The Montego Bay Cooperative Credit Union
The Montego Bay Cooperative Credit Union is one of Montego Bay (and St. James) most prominent landmarks - historically and geographically. |
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From its humble beginnings in 1969 - operating out of St. Pauls church on a four-hour per week basis, to it's now membership standing at over 48,000 (and assets of over $1.6 billion), the Montego Bay Credit Union is truly a huge success story.
It was formed from the amalgamation of two struggling financial entities, The St James and The St Paul’s Credit Unions.It was able to capitalize on each other's gains and strengths to overcome their individual losses and weaknesses.
Today, the cooperative is a model to follow. It has a tremendous array of financial products and services that serves it's membership well. For example, in addition to the share and ordinary savings account, they also fixed deposits accounts, School Savings accounts and Term Savings products.
They also offer various types of loans, including home loans, car loans, small business loans and even furniture and appliance loans. Of course, all that in addition to their popular student loan plans.
Other of their products include standing orders, the family indemnity plan and even savings gift certificates! Personally, the institution has been of tremendous help to me. I have benefited in several ways particularly through their loan plans.
The credit union is also very active in the community. In 2009 for example, the company celebrated seventeen years of contribution to education through the Bayley-Hay Scholarship. That scholarship, they said, has been a lifeline for many students in Western Jamaica. It is offered to students who are successful in the GSAT examination and whose parents are active members of Montego Credit Union.
The Bayley-Hay Scholarship is in recognition of one of our pioneers, the late Josiah Bayley-Hay, who gave invaluable service to the Credit Union.
They also sponsor the Montego’s Schools’ Academic Championship Quiz which was established in 1991. The primary objective of the MCCU Quiz is to assist the education system to focus on academics and to build camaraderie and a spirit of fair play and love among the future leaders of our country. The competition involves students from the primary, preparatory, junior high and all-age schools in the parishes of St. James, Trelawny, Hanover and Westmoreland.
The affairs of the Credit Union are managed and monitored by volunteers and staff. The volunteer corps comprises nine Directors, seven members of the Supervisory Committee and seven Credit Committee members.
The credit union is conveniently located in the heart of Sam Sharpe Square downtown Montego Bay.
Their contact information is:
6 Sam Sharpe Square
P.O. Box 885
Montego Bay, St. James,
Jamaica
Telephone: 876 952-1190
Fax: 876 952-8522
Website: ww.montegocreditunion.com.
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Posted: 09/10/2010
Reference:
http://montegocreditunion.com/credit-union-history
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- The Town of Montego Bay
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- Education in Jamaica
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