Victoria Mutual Building Society (VMBS) has announced revisions to some of its service charges, which will become effective May 5, 2021.

For day-to-day transactions such as in-branch local cash withdrawal, the fee will be J$150 per transaction with a 50% discount for Premier Club Members. The in-branch transfer of funds between own accounts (same currency) will attract a fee of J$150.00, US$2.00, CAD$3.00 and £2.00.

However, Premier Club Members will get a 50% discount. The same charges apply for transfer to third party VMBS Accounts (same currency), also with a similar 50% discount for Premier Club Members.

For local cheque withdrawal, the fee per cheque is J$370.00, US$3.50, CAD$4.50 and £2.50 with a 50% discount applicable to Premier Club Members. For special delivery instructions for local cheques, the withdrawal fee applicable is J$1,451.00, US$12.00, CAD$15.00 and £9.00.

Encashment fees

For local cheques valued at $1 million and over, the withdrawal fee per cheque is J$5,750. For the encashment of VMBS cheques (Local & Foreign Currency), the fee for a member is J$148.00, US$2.00, CAD$2.00 and £2.00 with a 50% discount applicable to Premier Club Members.

For non-members, the fee is J$296.00, US$2.00, CAD$3.00 and £2.00. Special Clearance of external cheques, the fee is now J$296.00, US$2.00, CAD$3.00 and £2.00. For local Returned Cheque (Inclusive of other bank’s charges), the applicable per cheque is J$2,567.00, US$20.00, CAD$25.00 and £15.00, while stop payment order for local cheque (inclusive of other bank’s charges) is now J$938 per cheque.

Cheque cancellation will see a charge of J$543.00, US$5.00, CAD$6.00 and £4.00 per cheque.

Maximum loan limit for VM eLoan powered by Carilend

In the meantime VMBS has announced an increase in the maximum limit of VM eLoan powered by Carilend. The maximum limit has been increased to J$1,500,000 and is applicable to anyone earning at least $70,000 per month net of taxes.

Since Carilend Jamaica launched in August 2020, over 3500 Jamaicans have already registered online to apply for the loan facility. Persons can apply online for unsecured, personal loan in just 15 minutes.

Once applicants upload their documents, they will get a response within one business day, and if approved, will receive their funds within 1-3 business days. With affordable interest rates between 13% and 18% per annum and terms between 12 and 60 months, the loans are fast, fair and flexible.