Get Started – FAQs
A: Our Membership is open to the relatives of members, such as a husband, wife, children, parents, siblings, aunts, uncles, nephews, nieces and grandchildren. Membership is also open to all current and former employees of a Massy company as well as their past and present associate companies. A person can also be recommended for membership by any two members of the Credit Union who are in good financial standing.
A: Interested persons may visit our offices and complete an application form or download the form from this website. Two forms of valid identification, (one of which must be picture e.g. B’dos ID card, passport, drivers license), must be submitted along with a recent proof of address (utility bill or bank statement) and BBD $5.00 application fee and $50.00 Qualifying Shares.
A: Lifetime Co-operative Credit Union offers members the following Saving Accounts
(a) Qualifying Shares (D6) – Qualifying shares entitle you to full membership with the Credit Union as well as:
• Exercise your membership right to vote at the yearly AGM.
• Obtain loans from the Credit Union*.
• Receive annual dividend payments (when such is paid).
• All members must maintain a balance of at least BBD $50.00 in this account to be considered a member with the Credit Union.
(b) Share Account (S0) – funds deposited into this account will earn dividends, which are paid annually as approved by the Credit Union’s Board of Directors and dependent on the Credit Union’s financial performance.
(c) Special Shares (S1) – this is a compulsory savings account for persons who have loans that may exceed their personal savings. The compulsory share account acts as additional security for the loan and assists you to continue saving while repaying a loan. This account also earns dividends annually when they are paid.
(d) Call Deposits (D0) – this account earns interest at the regular savings rate. Interest deposited to this account is calculated on the daily balance and paid quarterly.
A: Dividend payments vary depending on the performance of the Credit Union. Dividends are paid after approval at the Annual General Meeting. A dividend is dependent on the performance of the Credit Union as well as a recommendation from the Credit Union’s Board of Directors.
A: In addition to the Credit Union’s three (3) offices, deposits and withdrawals can be made at seven (7) remote locations. The remote locations are any Massy Stores Home (except Pierhead) and Massy Stores Supermarket location, Massy Express Six Roads, and Massy Stores Supercentre.
A: To make withdrawals from the remote locations, you must present any form of valid picture identification and fill in the withdrawal form. For deposits, you must complete the deposit form, printing clearly your account number, name and where the funds should be allocated. After each deposit, remember that you must receive a receipt from the clerk at that location.
A: You can make withdrawals at any of the remote locations between the hours of 8:00 a.m. to 4:00 p.m. Monday-Friday. However, deposits can be made at any given time once the remote location is open for business.
A: Statements are sent out at the end of every three (3) months of the year.
A: You must maintain a minimum share balance of $50.00 to keep your account open.
A: In order to make changes to your account, you must come into the Credit Union and complete the relevant forms for the required change.
A: In order to make changes to payroll deductions, you must come into the Credit Union and complete the relevant payroll deduction forms.
A: You can apply for loans outside of your savings either online or by visiting one of our offices and completing a loan application form. An original job letter and recent payslip are required for loans outside of savings; loan requirements may vary depending on the type of loan. However, if it is a loan within savings, members can call the Credit Union and apply via telephone.
A: As a new member, you are encouraged to establish a savings history over a period of at least three (3) months, which will assist with a loan application. However, you can immediately apply for a loan after depositing the $50.00 qualifying shares.
A: Approval times on loans vary according to the category of the loan. Approval time can take from as little as a few hours for loans within savings, to a few months for mortgages.
A: Yes, the Credit Union offers pension plans. If you are interested in a Registered Retirement Savings Plan, you can make an appointment with our representative at Sagicor to discuss plan options. Your contributions to your pension plan can be made directly through the Credit Union via payroll deductions.