A member is eligible for a loan once they have met the requirement. Members may borrow up to 10 times their Shares depending on the loan types. Interest rates on loans are very competitive and vary according to the share ratio. All interest rates are calculated monthly on the reducing balance. Once you are borrowing more than you have saved, collateral (security) may be required for the loan.  
 
 



Pioneer

During his service as Director of Prisons in Jamaica, the late Mr. Ethan C. King, a native of St. Lucia, being moved with compassion for the sufferings of the members of his staff, initiated the approach to the Jamaica Co-operative Credit Union League (JCCUL) for assistance in introducing and implementing the Credit Union movement within the prison service.

Mr. E. C. King was overwhelmed by the darkness and despair of a group of low wage earners who were struggling each pay day to deal with their financial obligations, including meeting the demands of the then “Loan Sharks” who were ruthless in their dealings and merciless to those who had fallen prey to their schemes.

Being a man of vision, a pioneer with a determined sense of purpose, in conjunction with members of the Jamaica Co-operative Credit Union League (JCCUL) headed by the “father” of Credit Unions in the West Indies, Reverend Father John Peter Sullivan; Mr. Ethan King,  Mr. Barry Chevannes, Mr. Lorrell Bruce, Reverend Dennis Thorbourne, among others, guided and offered extensive training to the group of volunteers, a steering committee of Prison Officers who offered themselves for service. (for more information on Mr. Ethan C. King, please see the following links: 

http://www.mississauga.com/article/25899 and: 

http://www.legacy.com/obituaries/thestar/obituary.aspx?n=ethan-collingwood-king&pid=153173652).

Birth of the Credit Union

Following their forth-right planning the Jamaica Prison Service Credit Union Limited came into existence and was duly registered on the 2nd of October 1958, followed on October 31, by its inauguration at the main gate of the General Penitentiary, Tower Street, Kingston.

The main address for the occasion was given by Mr. Hector White, O. B. E., Permanent Secretary in the Ministry of Trade and Industry.

The journey to success of our credit union continued with the first management team elected at the 1st Annual General Meeting with one hundred & sixteen members in attendance and a Share Capital of Six Hundred & Fifty Pounds. The first Board was elected and Mr E. C. King was established as the 1st President; other prison officers were also elected to serve on the Credit and Supervisory Committees. Under the astute leadership of Mr. King, the Board of Directors guided the Credit Union through the teething stages. His tenure as President lasted until 1963.

This achievement was regarded as one of the brightest moments in the spirit and working life of prison officers and their families; a light indeed began to shine in the darkness of despair.

As the membership expanded, the operations of the credit union were moved from inside of the prison to newly erected accommodations on the grounds of the Sports Club on Tower Street in 1973.

Change of Name

The Department of Correctional Services was formed by the Government of Jamaica in 1975 with the amalgamation of the Prison Services, Probation Department and the JuvenileApproveSchools. This necessitated the name change from Jamaica Prison Service Credit Union Limited to Correctional Services Co-operative Credit Union Limited!

Change of Location

Mr. Cyril Eric G. Knight (Past President)

In 1985 the Board of Directors, chaired by Mr. Cyril Eric G. Knight, realising that the old premises had out-lived its effectiveness and purpose, entered in an agreement to purchase a two-storey building situated at 28 Union Square, Kingston

5. The building was renovated, named and officially opened in the memory of the late SYLBERT McCALLA a stalwart servant who had dedicated invaluable service to the credit union as Chairman of the Credit Committee and Financial Counsellor. However, only the 2nd floor was used to facilitate the operations of the Credit Union at that time.

Expansion

November, 2004 saw another expansion of the operations to incorporate offices on the ground floor, catering to the many and varied needs of our ever-increasing membership population.

THANK YOU!

With a heart full of gratitude, we use this medium to express our sincere appreciation to Mr. Cyril Eric G. Knight, affectionately called, "Senior Citizen 1", for the invaluable contribution of this information on our history to this column. May God grant him a long and fulfilling life!

 
 
 
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