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The Common Bond is the factor that unites every credit union member. A ‘Common Bond’ is defined as:
- An area where all the members live or work together in the same locality.
- Where all members are in the same profession or work for the same employer.
- Where all members are in the same club or association.
Officers are elected from among the members to run the credit union. Jannou Credit Union is run by a volunteer Board of Directors assisted by a team of 51 paid staff.
All officers, staff and volunteers sign an Oath of Secrecy, so all members’ information is kept totally confidential at all times.
All the Members of Jannou Credit Union are co-owners of the credit union.
At present membership is over 17,000.
Yes! Jannon Credit Union is authorized and regulated by the Financial Services Regulatory Authority and is audited annually by an independent auditor, who reports to members at the Annual General Meeting. Annual Report and Financials are always available to members. In the event of a failure up to $30,000 of every members’ shares is insured against loss.
AGM - where members of the credit union have the elect directors and officers who will control the credit union on behalf of the membership. This is an important chance for members to be actively involved in the direction of their credit union. It is also an opportunity for members to discuss the development, growth and services of their credit union.
There are NO hidden fees or costs involved in transactions with the credit union.
All members are part-owners of the credit union and share in its success. Interest is paid on regular shares and deposits. However, the credit union can pay a dividend after operating expenses and reserve allocations have been allowed for. A dividend is paid annually, agreed upon by a resolution at the AGM. The more savings that you have, the more dividend you earn.
Yes, in fact we expect all borrowers to continue saving while they pay off their loan.
There is a 1% penalty charge on the current balance for paying off a mortgage loan early.
If you are under the age of 70 your loan is automatically insured up to $60,000 by the credit union. This cost is not passed on to the borrower. (Some exemptions to the insurance apply).
Yes. We do understand that circumstances can change, if you find that you might not be able to make your loan repayments then please contact us at the earliest opportunity. We do want to work with you to prevent and manage your loan arrears.
Withdrawals from junior accounts are similar to withdrawals from ordinary accounts. Withdrawals must be signed for by a parent or guardian who is the signatory to the account.
When you reach age 16 you can apply to become a full member of the credit union and change your junior account to a membership account.
Visa Debit cards work like cash, only better. They are issued by your Credit Union or other financial institution and use funds directly from your account.
No, it is not. Debit cards allow you to spend money by drawing on funds in your account whereas credit cards act as a loan from the card issuer.
All Jannou Credit Union members over the age of 18 years.
Before applying for the Jannou Visa Debit Card, you must ensure that your account information is updated. To update your information, you simply fill out an amendment form accompanied by 2 valid forms of ID and a proof of residential address (e.g., recent utility bill WASCO & LUCELEC)
Once that is done, you can complete the Visa debit Card application.
You will receive your Visa Debit Cards within 10 working days after successfully applying.
The Debit Card can be used at any merchant, locally or internationally where Visa is accepted.
- For ATM transactions, members are allowed a maximum withdrawal of $2,500.00 XCD
- For Point of Sale, a maximum of $6,750 XCD is allowed.
- 5 ATM transactions are allowed per day
- 9 Point of Sale transactions are allowed per day
Accommodations can be made to temporarily increase transaction limits and IDC number of transactions by simply contacting your branch.
Debit cards will be captured on the 3rd unsuccessful attempt at the ATM.
Annual Fee -$20.00
ATM Fees at 1st National Bank/Jannou Credit Union ATMs – free
ATM Fees at ATMs of other banks (local and overseas) - $5.00 + network fees
Transactions at Local Point of Sale Merchants – free
Transactions at Regional/International Point of Sale Merchants for;
- XCD$100.00 and below - XCD$2.00
- Above XCD$100.00 - 2% of transaction amount
Replacement Card - $25.00
Stolen Card – $25.00 (free if police record is presented)
Emergency Rush Card - $25.00
Point of Sale NSF Charge- $2.50
ATM Decline Insufficient Funds at 1st National Bank and Jannou ATMs - Free
ATM Decline Insufficient Funds at other ATMs- $2.50
You can fund your Visa Debit Card by
- Transferring funds from your Jannou Deposit account via the online services platform.
- Making direct deposits at Jannou teller stations,
- Electronically (standing orders, salary deductions)
- Deposits at 1st National Bank ATMs where facilitated.
The funds will be made available, 3 working days after a successful ATM deposit.
Withdrawals, are reflected immediately on the online app.
When you perform a POS transaction using your Visa Debit card, your available balance changes immediately. These transactions, however, appear on your account history only after the merchant/vendor clears their POS terminal and forwards the report for settlement. Merchants are allowed up to 30 days to settle any transaction.
- Enter current PIN
- Choose other
- Choose change PIN
- Enter New PIN
- Confirm New PIN
You are required to contact Jannou Credit Union via the secure platform where you will receive a follow up email for further directions.
Log in to 1st National Bank Web Portal at https://idcportal.1stnationalbankslu.com to freeze your account immediately. (Ensure that you register to 1st National Bank’s portal on receipt of your Jannou Debit Card to avoid delays in blocking your card when necessary).
You are also required to contact Jannou Credit Union as soon as possible to report the incident.
When conducting a transaction and an Additional Verification Required notification is received, please email us at cardservicessupport@cscreditunion.org for further assistance.
