote according to individual shareholdings.
  • Pay corporate income tax on profits.
  • Dividends are paid to shareholders according to their investment in the organization
  • Board members do not necessarily reflect the diversity of their customer base
  • Low-interest rates on savings; higher loan rates and fees
  • Offers insurance products at a cost to customers