AS Jamaicans brace for new bank fees and charges, credit unions are positioning themselves as an alternative for those seeking reprieve.

Robin Levy, group CEO of the Jamaica Co-operative Credit Union League, told the Jamaica Observer that he’s encouraging locals who are frustrated with their bankers to consider joining a credit union. While speaking at the Jamaica Stock Exchange investment and capital markets conference on Thursday, Levy stressed that there are certain benefits which banks enjoy that credit unions don’t but he explained that the average Jamaican can receive the similar products from a credit union without breaking their piggy bank.

 

“The products a credit union offer is not what makes it a credit union. There are credit unions around the world that offer credit cards, online unsecured loans, mobile wallets, overdraft and chequing accounts. These are common products in more developed countries for credit unions. What makes a credit union unique, is the fact that it is a co-operative, and one person one vote is our organisational structure, our capital structure and more importantly, why we do what we do. That’s what makes you a credit union,” said Levy.

https://www.jamaicaobserver.com/sunday-finance/we-like-people-more-credit-unions-target-consumers-frustrated-by-banking-fees_242631