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Transform your Everyday.
iSave for Home J$ Account - Terms and Conditions
Introduction
This account is denominated in Jamaican Dollars and may be
operated as a Share or Deposit Account. The account has a term of
twelve months and is subject to the following conditions below. The
terms ‘you’ and ‘your ‘in this document shall refer to each account
holder.
Interest
Interest is calculated daily on the actual balance on a 365-day basis
(even in a leap year). Interest will begin to accrue on the same day that
the first lodgement is accepted.
Payment of Interest
Interest shall be capitalized or transferred to a savings account
upon the instruction of the account holder/s.
Initial Interest Rate
Interest will be payable at the agreed per annum rate for the
12-month term.
Interest Payment Date
Interest will be paid on the account anniversary date. In the
event that the anniversary date occurs on a day other than a
business day, the interest payment will be made on the first
business day following that date.
Renewal
Unless otherwise instructed by the account holder, the account will be
renewed on the anniversary date for a further 12 months at a rate
determined by the Society.
Application
Applications for accounts should be made on the prescribed
Application Form, at any branch of The Victoria Mutual Building
Society or through the mail.
Minimum Opening Balance
The minimum required to open the account is J$5,000.
Email: manager@myvmgroup.com | Telephone: 876 754 8627 | Fax: 876 929 5224 | Address: 73-75 Half Way Tree Road, Kingston 10
Lodgements
The agreed amount must be lodged monthly on the due date or up to
twenty business days thereafter via the VMBS standing order.
This amount must be a minimum of $5,000.
The agreed contractual monthly amount may be changed at the
anniversary date or at any time during the contractual period up to
twenty business days before the due date of each lodgement.
Withdrawals
Partial or full withdrawal of funds is allowed on the anniversary date
and up to twenty business days thereafter.
Penalties
If the Society is not in receipt of the required funds on the due date or
up to twenty business days thereafter, the Society will charge an
interest penalty, close the account and transfer the funds to a regular
savings account in the same names.
Withdrawals prior to the anniversary date and after twenty business
days following the anniversary date will result in the imposition of an
interest penalty, the closure of the account and transfer the funds to a
regular savings account in the same names.
Interest penalty shall be 50% of interest accrued from the last renewal
date or from the opening date of the account in instances where there
has been no renewal. To comply with these requirements, the interest
due will be reduced.
Withholding Tax
This account is subject to withholding tax.
Collateral
This account may be used as collateral for a cash secured loan, or
hypothecation / pledge. Where the account is used as collateral for a
cash secured loan, hypothecation or pledge, all account holders will
be bound by the terms and conditions applicable to any such loan,
hypothecation or pledge.

DISCLOSURE
The Society is hereby entitled to disclose to third parties, any
information about the account holder and the accounts held by the
account holder and shall not be liable whatsoever in relation to any
information disclosed in any or all of the following circumstances:
a) To verify your information for the purpose of a transaction
involving a merchant or agent with whom you are doing
business.
b) To provide your personal and non -personal information to
credit agencies or bureaus as a credit information provider
or in response to credit inquiries by other financial
institutions or credit agencies or bureaus.
c) If the Society shall deem it necessary to make such
disclosures to protect the interest of the Society from any
harm, loss or injury.
d) To comply with any requirement for disclosure imposed by
law applicable to business activities and operations of the
Society, or pursuant to the directives of the court having
jurisdiction in relation to the business activities and
operations of the society, including but not limited to
compliance with the financial regulatory requirements and
tax compliance laws.
e) To government authorities in other countries where you
hold residency or citizen status or you are subject to the
applicable taxation reporting requirement for any
agreement entered into by the Society or such government
agency.
f) In any other circumstances in which you give a written
authorization to make such disclosure.
Right of Set Off
If funds are withdrawn from the account to satisfy delinquency, the
Society shall have the right at any time without notice to you to apply
any funds credited to a member’s/depositor’s account towards full or
partial satisfaction of any liability overdue and owing to the Society by
the member or depositor. The right of set-off shall operate between
accounts of any kind whatsoever operated by the Society.
Variation of Terms and Conditions
The Society reserves the right at its sole discretion from time to time
to vary the terms and conditions which apply to your account upon
providing at least forty-five (45) days prior notice in writing, such
notice may be placed in our branches, published in the print or
electronic media or may be sent by post.
Governing Law and Jurisdiction
This agreement is governed by the Laws of Jamaica and shall be
subject to the exclusive jurisdiction of the Courts of Jamaica.
Email: manager@myvmgroup.com | Telephone: 876 754 8627 | Fax: 876 929 5224 | Address: 73-75 Half Way Tree Road, Kingston 10
iSave for Home J$ Account - Terms and Conditions page 2 of 2
Standing Order
a) The owner of the savings account to be debited is required
to maintain a minimum available balance of twice the
payment amount, plus the required fees.
b) Standing order requests must be made at least two
working days in advance of the start date of the order.
c) If a scheduled transaction date falls on a weekend or
non-business day, the transaction will be processed on
the following business day.
d) If the account mandate permits, the standing order
cancellation request may be submitted by another
account holder on a joint account.
e) Upon receiving proof of an account holder’s death, the
Society shall cancel all standing orders established by him.
f) The closure of the account will result in the immediate
cancellation of all related standing orders.
g) The Society reserves the right to cancel the standing order
at any time.
I/We request that savings account numbered
be debited with the amount of
and the funds transferred to
, Starting .
Please repeat as follows .
This order remains in force until .
I/We authorize the Victoria Mutual Building Society to debit the
above-mentioned savings account with charges associated with this
transfer.
Other
The deposit to which this instrument relates is insured under the
Deposit Insurance Act, 1998.
I/We have read and I/We agree to the terms and conditions outlined.
I/we further request that the interest paid should be credited to
savings account:
Signature(s):
Transform your Everyday.