What is the maximum amount of money that I would be able to receive for the motor vehicle loan?

Gateway will finance up to 95% on new motor vehicles.

What are the requirements for applying for the motor vehicle loan?

These are the requirements for members who want to apply for a motor vehicle loan:

• A valid driver’s license

How long is the application process?

The loan application process will take about 3-5 business days once you have given us all the required documents.

Is there any prepayment penalty?

No,there is no prepayment penalty for the motor vehicle loan.

Is the motor vehicle only specific for obtaining cars for private use?

No it is not, you are able to obtain motor vehicle loans for both private and commercial vehicles. Members are also able to obtain a motor vehicle loan for Trucks, Trailers and Tractors (TTT).

What is the interest rate?

The interest rate on the Motor Vehicle Loan ranges from 10-12% depending on the year and make of the vehicle.

What is the maximum amount of years I can get to repay my motor vehicle loan?

You can get up to 8 years to repay our Motor Vehicle Loan.

What is the year range for the motor vehicles that would be eligible for the motor vehicle loan?

Gateway offers motor vehicle loans for motor vehicles up to 10 years old and for Trucks, Tractors and Trailers (TTTs) up to 20 years old.

Do I need collateral to apply for the motor vehicle loan?

Do I need collateral to apply for the motor vehicle loan?

Are there any application fees required in applying for a motor vehicle loan?

The application fees that are required for the motor vehicle loan is 1.5% of the approved loan amount.

How much financing is offered for Trucks, Trailers and Tractors?

We offer up to 80% financing on TTTs with up to 6 years to repay.

If I were to be approved for the loan, how long would it be before I receive the money from Gateway?

Once your loan is approved and the necessary documents are processed then the money would be disbursed to you in 3-5 working days.

What is the maximum amount of money that I would be able to receive for the mortgage loan?

You can receive up to 95% financing on residential areas and up to 90% on commercial property.

What are the requirements to receive this mortgage?

You would need the following in order to qualify for the mortgage:

• Copy of Registered Title

How long is the application process?

The average processing time for the mortgage loan application is 3 months

How is the interest rate calculated on the repayment of the mortgage?

The interest rate for the repayment of the mortgage loan is 8.49%.

Are there application fees for the Mortgage?

There is a downpayment fee of 5% of the approved mortgage. This consists of legal fees that is usually 3.5% of the loan amount (depending on the lawyer), and an application processing fee which is 1.5% of the approved loan amount.

Do I need collateral when applying for this mortgage and if yes, what type of collateral would it be?

The property would serve as collateral.

Is there a prepayment penalty?

There is no prepayment penalty for the mortgage loan.

On what basis would Gateway structure the repayment period?

The repayment time would be based on your age, up to a maximum time of 30 years.

If I have been approved for this loan, how long after would I receive the money?

If you have been approved for the loan, you will receive the money in less than 10 days.

Is the mortgage portable to another property if I decide to move?

No, you would have to apply for a mortgage loan for the other property.

What are the opening hours of Gateway Co-operative Credit Union Ltd?

Gateway Co-operative Credit Union LTD opening hours are from 8:30 am-3:00 pm on Mondays to Thursdays and 8:30 am-4:00 pm on Fridays

Where are the branch locations for Gateway?

The head office is located at 20 Church Street, Montego Bay. There are two additional branch locations at Unit 14, The MarketPlace, Bogue Estate, Fairview, Montego Bay and Main Street, Lucea, Hanover.

A new branch location in Trelawny is also coming soon! Stay tuned!

What is the contact information for Gateway's Fairview Branch?

Fairview Branch Unit 14, The MarketPlace, Bogue Estate, Fairview, Montego Bay

(876) 952-1190-2
Email address: info@gatewayja.com

What is the contact information for Church Street Branch Gateway?

20 Church Street Branch - 876-952-7047, 876-940-7710, Fax- 876-971-5443 Our email address: info@gatewayja.com Our website: www.gatewayja.com

What is the contact information for Lucea Branch Gateway?

Lucea Branch: 876-956-3030 Our email address: info@gatewayja.com Our website: www.gatewayja.com

What are the requirements for opening an account at Gateway?

You would need to be living in the County of Cornwall, have your ID, TRN, two recent utility bills from different companies or two references from designated authorities (JP, lawyer, Minister of Religion, Senior Rank Police Officer). You would also need $3,300 for your account’s opening balance. In the absence of any utility bills your referencer can confirm your address.

Is there a minimum deposit required when opening the account? If yes what is that amount?

The minimum deposit required for opening an account is $3,300.

How can I become a member of Gateway?

For adults, becoming a member of Gateway is very simple. You would need to be living in the County of Cornwall, have your ID, TRN, two recent utility bills from different companies and two references from designated authorities (JP, lawyer, Minister of Religion, Senior Rank Police Officer).
You would also need $3,300 which would be your account’s opening balance. In the absence of the utility bills your referencer may confirm your address. For minors (15 years and younger): Only parents who are existing account holders may open accounts for minors. The birth certificate of the child would also be needed. If you are not the parent of the minor then you would need written consent from the parent (signed by a JP), and a copy of the parent’s ID(signed by a JP).

Who does Gateway cater to?

Gateway caters to all persons, adults or minors, living in the county of Cornwall.

Is there a minimum balance that must always be in my account? If so, what is it?

Yes, there is a minimum balance of $3,300 that must always be in your account

What type of products do you offer?

We offer loans, insurance products, and savings plans.

Will I be able to access or pay my bills online?

We currently do not have that feature, but we are working on it :)

Are debit cards offered by Gateway and if so where can it be used?

Yes, Gateway offers the Access Plus Debit Card and it can be used at any point of sale device(POS) and all Multilink ATMs islandwide.

Can I open a joint account?

Absolutely, you can add someone else to your savings account.

How are credit unions different from banks?

The purpose of the credit union is for people to help each other with financial services at a low cost of operation. Banks, on the other hand, have the goal to supply financial services to customers in order to make a profit for their shareholders. Any surplus made by a credit union is given back to the members, while in banks, it goes to the shareholders. ( It is not always the customer who uses this service). Another major difference between credit unions and banks is membership. Members of credit unions own and operate their own financial institution. Members determine policies, elect officers, attend annual general meetings and have a share in the surplus. For banks, the individuals with the largest amount of shares have the greatest power.

Do you accept cheques as a method of payment?

Yes, we do accept cheques as a method of payment. It takes us five (5) working days to clear the cheque.

Can I get a loan without being a member?

No, Gateway products and services are only offered to its members. However, becoming a member is very easy! Check out our membership requirements!

Is there a limit to the number of withdrawals I can make each month?

No, you can make as many withdrawals as you would like.

Are there fees associated with ATM withdrawals?

Yes, there are fees associated with ATM withdrawals. These fees vary based on the ATM that is used but will not exceed the cost of $60.

In which of the ATMs can my debit card be used?

Your Access Plus Debit Card can be used at any Multilink ATM islandwide.

Can I use my debit card while travelling internationally?

No, your Access Plus Debit Card can only be used locally and for local purchases.

Does Gateway offer any unsecured loans?

We do offer many unsecured loans such as the Easi Loan Plus or our Unsecured Education Loan.

Can I have more than 1 loan at the same time at Gateway?

Yes, you are able to have more than one loan at the same time at Gateway.

How do I shop online with my credit union debit card?

Unfortunately, you are not able to use the Access Plus Debit Card to shop online.

Am I able to deposit international currencies in my account?

Yes, you are able to deposit international currencies in your account, however, we will be converting the international currency to Jamaican Dollars based on the going rate.

What’s the procedure to get a debit card?

Once you have opened up a Gateway account you will automatically receive an Access Plus Debit Card. There is no additional application needed.

Can I deposit in my account via the Multilink system?

You are not able to deposit money into your account via the Multilink ATMs. You can, however, deposit your money at our personal ATM located at 6 Sam Sharpe Square and at other credit unions' ATMs.

What is the oldest vehicle Gateway would accept as collateral?

We accept motor vehicles up to 10 years old as collateral.

How can I get a loan?

In order to receive a loan you would need to apply for the specific one that you desire. This can be done by filling out a loan application form online or in branch. The required documents and application process will vary based on the desired loan.

Does Gateway offer standing order services?

Yes, you are able to set up a Standing Order with us.

What are the benefits of having this standing order?

The benefits of having this standing order is that your bills will be paid automatically and the flexibility in selecting your preferred payment date. There are also email reminders confirming when the standing order has taken place. You can cancel the standing order whenever you want to by calling us.

Does Gateway offer Payroll Deduction Service?

Yes, we offer salary deduction. You can arrange to have funds directly taken from your salary to satisfy loan payments, insurance premiums and/or savings plans.

Are Bank Statements offered at Gateway?

Yes, this can take the format of a letter to an embassy or consulate, a listing of all the transactions conducted during a specific timeframe, or a letter reflecting the current balance in your account. Same day service is available.

Is mobile banking available?

Mobile banking is not currently available, however we are working on making it a feature in the near future.

How long after I join do I have to wait to get a loan?

Normally, you would have to wait 6 months before obtaining a loan. However, if you are employed to a company that allows for salary deduction then you are able to obtain a loan before 6 months.

If I live outside of Jamaica and I am a member of Gateway, will I be able to save with Gateway?

Yes, once you have an account with Gateway you are able to benefit from all products and services. However, you are only able to withdraw funds locally.

If I have a loan from Gateway, what are the methods of payments that I would be able to make (Direct Transfer, Cheque, Physical Payment)?

There are various methods of payments that could be used. These methods include standing orders, salary deduction and over the counter(cash or cheque).

Will there be a Trelawny Branch?

A new branch location in Trelawny is coming soon! Stay tuned!

What is the maximum amount of money offered in the Small Business Loan  by Gateway?

There is no set maximum amount you can receive from the Small Business Loan. You are only limited by the type of security/collateral that is used, the nature of your business, and your ability to repay the wanted amount.

What is the minimum amount of money offered in the Small Business Loan  by Gateway?

The minimum amount of money offered in the Small Business Loan is $100,000.

What are the requirements to apply for this loan?

To apply for the Small Business Loan, the following items are required:

• Business Plan/Proposal

What’s the maximum time to have to repay my Small Business Loan?

You have a maximum of 10 years to repay the Small Business Loan.

What is the interest rate on the repayment of the Small Business Loan ?

The interest rate for the Small Business Loan is 8.49% per year.

Do I need collateral when applying for the Small Business Loan and if so what collateral is required?

Yes, collateral is needed to apply for this loan. The collateral required can be any of the following:

• Real Estate

What can the Small Business Loan be used for?

The Small Business Loan can be used for any business related purpose such as: Working Capital, Business Enhancement/Improvement or Retail Trade.

Is there any penalty for missing one month in repayment and what would it be?

Yes, there is a penalty.

Is there a prepayment penalty?

No, there is no prepayment penalty for the Small Business Loan.

If I have been approved for the Small Business Loan, how long before I receive the loan money?

After you have given us all required documents, the loan processing time would take approximately 3-5 working days.

What means would I be able to make the payments each month (Online, Cheque, Physical Money)?

Monthly payments can be made by a Standing Order, Salary Deduction or Over the Counter(physical money or cheque).

How long will the loan application process take?

The loan application process would take 3-5 working days once all the required documents are received.

What type of businesses tend to get this type of loans?

This type of loan is created for Micro or Regular businesses.

Are there applications fees for the Small Business Loan?

The application fee for the Small Business Loan is 1.5% of the approved loan amount.

Does the Small Business Loan require that there be a personal guarantee?

It’s not a requirement to have a personal guarantee when applying for the Small Business Loan,however, a personal guarantee can be used as collateral.

If my personal credit score is bad but my business’ credit score is good, would I have a chance of still receiving the Small Business Loan?

Gateway judges based on your credit history, not the business, as the loan will be issued in your name.

What is the Within Shares Loan?

The Within Shares Loans are loans that are taken out using a member’s shares as collateral.

What’s the maximum time I have to repay my Within Shares Loan?

You have up to 10 years to repay the Within Shares Loan.

What is the maximum amount that I can receive for the Within Shares Loans?

You can borrow up to 95% of the money in your share account.

What are the requirements to apply for this loan?

To access the Within Shares you have to be a Gateway member and therefore, have a shares account.

What would be the maximum interest rate on the repayment of the Within Shares Loans?

The interest rate for the Within Shares Loan is 11% per year.

How do you go about approving the loan amount I would receive?

You are borrowing your own money, therefore, once you have the money in your account you will be able to receive a loan.

How long is the application process?

There is same day processing and approval.

How long before my loan is approved?

The Within Shares Loan has same day processing and approval.

Do I need collateral when applying for the Within Shares Loan?

Yes, the collateral is the funds in your share account.

Are there any applications fees associated with applying for this loan?

There is no application fee for the Within Shares Loan

What is the Internal Cash Secured Loan?

The Internal Cash Secured Loan is taken by the members using their internal savings or investments as collateral.

What is the maximum amount that I can receive for the Internal Cash Secured Loan?

There is no maximum amount that you can receive for the Internal Cash Secured Loan.

What is the interest rate?

The interest rate for the Internal Cash Secured is 8% per year

How long would I have to repay the Internal Cash Secured Loan?

You have a maximum of 10 years to repay the Internal Cash Secured Loan.

What are the requirements to apply for this loan?

Members would need to have:

• At least 5% in shares
• A valid ID,
• Tax Registration Number (TRN)
• A Gateway account

How long is the application process?

There is same day processing and approval

Do I need collateral to be considered for this loan and what are the types of collateral that could be used?

Yes, the collateral is the money in your Gateway account.

If I have been approved for the Internal Cash Secured Loan, how long before I receive the loan money?

There is same day processing and approval, therefore, you should receive your money in a few hours.

Are there any specific application fees relating to the application of this loan?

There are no application fees for the Internal Cash Secured Loan.

What is the Investsecure Loan?

Investsecure Loans are loans taken out using your external savings or investments as collateral.

How long would I have to repay my Investsecure Loan?

You have a maximum of 10 years to repay this loan.

What is the minimum amount I can receive for the Investsecure Loans?

You can receive a minimum amount of $50,000 from the Investsecure Loans.

What is the maximum amount I can receive for the Investsecure Loans?

The maximum amount of money you receive depends on the amount of savings or investments in your external account.

What are the requirements to apply for this loan?

To apply for this loan you need to have a minimum of 5% in shares at Gateway.

What would be the maximum interest rate on the repayment of the Investsecure Loans?

There is a 9% interest rate per year.

How long is the application process?

The application has same day processing and approval.

What are the requirements for applying for this loan?

The requirements for the Investsecure loans is:

• A valid ID
• Tax Registration Number (TRN)
• External proof of funds .

How long before my loan would be approved

There is same day processing and approval.

Do I need collateral when applying for the Investsecure Loan?

The collateral for the Investsecure Loan is the cash in your external account.

Are there any applications fees associated with applying for this loan?

The application fee for the Investsecure loan is 1.5% of the approved loan amount.

What is the Education Loan?

Gateway offers Education loans for students planning to study part-time or full-time. Take advantage of our Unsecured and Secured Education loan for part-time students and our Student Loan for full-time students.

Is it possible for loans to be unsecured?

The Education Loan can be Secured or Unsecured. Our Unsecured Education Loan is offered to part-time students who have been employed for at least a year.

What is the maximum amount I can receive for the Student Loan?

You can receive up to $6,000,000 with our Student Loan.

What is the minimum amount I can receive for the Education Loan?

The Education Loans have a minimum amount of $20,000.

What are the requirements for applying for the Student Loan (Secured)?

The requirements to apply for the Student Loan are:

• Deposit of 5% of required loan amount in shares

What are the requirements for applying for the Education Loan (Unsecured)?

Requirements include:

• Deposit of 1.5% of required loan amount in shares

The student loan is (secured) therefore what is the interest rate on this loan?

The interest on the Student Loan varies based on the type of collateral that you provide.

Do I have to be a full time student to apply for the Education loan?

Our Education loans caters to part-time students while our Student Loan is for full-time students.

What is the difference between the Full Time Study Education Loan and the Part Time Study Education Loan?

The Full-time study Education loan (Student Loan) is provided to full-time students whilst the Part-Time Study Education Loan is provided to part-time students who have been employed for at least a year.

Do I need collateral to apply for the Student Loan?

Yes, collateral would be needed to apply for the Student Loan as well as the Secured Education Loan. The types of collateral accepted are cash, car titles (must not exceed 10 years old), property titles and Insurance (Cash Surrender Value).

What needs to be done for the application process?

In order to qualify for this loan, part-time students would have to be employed for at least a year, have a job letter, have 2 months payslips, an acceptance letter from the school they would be attending, and proof of tuition cost.

Are there any application fees associated with applying for the Education loan?

Yes, there is an application fee of 1.5% of the approved loan amount.

How long is the application process?

The application process for the Education loans takes 3-5 working days once you have given us all the required documents.

What can the Education Loan be used for?

The Education Loans can be used for payment of tuition, purchasing books and other school expenses.

Is there any penalty for missing one month in repayment and what would it be?

The repayment penalty for missing a payment would be 5% of the missed monthly payment.

Is the maximum value different based on the type of Education Loan (unsecured or secured)?

For the Unsecured Education Loan, the maximum amount is $800,000 and for the Secured Education Loan and Student Loan, the maximum amount is $6,000,000.

What is the Gateway Christmas Loan?

The Gateway Christmas Loan allows you to spread the joy this Christmas season. Get up to $250,000 for 12 months at an affordable interest rate.

What is the maximum amount that I can get from the Christmas Loan?

The maximum amount you can get from the Christmas Loan is $250,000.

Could I receive the money from this loan before December?

The loan money is normally granted during the period of October to December.

Is there a penalty for early repayment?

There is no penalty for early repayment.

How long would I have before I repay the Gateway Christmas Loan?

The repayment time for the Gateway Christmas Loan is 1 year.

Is there a penalty for missing one month of payment?

Yes, you would be charged an additional 5% of your missed monthly payment.

Is there an application fee for the Christmas Loan?

Yes, the application fee is 1.5% of the approved loan amount.

What is the interest rate on the Gateway Christmas Loan?

The interest rate for the Gateway Christmas Loan is 19.99%.

What is the maximum amount of money offered in the Easi-Loan?

You can get up to $300,000 with the Easi-Loan

What is the minimum amount of money offered in the Easi-Loan?

The minimum amount for the Easi Loan is $50,000.

What are the requirements to apply for this loan?

The requirements to apply for the Easi Loan are:

• Have an active account for at least 12 months

Is there any penalty for missing one month in repayment and what would it be?

Yes , there is a grace period of 9 days before a repayment penalty of 5% of the missed monthly payment.

How long will the loan application process take?

The application process takes 3-5 working days after you have given us all required documents.

Are there applications fees for the Easi Loan?

The application fee for the Easi-Loan is 1.5% of the approved loan amount.

What is the interest rate on the repayment of the Easi-Loan?

The interest rate of the Easi-Loan is 22.5%.

What is the maximum amount of money offered in the Easi-Loan plus?

You can get up to $300,000 with the Easi-Loan Plus.

What is the minimum amount of money offered in the Easi-Loan Plus?

The minimum amount of money offered in the Easi-Loan Plus Unsecured Loan is $50,000.

What are the requirements to apply for this loan?

The requirements to apply for the Easi Loan are:

• Have an active account for at least 24 months.

What is the interest rate on the repayment of the Easi-Loan Plus?

The interest rate for the Easi-Loan Plus is 22.5%.

Do I need collateral when applying for this loan and if so what collateral is required?

No, the Line of Credit/Easi Loan Plus is an unsecured loan.

How good does my credit score have to be if I want to apply for this Easi Loan Plus?

To apply for this loan you would need to have an excellent credit score.

Are there applications fees for the Easi Loan Plus?

The application fee is 1.5% of the approved loan amount.

If I have been approved for the Easi Loan, how long before I receive the loan money?

The Easi Loan Plus provided that all that is required by you is received by us, then the processing time would take 3-5 business days.

What is the Gateway Christmas Partner Plan?

The Gateway Christmas Partner Plan is an interest bearing fixed savings account which allows you to “throw a hand” of at least $1,000 per week for a period of 36, 40, 44 or 48 weeks to help you finance your Christmas expenses.

How do I become a part of the Christmas Partner Plan?

All you need is to be a Gateway member and have the minimum opening balance of $1000.

Can I have more than one hands in the Partner Plan?

You are able to throw more than one hand in the Christmas Partner Plan.

How long before I would receive my money?

You would receive your money in December before the Christmas period.

What is the minimum hand I can throw for the Christmas Partner plan?

The minimum hand is $1000.

What is the maximum I can throw in this partner plan?

The maximum hand is at your discretion.

How long does the Christmas partner plan run for?

The Christmas Partner Plan can run for either 36, 40, 44 or 48 weeks.

Can Gateway do Salary Deduction or standing orders to take the money from my account?

Yes, Salary Deduction or Standing Orders can be arranged for weekly payments.

What is the maximum amount I can receive for the Gateway Christmas Partner Plan?

The maximum you can get from the Christmas Partner Plan depends on the hand that you throw and the time period.
For example, if you throw a minimum of $1,000 for 36 weeks, you would receive 36,000 along with ¼ of the $1,000 as bonus. So the total you receive would be $36,250.
The table below shows the interest payout for the Christmas Partner Plan: Weeks - Added Bonus 36 - ¼ of hand thrown 40 - ½ of hand thrown 44 - ¾ of hand thrown 48 - 1 hand

If I miss one month payment would I be disqualified from the Gateway Christmas Partner Plan?

If you miss a payment for the Christmas Partner Plan you would be automatically disqualified for the bonus.
The table below shows how many late payments are allowed based on the time period before the plan is ended: Weeks Late Payment Allowed 36 1 40 2 44 3 48 4

When can the Christmas Partner Plan be started?

The Christmas Partner Plan can be started between the period of January and March.

What is a Baby on Board Savings Account?

The Baby on Board Savings Savings Plan encourages parents to start saving for their child’s future goals such as high school, college or graduation expenses.

How does the Baby on Board Saving Plan work?

For the Baby on Board Savings Plan, parents must maintain a minimum savings of $1000 per month for 10 years. Once you have reached your 10 year savings goal, you can withdraw the money saved and spend it according to your needs, or reinvest the lump sum as an initial deposit into a Golden Harvest Savings Plan.

What are the benefits of Baby on Board Savings Plan?

Benefits of the Baby on Board Savings Plan include:

• FREE Life Savings Insurance

What is the minimum opening balance required to start up this account?

There is a minimum balance of $1000 needed to open the Baby On Board Savings account.

Can I withdraw at any time?

The money from the Baby on Board Savings Plan can only be withdrawn from the account after at least 10 years.

Can I deposit at any time?

You are able to deposit anytime into your Baby on Board Savings account.

What are the requirements necessary to open a Baby on Board Savings account?

To enroll in the Baby on Board Savings Plan the parent must be a Gateway member and also provide the child’s birth certificate.

Is the account interest bearing?

The Baby on Board Interest Savings Plan is interest bearing and is between 3-5% depending on how long you are saving for.

Can I open multiple Baby on Board Savings Accounts?

Yes, you are able to open multiple Baby on Board Savings Accounts.

What is the Fixed Deposit Savings Plan?

The Fixed Deposit Savings Plan allows a member to save as low as $20,000 for a minimum of 30 days and earn great returns!

When is the earliest that I would be able to withdraw money from the account?

There can only be withdrawal from the Fixed Deposit account after a minimum of 30 days.

What is the minimum opening balance required to open this Fixed Deposit Savings Account?

There is a minimum balance of $20,000 required to open the Fixed Deposit Account.

Could this account be used as collateral for loan at Gateway?

This Fixed Deposit Account can be used as collateral for a Gateway loan.

What is the interest rate for this account?

The interest rate ranges from 0.5% to 3.5%, depending on the amount in your fixed deposit account.

Am I taxed on the interest amount I receive from this account?

Yes, you are taxed 25% on the interest amount for the Fixed Deposit Account.

Could I have more than one fixed deposit accounts?

You can only have one fixed deposit account.

Will it cost me to transfer money from my fixed deposit account to another account?

You would have to close the fixed deposit in order to transfer the money to another account.

What is the Golden Harvest and how does it work?

This Golden Harvest Savings Plan is an interest bearing savings account where you can start saving a minimum of $500 per month to meet your saving goals. In the event of loss, Gateway will pay the total savings with added insurance benefits to your beneficiary.

What is the minimum opening balance that is needed to open the Golden Harvest Account?

There is a minimum balance of $500 needed to open the Golden Harvest Account.

What is the the interest rate for the Golden Harvest plan

The interest rate for the Golden Harvest Plan is 3-5% depending on the amount you are saving.

What are the requirements for opening a Golden Harvest Account?

The requirements for the Golden Harvest Account are:

• Must be a Gateway member between the ages of 15 and 65

What is the maximum amount of money my beneficiaries would be able to get from this Golden Harvest Account?

Your beneficiaries can receive up to $4,000,000 from the Golden Harvest Account.

What are the benefits of the Golden Harvest Plan?

The Golden Harvest Savings Plan is designed for your financial success. Your Golden Harvest provider will work with you to create a plan to achieve your saving goals!
In the event you pass away or become permanently disabled, Gateway will pay the total savings,plus insurance benefits (which equals your savings goal) to you or your beneficiary.

What happens if I make late payments to this plan?

If you miss 3 payment dates you will automatically be closed from the Golden Harvest Plan.

How would it be decided on how much I have to pay every month?

Your monthly payment would be dependent on the plan contracted between you and your Golden Harvest provider.

What is the minimum balance required for this account?

There is a minimum balance of $100.00 required for the Ordinary Savings Account

Are there penalties on withdrawals from this account?

No, members are able to make withdrawals at their own convenience.

What is the minimum opening balance required to open this account?

There is a minimum balance of $100.00 required to open the account.

Does the account pay me interest?

Interest is credited to the Ordinary Savings Account every 3 months.

Are there withdrawal fees associated with this account?

Yes, there are withdrawal fees associated with this account.

Will it cost me to transfer money to another account?

It will not cost you anything to transfer money to another account.

How many monthly transactions are included in this account?

There is no limit to monthly transactions—withdrawals and deposits are made at your convenience.

What is the minimum opening balance required for this account?

There is a minimum balance of $2000.00 required to open this account.

What is the minimum balance that must always be in the account?

There is a minimum balance of $2000.00 that must always be in your permanent shares account.

What are the requirements for opening up the permanent shares?

All you need to open the permanent shares account is to be a Gateway member, no additional documents required.

Will I be allowed to withdraw from the Permanent Shares?

You would not be able to withdraw from the Permanent shares. This is only redeemable if you end your membership with Gateway.

How will I be able to redeem my permanent shares?

The permanent shares are only redeemable if you end your membership with Gateway.

Will interest be paid on my Permanent Shares?

Interest will not be paid on the Permanent Shares Account.

What are the benefits of having a permanent shares account?

This is your equity in the company. You become a shareholder, which means you profit as Gateway grows. It also means that you own a part of Gateway and have the right to vote at general meetings.

Could my permanent shares be used as collateral for loan?

No, the permanent shares cannot be used as collateral for any loan.

What is the Smart Partner Plan?

If you are interested in reaching a short term savings goal then the Smart Partner Plan is for you! The Smart Partner Plan is an interest bearing fixed term savings account which allows you to “throw a hand” of as low as $500 per week for 12,16, 24, 36 or 48 weeks.

What is the minimum opening balance that is needed to open the Smart Partner Plan?

There is a minimum balance of $500 needed to open the Smart Partner Plan.

What are the requirements for opening a Smart Partner Plan?

All you need to start the Smart Partner Plan is to be a Gateway member, no additional documents required.

What is the maximum amount of money I would be able to get from the Smart Partner Plan?

The maximum amount you receive depends on your weekly hand and how long you are saving for.

Are there any banker fees?

There are no banker fees associated with the Smart Partner Plan.

When would withdrawal take place?

Withdrawal takes place at the plan’s maturity (12,16, 24, 36 or 48 weeks).

What happens if I make late payments to this plan?

If you miss a payment then you will be disqualified for the Smart Partner Plan bonus. Here is a list of the amount of late payments that are allowed for each saving period before the plan is canceled: Week - # of Late Payments Allowed 12 and 16 - 1 24 - 2 36 - 3 48 - 4

How does the Solid Saver work?

The Solid Saver is a savings account that gives you higher interest rates based on the amount of money you save. The more you save, the more interest you receive! Members can save regularly and earn great interest which is calculated and credited to the account monthly.

What is the minimum I can start with for the Solid Saver Plan?

There is a minimum opening balance of $2000 needed to start the Solid Savers Plan.

What are the requirements for opening a Solid Saver Plan?

All you need to open a Solid Saver Plan is to be a Gateway member, no additional documents are required.

When would I be able to withdraw my money?

Yes, you will be able to withdraw money from this account at any time.

Are there penalties on withdrawing my money?

There is no penalty on withdrawals.

How often would I have deposit money in the account?

The money can be deposited into the account at any time.

What is the interest rate?

The Interest rate varies and is calculated based on the amount of money in the individual’s account. The interest rate ranges between 0.5% - 2.65%.

What is the Treasure Chest?

The Treasure Chest account allows members to open an account for their children under age 18.

Would I be able to withdraw money from the Treasure Chest at any time?

You are able to withdraw from the Treasure Chest at any time.

What is the minimum balance that is needed to open the Treasure Chest?

There is a minimum balance of $500 is needed to open the Treasure Chest Account.

Is interest given on this account?

Yes, there is an interest rate of 1% every 3 months.

Is there an age limit for the Treasure Chest Account?

Yes, account holders must be under 18 years old.

What are the requirements to open a Treasure Chest?

The requirements are:

• Copy of Parent’s ID

How frequently would I have to deposit money?

You are able to make deposits to the Treasure Chest Account at anytime.

How does the voluntary shares account work?

The Voluntary Shares account is an interest bearing savings account which is opened by all Gateway members.

What are the requirements for obtaining the voluntary shares account?

Once you become a Gateway member, you automatically receive a Voluntary Shares account.

How often would I be able to make deposits to this account?

You are allowed to make deposits at any time.

At what point would I be able to withdraw from this account?

You are allowed to make withdrawals at any time from this account; there are no penalties.

What is the minimum balance required to open this account?

There is a minimum balance of $500 required to open the account.

What is the Family Indemnity Plan?

The Family Indemnity Plan is centred on fulfilling your financial wishes for your loved ones in case misfortune strikes.

What are the requirements necessary to qualify for the Family Indemnity Plan?

All that is needed to qualify for the Family Indemnity Plan is:

• The enrollment form ( Completed)

What are the various types of plans available?

The Family Indemnity Plan has 7 plans ranging from A-G. The premium varies according to the plan you select. These are the plans: Plan------- Monthly Premium-------Individual Benefits A ------------- $422.40 -------------------$80,000 B--------------$633.60 -------------------$120,000 C -------------$792.00 -------------------$150,000 D -------------$1,320.00 -----------------$250,000 E -------------$2,112.00 -----------------$400,000 F -------------$3,432.00 -----------------$650,000 G-------------$5,280.00------------------$1,000,000

Is there medical required for the indemnity plan?

No medical examination is required for the Family Indemnity Plan.

How long is the process of getting approval for the family indemnity plan?

There is same day processing and approval

How long after opening a family indemnity plan would I be able to file for a claim?

There is a six months waiting period from the effective date of the death certificate, during which only claims arising from accidental death will be paid.

Who can be covered under the Family Indemnity Plan?

Depending on the type of Family Indemnity Plan selected, it can cover you and any combination of the following persons:

• Your spouse/significant other or any combination of up to two persons from your parents or parents-in-law (these persons must be enrolled before the age of 76)

Can I have multiple family indemnity plans at Gateway?

You can only obtain one plan per person.

What would I have to pay monthly for this plan?

Your monthly payments depend on the type of plan you pick. The plans and the monthly premium are: Plan-------------------Monthly Premium------------------ Individual Benefits A ----------------------$422.40 ----------------------------------$80,000 B ---------------------$633.60-----------------------------------$120,000 C ---------------------$792.00 ----------------------------------$150,000 D ----------------------$1,320.00--------------------------------$250,000 E ----------------------$2,112.00--------------------------------$400,000 F-----------------------$3,432.00--------------------------------$650,000 G----------------------$5,280.00---------------------------------$1,000,000

What are the benefits of having a Family Indemnity Plan?

The benefits of having a Family Indemnity Plan are:

• One monthly premium covers final expenses for you and up to five eligible family members

Can the Family Indemnity Plan be canceled at anytime?

You can opt to withdraw from the Family Indemnity Plan at anytime.

What would be the process of making a claim for the Family Indemnity Plan?

A death certificate, as written proof of loss, must be submitted to Gateway to claim individual benefits. We may require additional proof of loss in order to determine the benefits. Claims must be presented within 2 years of death.

Can the Family Indemnity Plan insurance be terminated by Gateway?

All insurance under the Family Indemnity Plan policy will end when:

• You withdraw from the plan.

Can I change the amount of the coverage on the Family Indemnity Plan once the policy has been issued?

Yes, it can be upgraded a year after the policy has been issued.

For making a claim..

The beneficiary would have to fill out some forms and have the burial order. A physician would also need to fill out the claim form as proof of loss.

What is the maximum amount of money I would be able to get from the Family Indemnity Plan?

You can get up to $1,000,000 in coverage with the Family Indemnity Plan.

What is the Critical Illness Rider Insurance offered at Gateway?

The Critical Illness Rider Insurance provides additional coverage of up to $1,000,000 in case of serious illness.You would be able to sign up for the Critical Illness Rider once you are below 60 years old and have enrolled in the Family Indemnity Plan.

What are the requirements to qualify for the Critical Illness Rider Plan?

To become qualified for the Critical Illness Rider Plan you must be a member of Gateway and be below the age of 60.

Is doing medical required for the Critical Illness Rider Insurance?

There is no medical that is required for the Critical Illness Rider Insurance.

How many individuals can be covered on one Critical Illness Rider Plan?

For the Critical Illness Rider Plan, only the insured is covered.

Could I have more than one Critical Illness Rider Plan at Gateway?

You are not able to open more than one Critical Illness Rider Plan.

What would be the process for making a claim for the Critical Illness Rider Plan?

There is a waiting period of 6 months after opening the plan to file a claim. To make the claim you would need to bring in proof of your illness along with your ID.

How much would I have to pay for the Critical Illness Rider Insurance Plan?

The premium that you pay for the Critical Illness Rider depends on your age group and the payout you would like.

What is the payout amount?

There is a one time payout of either $500,000 or $1,000,000.

What conditions does the Critical Illness Rider Insurance Plan cover?

The Critical Illness Rider Insurance Plan covers the critical conditions of cancer, heart attack, stroke, paralysis and major burns.

Can I change the amount of coverage on the Critical Illness Rider Plan once the policy is created?

Yes, the amount of coverage can be changed after the Critical Illness Rider Insurance policy has been created.

Does the type of critical illness affect the amount of money I would be able to receive from the Critical Illness Rider Insurance Plan?

No, the type of critical illness does not affect the amount of money you would be able to receive from the Plan. There are two payout amounts of $500,000 and $1,000,000 based on the type of plan you request.

Would I have to pay taxes on the money that I would obtain from the Critical Illness Plan?

There is no tax on the payout for the Critical Illness Plan.

Can I cancel the Critical Illness Rider Insurance Plan at anytime?

Yes, you are able to cancel the Critical Illness Rider Insurance Plan at anytime.

What are the benefits of having the Critical Illness Rider?

The benefits of having the Critical Illness Rider Plan are:

• You are not required to do a medical when you sign up

What is the Family Critical Illness Plan offered at Gateway?

The Family Critical Illness Plan provides up to $3,000,000 in critical illness coverage for heart attack, stroke, major burns, cancer, paralysis and coma.

What are the requirements for obtaining the Family Critical Plan?

All you need to obtain this plan is to be a Gateway member. There are no additional documents required.

Is doing medical required for the Family Critical Plan?

There is no medical required to sign up for the Family Critical Plan.

How many individuals can be covered on the Family Critical Plan?

The Family Critical Illness Plan can cover up to 6 eligible family members.

How long is the approval process for the Family Critical Plan?

There is same day processing and approval for the Family Critical Plan.

Could I have more than one Family Critical Plans at Gateway?

You cannot have more than one Family Critical Illness Plan.

What would be the process for making a claim for this plan?

You would have to fill out some forms. A physician would also fill out a claim form to provide proof of critical illness.

Can I cancel this plan at any time?

Yes, you are able to cancel the Family Critical Illness Plan at any time.

What is the maximum amount of money I could get from the Family’s Critical Plan?

You can get up to $3,000,000 from the Family Critical Illness Plan

Will the premium increase due to age?

No, your premium is only dependent on the amount of coverage wanted.

Can I change the amount of money on the Family Critical Illness once the policy is issued?

You are able to change the policy after a year.

Would I have to pay taxes after receiving the money from the Family Critical Insurance?

You do not have to pay taxes on the claim amount

What are the benefits of having a Family critical Plan?

The benefits of having a Family Critical Illness Insurance plan are:

• You can cover up to 6 eligible family members

What is the Smart Debt?

The Smart Debt Loan is a debt consolidation loan that gives you a lower monthly payment than all your debt payments combined. Instead of being swamped with making multiple payments each month, you can now make one low payment. It is a convenient way to reduce debt and improve your credit rating over time.

What are the requirements for the Smart Debt loan?

The necessary requirements for the Smart Debt Loan are as follows:

• A Valid ID

What are the acceptable forms of collateral/security?

The acceptable forms of collateral or security for the Smart Debt Loan are:

• Co-makers account - members of the Credit Union with uncommitted shares/savings

What are the benefits of doing the smart debt loan?

With our Smart Debt Loan you have the benefit of:

• Rebuilding your credit rating

What is the maximum amount of money I can get from the Smart Debt Loan?

There is no maximum amount on the Smart Debt Loan. It is based on your affordability.

What is the maximum amount of time given to an individual to repay the smart debt loan?

You have up to 30 years to repay our Secured Smart Debt Loan and 5 years to repay our Unsecured Smart Debt Loan.

What is the interest rate for the Smart Debt Loan?

The interest rate for the Smart Debt Loan ranges from 8% to 22.5% depending on if the loan is secured or unsecured.

What is the Hurricane Loan Special?

The Hurricane Loan Special provides financing of up to $200,000 to be prepared and protects your property for this hurricane season. This promotion lasts from May 1 to November 30, 2019.

What is the interest rate on the Hurricane Loan Special ?

The interest rate on the Unsecured Hurricane Loan Special ranges from 13.5% - 22% and is based on your credit risk assessment. For the Secured Hurricane Loan, the interest rate is 7%.

What are the requirements for getting this loan special?

The requirements for the Hurricane Loan Special are as followed:

• Must be a Gateway member

What are the repayment options for the Hurricane Loan Special?

The repayment options are as follows:

• Salary Deduction (the preferred method of payment)

If I take the Hurricane Loan Special on a secured basis, what would be the interest rate?

The interest rate for the Secured Hurricane Loan is 7%.

If I take the Hurricane Loan Special on an unsecured basis, what would be the interest rate?

The interest rate for the Unsecured Hurricane Loan ranges from 13.5%-22% based on your credit risk assessment.

Closing Reply - Any more concerns?

Are there any more concerns or questions?



The interest rate varies based on the type of loan, if its unsecured it is 22.5% and if its secured 8.49%.
The application fee is 1.5% of the loan amount being issued to you (for all loans) External Cash Secured interest rate is 11% It all depends on the security you are using. It is 9% for cash secured internally.