FINANCIAL SERVICES

Question
What are some of the saving products that you offer?

Answer
The Credit Union offers a number of diverse products all aimed at giving the member the best value for their money. As such, all products earn very attractive interest rates. Some of the products are:

Share Account
Ordinary Deposit Account
Easy Access Account
Special Deposit Account
Christmas Club Savings
Retired Teachers Savings Plan
Golden Harvest
Family Indemnity Plan
Automated Teller Machine Service -Access Plus Card
Youth Savings (Saving for Education Tomorrow)

Question
If a teacher has a lump sum, what is the best way to invest it?

Answer
There are a number of products available for an investment of a lump sum, and we would suggest the Special Deposit and the Easy Access Accounts.

Question
What is a Special Deposit?

Answer
This is a savings instrument that allows members to earn attractive interest rates over a 30-90 day period, depending on the amount they put in. Members can start with a minimum of $1000.00. Members can also use their special deposit as security for their loans.

Question
What's Easy Access?

Answer
With the Easy Access deposit account, an attractive interest rate is calculated and paid quarterly to members' accounts. The Easy Access account also carries an ATM feature-Access Plus Card. The main benefit of having an Easy Access account is the easy accessibility of your funds at any time.

Question
That is good if you have a lump sum or have just come into a large sum of money, but what would you recommend for a teacher who is willing to put a small amount aside on a monthly basis?

Answer
There are a lot of products available and which one you participate in would be determined by your needs. Here are a few suggestions.

Question
What is a Shared Account?

Answer
This account qualifies you for membership in the JTA Credit Union. Members must maintain a minimum balance of one thousand dollars in this account. Dividends are also paid to this account. Members can receive up to 10:1 shares in loans dependent on the availability of security.

Question
What is an ordinary Deposit?

Answer
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.

Question
What is Christmas Club Savings?

Answer
To participate in the Christmas Club Savings, members in school form a group and appoint a bursar 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.

Question
What's Golden Harvest?

Answer
This is a group decreasing term life insurance and savings plan designed to assist members achieve a particular goal. These goals include for example the purchasing of a home, a motor car etc.

Members agree to save a fixed sum over a specific period, with a guaranteed return on savings. At the end of the period, members will "harvest" the savings plus interest, thus enabling them to realize their dream.

Question
What about a death in the family? Can the JTA Credit Union help in that case?

Answer
Yes the Credit Union can help with the Family Indemnity Plan.

This plan involves the payment of a cash benefit amount, which can be used to cover the funeral costs associated with the death of the member and or eligible family members. There are three coverage plans. The member may choose the plan most appropriated to his/her needs. Costs and benefits vary according to the plan chosen.

Question
We have been primarily discussing teachers who are currently working and are in the school system. What about those teachers who are retired and are no longer in the schools? Is there a savings plan for these persons?

Answer
Yes there is the Retired Teachers Savings Plan. This plan is an investment facility, which provides retired teachers with attractive interest rates above our special deposit rates. The RTSP will require a retired teacher to deposit a minimum of $100, 000.00 in this savings plan.

Question
Similarly, does the Credit Union offer any plan for the students who might be interested in learning to save?

Answer
Yes we have recently launched our youth savings programme for children age six to eighteen, SET (Saving for Education Tomorrow). The programme seeks to help students develop the discipline of saving that can ensure success later in life. The Credit Union offers an attractive interest rate to youth savers so that they will be motivated to save. Interest rate is paid annually to the youth savers account and special incentives are awarded to top youth savers and their schools.

Question
While we are primarily focusing on savings, does the JTA Credit Union also offer loans?

Answer
Yes the Credit Union offers a number of loans and in order to qualify, members should have shown regular savings for six months.

Question
What's a Easy Loan?

Answer
The Easy Loan facility is a line of credit offered to the member and is then disbursed through the automated teller machine network. It provides quick access to funds for members when emergency situations arise.

Question
What is a Mortgage Facility?

Answer
The Credit Union offers a mortgage facility to allow members to purchase houses.

Question
What's a Computer Pak?

Answer
This facility was designed to assist members purchase personal computers and printers.

The JTA Credit Union through Cuna Mutual provides insurance for all members on their shares and loans. The coverage for loans is up to a maximum of $1.2M. The coverage for savings is up to a maximum of $600, 000.00.

Question
What about the Community?

Answer
In addition to being excellent money managers, the JTACCUL has been a good corporate citizen throughout the past 40 years. Each year the Credit Union is a sponsor of the Jamaica Teachers' Association National Primary and All Age School Championship and the JTA Golden Torch Award. The Credit Union has also adopted the St. Barnabas Basic School on the neighboring Fletchers Land Community.

The JTACCUL also offers annual scholarships and grants to the islands' teachers for continuing education. In addition, the Credit Union contributes to several island wide projects and church activities, parish association activities and the Retired Teachers' Association projects.