Personal Accounts

The VM Auto Loan is available to individuals and companies. Where the loan is being accessed by a company, the motor vehicle being purchased must be for personal use by staff.

No. Equity loan is only offered where there is no lien of the title of the motor vehicle. That is, no re-loan is available for the automobile loan.

The VM Auto Loan is only available in Jamaican Dollars at this time.

Yes. Members may borrow a minimum of $500,000.

No. Please note that loans valued at $13.5M or more must be approved by the Credit Committee.

Yes. Members are able to access the VM Auto Loan towards the purchase of a new or pre-owned motor vehicle.

The following documents are required for all Members seeking to access the VM Auto Loan:

• Completed application form;
• Signed Credit Bureau Authorisation to Release Information Form;
• Job letter;
• Last 3 months’ pay slip;
• Valid Government issued ID;
• TRN;
• Pro-forma invoice;
• C87 Form (for imported vehicles);
• Valuation report (from approved list of valuators and done within the last 6 months); and
• Valid certificate of fitness (for pre-owned vehicles only).

A Member who is receiving a concession of import duties is required to provide the following documents in addition to those listed in Question #8:

• Duty concession letter
• Trade Board’s written permission

• Director’s resolution
• Audited financial statement(s) for the last three years
• Bank statement(s) showing the last 12 months’ activities
• Chartered or Public Accountant’s confirmation of salary

Yes. Members may access the VM Auto Loan to purchase vehicles up to 8 years old.

The age of a vehicle may be determined based on the year of the model. For example, a Member purchasing a 2015 Honda CRV in 2018 would be financed for a 3 year old vehicle

Yes. The minimum repayment period is 12 months.

Yes. The repayment period is determined based on the age of the vehicle.

This depends on the age of the vehicle.

Yes. The processing fee is 2.75% of the loan amount plus GCT.

The following fees apply:

No. There is no compulsory savings.

Yes. Members will be given the option of securing the loan against accidental death.

Creditor life insurance is a type of insurance policy designed to pay off a borrower’s debt if the borrower dies.

All VMBS Members between the ages of 18 and 65 years availing of a motor vehicle loan facility may be covered under the Group Credit Life Insurance Scheme.

The following benefits may be obtained from having creditor life insurance coverage.

• Repayment of outstanding auto loan balance in the event of the borrower’s death.
• Upon the borrower’s death, the motor vehicle that was pledged as collateral to loan facility can be returned to the estate of the borrower.

The main disbursement method for a car loan are:

• RTGS (fees apply)
• Transfer to VMBS account
• Cheque (fees apply)

In the case where the loan is being used to finance the purchase of a motor vehicle the funds will be disbursed to the seller. Where the loan type is a motor vehicle equity loan the funds will be disbursed based on the instructions of the borrower.

Yes. A maximum debt service ratio of 45% applies.

The interest rate charged will vary according to whether the vehicle being financed is new or used.

The first monthly payment is due 30 days following disbursement. For example, if a loan was disbursed on July 15, the first monthly payment is due on August 15 and the 15th day of the each month thereafter.

A member may deposit advanced payments to the loan servicing account. Loan payments will be deducted on the due date.

Yes. A member may make principal payments without notice.

No. Members who opt to pay-off the outstanding principal and interest before the agreed date will not be charged an early repayment penalty fee.

A late of 10% on the principal and interest in arrears will be applied where payment is not made before the 6th day after the due date.

Opening a new account is easy. Visit the nearest VMBS branch or Representative Office with the following documents:

• Valid Identification – Passport, Drivers Licence, Voter Identification card, State Identification, Citizenship Card
• TRN, SSN, NI card, SIN
• Proof of Address – Utility Bill, Bank Statement, Credit Card Statement (which should be 6 months old or less)
• Two (2) References completed on your behalf by any two of the persons listed at the bottom of the Reference Form

If you are overseas and cannot visit a Representative Office, download the following forms for completion:

• New Account Application Form
• Member Information Form
• Signature Card
• Reference Form for Overseas Members
• Proxy Form
• Electronic Communication Indemnity Form

Ensure your signature is on all the documents notarised. Mail the documents along with your personal cheque or money order made payable to VMBS to:

Victoria Mutual Building Society
8 – 10 Duke Street, P.O. Box 90
Kingston, Jamaica

To become a VMBS Member, you need:

• Valid Identification – Passport, Drivers Licence, Voter Identification card, State Identification, Citizenship Card
• TRN, SSN, NI card, SIN
• Proof of Address – Utility Bill, Bank Statement, Credit Card Statement (which should be 6 months old or less)
• Two (2) References completed on your behalf by any two of the persons listed at the bottom of the Reference Form
• Member Information Form, Reference Forms (for local or overseas members), Signature Card, and Proxy Form, which may be downloaded from our website and completed. Please note that forms signed outside of the presence of a VM representative must be notarized and the signatures should match those on your ID.

Our dynamic team of financial experts may be viewed at this link, “Financial Service Specialists” .

To add someone to an existing VM account, download our Addition of Name Request and New Account Application forms. If the person you wish to add is not an existing VMBS Member, download the following forms for their completion:

• Member Information Form
• Reference Form (for local or overseas members)
• Signature Card
• Proxy Form.

The complete list of documents needed may be found under the section ‘What are the documents required to become a VMBS Member?’ Once the documents have been completed, submit to your nearest VMBS Branch or email to  manager@vmbs.com.

In order to update the personal information we have for you, download the Member Information form, Proxy form, Reference form and Signature Card. Once you have completed them, submit to the nearest VMBS Branch with the following documents:

• Valid Identification – Passport, Drivers Licence, Voter Identification card, State Identification, Citizenship Card
• TRN, SSN, NI card, SIN
• Proof of Address – Utility Bill, Bank Statement, Credit Card Statement (which should be 6 months old or less)
• Two (2) References completed on your behalf by any two of the persons listed at the bottom of the Reference Form

If you are overseas and cannot visit a Representative Office, signatures on the forms must be notarized and sent to:

Victoria Mutual Building Society
8 – 10 Duke Street, P.O. Box 90
Kingston, Jamaica

Removing a name from an account requires that you close the existing account and open a new account in the name(s) you desire. Please see the section on New Account Opening for the documents which may be required.

If you have not used your account in over 18 Months, visit the nearest VMBS branch or Representative Office with the following documents:

• Valid Identification – Passport, Drivers Licence, Voter Identification card, State Identification, Citizenship Card
• TRN, SSN, NI card, SIN
• Proof of Address – Utility Bill, Bank Statement, Credit Card Statement (which should be 6 months old or less)
• Two (2) References completed on your behalf by any two of the persons listed at the bottom of the Reference Form.

You will need to make a lodgement or withdrawal to reactivate your account.

If you are overseas and cannot visit a Representative Office, download the following forms for completion in addition to the above documents:

• Member Information Form
• Signature Card
• Reference Form for Overseas Members
• Proxy Form
• Electronic Communication Indemnity Form

Ensure your signature is on all the documents notarised. Mail them along with your personal cheque or money order made payable to VMBS to:

Victoria Mutual Building Society
8 – 10 Duke Street, P.O. Box 90
Kingston, Jamaica

In the event that you need to close your account, you should visit the nearest VMBS branch in Jamaica or the Representative Office in the USA or UK and complete a Close Account Request Form. Members who wish to submit Close Account requests by email to manager@vmbs.com must ensure they have completed and submitted an Electronic Indemnity form to the nearest branch.

Please see the guidelines for completion on page 2 of the Close Account Request Form.

To make changes to an account following the death of an account holder, you need to submit the original or certified copy of the death certificate to the nearest VMBS Branch or Representative Office in person or via mail.

VMBS can only legally release Funeral Expenses from an account where the sole account holder is deceased. To obtain additional funds or close the account, the named Executor or Administrator of the deceased’s Estate must submit the original or a certified copy of:

• The Probate where the deceased left a Will
• The Letters of Administration where the deceased did not leave a Will

Yes, you may send your salary or salary deductions to your VMBS account. Simply email us at manager@vmbs.com for information, then send your salary and salary deduction batches to salaryexpress@vmbs.com.

The Withdrawal Request Form has completion guidelines on its second page.

We are excited to share that we are currently developing a mobile app. More information will be shared with you as we get closer to launching.

To apply for an ABM card, visit the nearest VMBS branch in Jamaica with valid identification. Valid Identification – Passport, Drivers Licence, Voter Identification card, State Identification, Citizenship Card.

We are currently in the process of developing an international debit card. Members will be provided with more information closer to the launch date.

We welcome your suggestions, as we seek to serve you better. To give your feedback now, click here or email us at manager@vmbs.com.

For feedback specifically related to Senior Management, send an email to manager@vmbs.com or click here to give your feedback now.

We are happy to hear that our team has served you well. To share a good customer service experience,  please email us at manager@vmbs.com. You may also click here to give your feedback now.

We always seek to provide you with outstanding service, but sometimes we miss the mark. We welcome your feedback to help us do better in the future. Please email us at manager@vmbs.com or click here to give your feedback now.

VM remains committed to charging our Members ‘No or Low Fees’ on transactions. However, based on changes in the Banking sector in 2016 and continuing into 2017, we can no longer absorb the costs that have always been charged with deposits in the UK. Members will therefore have to pay the associated fees to make deposits.

Currently, Victoria Mutual does not offer personal loans. However, we provide cash secured loans that allow Members to access up to 80% of their savings/investments for a maximum period of 5 years. To start the process, please download our Loan Promissory Note form, complete and submit at the nearest VMBS Branch or email to manager@vmbs.com.

Members who wish to send instructions to VMBS by email must have an Electronic Communication Indemnity form in place. You may visit our website and download the form, complete and submit at the nearest branch. Once this has been done, you may now send account instructions to manager@vmbs.com.

We are reviewing our branch network in Jamaica with the view of increasing our touch points throughout the island.

Providing convenience to our Members is always a priority for us. With that in mind, we are currently reviewing locations that would best suit our Members in the UK. We will provide updates of any location changes.

As part of their de-risking strategy, international banks offering correspondent banking to the Caribbean decided to withdraw banking services from Caribbean banks. Every Jamaica financial institution was impacted by the decision. VMBS tried every option available to maintain the relationship. However, after several meetings and correspondence with the Head of Banking, we were forced to close the account and make alternative arrangements.

Citibank does not offer retail banking, so there is no branch on High Street. Their office at Canary Wharf does not facilitate deposits over the counter or from walk in Members. For our Members with bank accounts in the UK, deposits must be made via (i) wire transfer, (ii) SWIFT payment, or (iii) by visiting your bank and requesting a transfer of funds from your account to VMBS.

Where your account is only with VM, you may use our Remittance partner Ria. They offer direct to bank services, so the funds can be deposited to your account at VMBS.

If you require a third party to collect the cash you may use MoneyGram or Ria. Visit your VM information Desk or refer to our Wire Transfer/Sending Funds from Overseas flyers for further details.

To check if you qualify for a VM mortgage, submit the following documents and information to our Mortgage Centre website:

• The price/value of the property
• The deposit/down payment amount
• Payslips for the last three (3) months
• Job Letter
• Completed Income & Expenditure Form
• Credit Report (for overseas applicants, your credit score must exceed 660)

Peril Insurance premiums become payable on February 1 each year and GMPI Premiums become payable on October 1 each year. You may make one-off or multiple lump sum payments towards your Peril Insurance or GMPI by visiting the VMBS branch most convenient to you. If you have an Electronic Communication Indemnity in place, download and complete our Withdrawal Request Form and email to manager@vmbs.com.

You may pay up to $500,000 per year to the principal of your mortgage. To make a payment in excess of $500,000, you must complete our Notice Payment Form, giving three months’ notice of your intention to make the lump sum payment. Failure to give notice will result in a penalty of three months’ interest.

When you have repaid your mortgage, VMBS’ interest in your property must be removed. The process of removing VMBS’ interest is referred to as Discharge of Mortgage. You may choose one of the following options to complete the Discharge of Mortgage:

• Request in writing that VMBS discharges the mortgage in-house, and pay the relevant fee
• Request in writing that your Title and the Discharge of Mortgage be sent to an attorney of your choice for the discharge process to be completed
• Collect your Title and the Discharge of Mortgage and complete the process by visiting the Titles Office in Jamaica

All mortgagees will be required to sign the requests mentioned as well as collect the Title.

In order to close out your mortgage account before it matures, you should complete our Notice Payment Form, giving three months’ notice of your intention to pay off your mortgage. Failure to give notice will result in a penalty of three months’ interest.

For details on the mortgage application process, please view our Mortgage Loan Application Checklist by visiting this link – https://vmbs.mymortgage-online.com/.

To access VMBS Express Online Banking, select the icon at the top right hand corner of our website or click here. Proceed to sign in or register on the application page that is launched. For assistance, please contact our Member Engagement Team toll free at 1-888-967-8627.

Our online registration process has improved for faster access to internet banking. For smooth processing however, we need to have current personal details on file for you. Outdated information will result in delays with processing your online application request. Please click here to sign in to online banking.

We are currently in the process of updating our online banking service to facilitate currency exchange. We will keep our Members updated on any progress.

We are currently in the process of updating our online banking service to facilitate access to business accounts. We will keep our Members updated on any progress.

In order to wire funds to someone overseas, register for online banking and use the International Wire Transfer option under the ‘Transfer Funds’ tab. This will allow you to transfer foreign exchange to an overseas bank. Members who have an Electronic Communication Indemnity in place may download the Withdrawal Request form, complete and submit to manager@vmbs.com. For further assistance, please contact our Member Engagement Team toll free at 1-888-967-8627.

Our online banking facility may be used to send and receive funds. You may also download the Withdrawal Request form, complete and submit to manager@vmbs.com. For further assistance, please contact our Member Engagement Team toll free at 1-888-967-8627.

There have been changes in the correspondent banking relationship for Caribbean banks. As a result, we no longer have a banking partner who will facilitate deposits over the counter or from walk in customers. Deposits must therefore be made via wire transfer, SWIFT payment, or by visiting your bank and requesting a transfer to or from your account to VMBS. You may also use the services of our remittance partners. For details refer to our Wire Transfer or Sending funds from Overseas flyers.

Based on Banking regulations that govern deposit taking financial institutions in Jamaica, banks, including VMBS, are required to exercise due diligence and ascertain proof of source of funds before withdrawals are processed. VMBS has imposed limits where proof of source of funds is to be provided and will restrict access to funds until received. To remove restrictions faster, we ask that documents be submitted at the onset of transaction processing. You may visit your Rep Office or contact our Member Engagement team for guidance. Please note that the limits set are reviewed annually and adjusted based on changes in the regulations.

Based on changes in the remittance and banking landscape globally, we made a business decision to close that arm of our operations in the UK in 2014, and partner with other reputable agencies who are able to provide the service to our members. You may use our partners MoneyGram, Ria and Xoom to send your funds to Jamaica.

It is simple and easy to send funds to another local bank. Once you have registered for Online Banking, use the Local Transfer option under the ‘Transfer Funds’ tab to transfer Jamaica dollars to another bank in Jamaica.

To transfer funds from your account to another VMBS member, simply register for Online Banking. Once you have logged in to your account, use the Internal Transfer option under the ‘Transfer Funds’ tab to transfer funds to another VMBS account of the same currency.

We welcome your compliments. To give us a compliment, click here or email us at feedback@vmbs.com.

No. If an individual’s account holds any of the following seven criteria/U.S. indicia, VMBS may request further information/documentation to determine if you are a U.S. person under FATCA.

• U.S. citizenship or U.S. residence
• U.S. place of birth
• U.S. address including U.S. PO boxes
• U.S. telephone number
• Repeating payment instructions to pay amounts to a U.S. address or an account maintained in the U.S.A.
• Current Power of Attorney or signatory authority granted to a person with a U.S. address
• ‘In care of’ or ‘hold mail’ address which is the sole address for the account holder

You cannot completely open an account online. But it is possible at VMBS to fill out an application and begin the process so that when you are invited to complete the process in one of our branches it will take much less time.

Yes. The TIC includes; TRN, SSN and NI.

No, unless there is an indication/ indicia on your account that says you are a U.S. person. However, if these indications are on your account and you are not a U.S. person, a VMBS representative will ask you to provide evidence and sign a waiver, indicating that you are not. Once VMBS has conducted the relevant due diligence checks and is sufficiently convinced that you are not a U.S. person, no reporting on your account will be necessary. If the proof requested is not provided, reporting on the account will be done.

No, however the reference for the adult must state the relationship of the adult to the minor.

Yes, based on regulatory guidelines applicable to financial institutions, declaration of source of funds is required. Physical proof may also be required, but will be dependent on the amount.

No. Remittances, loan payments and foreign exchange transactions will not be affected by FATCA.

The FATCA threshold is US$50,000 for individuals and US$250,000 for corporations. However, if there is U.S. indicia (such as citizenship, nationality, telephone number et al) on your account then further examination will have to be made of that account. The threshold of US$50,000 and US$250,000 (or their equivalent in other currencies) is applicable per account holder, which means that it is across accounts and the accumulated amount per account holder. This threshold may change in the future.

The accounts owned by our Members living in the U.K. or Canada will be impacted if it is confirmed that they are U.S. Persons.

There are several ways to get an account statement. You may register for Online Banking and view your account activity online, send a request to manager@vmbs.com, chat with us online, or visit the nearest branch location.

You only need one approved ID to complete your application. It is important to visit our ‘open an account‘ page to ensure you have everything you need when you visit our offices to complete your application

Any two references, refer to list of authorized references.

The Victoria Mutual Group will continue to serve you with the highest level of member/client care that you have come to expect. The Victoria Mutual Group will be required to address FATCA requirements for account identification, documentation, and reporting and will make information regarding any changes to our procedures available to you.

Yes. A U.S. citizen who lives outside the U.S. falls within the definition of a U.S. person for U.S. tax purposes. VMBS will be required to identify the accounts of U.S. persons and report them annually to Tax Administration Jamaica. You should consult with a tax advisor to understand your U.S. reporting obligations and discuss your options.

If you are a U.S. person, you will be asked to identify yourself and complete the relevant documentation required. You may also be asked to provide additional information, such as the completed Internal Revenue Service (IRS) Form and W-9 (Request for Taxpayer Identification Number (TIN) and Certification). Information about you and your account will be reported on an annual basis to the local tax authority, subject to signing of the Intergovernmental Agreement (IGA). You should consult your personal tax advisor for further guidance.

If you are unsure of your U.S. tax status, please contact your tax advisor or an attorney with expertise on tax matters. Further information may be obtained from the IRS web site. http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-(FATCA)

Register for Online Banking and view your account activity/ send a request to manager@vmbs.com, chat with us or visit the nearest location.

Yes, a joint account that has one or more U.S. person(s) is treated as a U.S. account, and the entire account is subject to reporting, regardless of which member funds the account.

Subject to the signed IGA between the Government of Jamaica and the IRS, a participating FFI must report the following with respect to all U.S. accounts maintained:

• The name, address and U.S. tax identification number (TIN) of each account holder that is a specified U.S. person;
• In the case of any account holder that is a U.S. entity with one or more U.S. owners, the name, address and TIN of each substantial U.S. owner of such entity;
• The account number;
• The year-end account balance or value; and
• Gross receipts and gross withdrawals or payments from the account.

An FFI which fails to register with the IRS faces a penalty of 30% withholding on payments from U.S. sources. For example, VMBS has bank accounts and investments in the U.S.; interest payments on these accounts/investments may be subject to the penalty of 30% withholding tax, if we are not registered as a participating FFI.

No, IDs must be current and valid.

If an account has U.S. indicia, the account holder must provide documentation to establish the status (U.S. or non-U.S.). If documentation is not obtained the account will be reported to the IRS as recalcitrant, and may be subject to withholding tax. A recalcitrant account holder is any account holder that:

• fails to comply with reasonable requests for information necessary to determine if the account is a United States account;
• fails to provide the name, address, and TIN of each “specified United States person” and each substantial United States owner of a United States owned foreign entity; or
• fails to provide a waiver of any foreign law that would prevent a foreign financial institution from reporting information required under FATCA

FATCA stands for the Foreign Account Tax Compliance Act, which is a United States law aimed at identifying U.S. persons who may not have met their U.S. tax obligations, by investing through foreign (non-U.S.) accounts – either directly or indirectly using foreign entities such as corporations and trusts. FATCA legislation was passed in March 2010 to focus on tax non-compliance by U.S. taxpayers with foreign accounts.

The following information is used to determine U.S. indicia:

• U.S. citizenship or U.S. residence
• U.S. place of birth
• U.S. address including U.S. PO boxes
• U.S. telephone number
• Repeating payment instructions to pay amounts to a U.S. address or an account maintained in the U.S.
• Current Power of Attorney or signatory authority granted to a person with a U.S. address
• ‘In care of’ or ‘hold mail’ address which is the sole address for the account holder

FATCA took effect on July 1, 2014, and will affect new and existing clients of Foreign Financial Institutions (FFI).

The IRS provides additional information on FATCA. You may visit their website at: http://www.irs.gov/Businesses/Corporations/Foreign-Account-Tax-Compliance-Act-(FATCA)

FATCA may apply to both financial and non-financial operating companies, as well as U.S. persons. FATCA may impact non-U.S. entities, directly or indirectly, once there is proof of receiving U.S. source income, including gross proceeds from the sale or disposition of U.S. property, which can produce interest or dividends.

• Under U.S. tax law, you are considered a U.S. person/entity if you are:
• A citizen of the U.S. (including an individual born in the U.S. but resident in another country, who has not renounced U.S. citizenship);
• A lawful resident of the U.S. (including a U.S. green card holder);
• A person who resides in the U.S.;
• A person who resides in the U.S. or spends a significant amount of time during the calendar year in the U.S.; or
• A U.S. corporation, estate and/or trust.
• If you are unsure of your U.S. tax status, please contact your tax advisor for further details. Reporting on your account will be necessary.