Question 1

What is Palisadoes Co-operative Credit Union?

Accepted Answer

Palisadoes Co-operative Credit Union is a member-owned financial cooperative based in Jamaica that serves workers in the aviation, cement/construction, and petroleum industries. The credit union operates with the mission "To create and maximise members' equity and wealth." As a member institution of the Jamaica Co-operative Credit Union League, it provides financial services exclusively to its members and their families.

The credit union maintains a specialized focus on employees working at airports, aerodromes, and in cement/construction and petroleum companies throughout Jamaica, along with their family members and people living or working in communities near these facilities.

Question 2

When was Palisadoes Co-operative Credit Union founded?

Accepted Answer

Palisadoes Co-operative Credit Union Limited was registered on April 21, 1953. The credit union was established during the early years of Jamaica's credit union movement, more than a decade before the country gained independence from Britain in 1962.

Founded to serve workers in strategic industries, the credit union has been providing financial services to its members for over 70 years, making it one of the longer-established credit unions in Jamaica.

Question 3

Where is Palisadoes Co-operative Credit Union headquartered?

Accepted Answer

The credit union is headquartered at Norman Manley International Airport, Palisadoes P.A., Kingston, Jamaica. This strategic location at Jamaica's primary international airport reflects the institution's strong connection to the aviation industry.

The head office operates Monday through Friday from 9:00am to 4:30pm (closing at 2:30pm on Wednesdays and 4:00pm on Fridays), with Saturday hours from 9:00am to 2:00pm.

Question 4

Where does Palisadoes Co-operative Credit Union operate?

Accepted Answer

Palisadoes Co-operative Credit Union operates through three branch locations across Jamaica. Beyond its Kingston headquarters at Norman Manley International Airport, the credit union maintains a branch at Sangster International Airport in Montego Bay, St. James, serving aviation workers in Jamaica's second-largest city.

The credit union also operates a branch at Carib Cement Company Ltd's Rockfort Plant in Kingston 2, serving employees in the cement and construction industry. These strategically placed branches ensure accessibility for members working at major aviation and industrial facilities across the island.

Question 5

What services does Palisadoes Co-operative Credit Union offer?

Accepted Answer

Palisadoes Co-operative Credit Union provides comprehensive financial services to its members, including savings accounts, share capital accounts, and various loan products. Members benefit from competitive interest rates on savings and loans, with the credit union following the reducing balance method for loan interest calculation.

The credit union offers loan protection insurance through CUNA Mutual Insurance, which automatically covers members' loans up to $600,000 in the event of death or permanent disability, with premiums paid by the credit union. Members also receive automatic life insurance coverage on their savings. Financial services are accessible through in-person branch visits, with standard credit union operations including deposits, withdrawals, loan applications, and member account management.

Question 6

What makes Palisadoes Co-operative Credit Union unique?

Accepted Answer

Palisadoes Co-operative Credit Union stands out for its specialized focus on serving Jamaica's aviation, cement/construction, and petroleum industries. This occupational common bond creates a tight-knit community of members working in strategic sectors of Jamaica's economy.

The credit union demonstrates a commitment to member development through its annual scholarship awards program, recognizing academic achievement among members and their families. Operating from locations directly at major airports and industrial facilities provides exceptional convenience for members to access services during their workday. As a member-owned cooperative, the credit union prioritizes returning value to members through competitive rates, automatic insurance benefits, and maintaining strong reserves for financial stability.

Question 7

What type of financial institution is Palisadoes Co-operative Credit Union?

Accepted Answer

Palisadoes Co-operative Credit Union is a co-operative credit union, which is a member-owned financial cooperative that operates under Jamaica's Co-operative Societies Act. Credit unions in Jamaica are distinct from commercial banks, operating on the principle of members pooling their savings to provide loans to one another.

Currently regulated by the Department of Co-operatives & Friendly Societies, Jamaica's credit unions are transitioning to supervision under the Bank of Jamaica through new legislative frameworks including the Credit Unions (Special Provisions) Act and amendments to the Co-operative Societies Act. This regulatory evolution aims to strengthen oversight while preserving the unique cooperative character of credit unions. The Jamaica Co-operative Credit Union League provides additional self-regulatory oversight and support to member credit unions like Palisadoes.

Question 8

Who can become a member of Palisadoes Co-operative Credit Union?

Accepted Answer

Membership in Palisadoes Co-operative Credit Union is based on a common bond of association. Eligible individuals include persons working in the aviation, cement/construction, and petroleum industries throughout Jamaica, as well as their immediate family members.

Additionally, persons living or working in communities close to airports, aerodromes, cement/construction facilities, and petroleum companies in Jamaica may qualify for membership. This occupational and community-based bond ensures that members share common interests and connections to the industries the credit union serves. Prospective members must apply for membership and maintain share capital in the credit union to access its full range of financial services.

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About Palisadoes Co-operative Credit Union in Jamaica

Palisadoes Co-ope­rative Credit Union