Faqs

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.

Jannou’s membership is made up of Public, and Civil Servants, members of Statutory bodies, and their immediate families.

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.