The COVID-19/Coronavirus situation is continually and quickly evolving. Throughout this time, the Credit Union remains in close contact with all the relevant local government agencies for the latest updates that affect our operations and is actively working to minimize disruptions to Members’ ability to conduct essential transactions. We've taken measures to ensure the health and well-being of our staff and Members and we are also actively developing ways to help Members best service debt obligations during this time when incomes have been negatively impacted.
Stay tuned to this page as well as the Credit Union latest news blog, for all the latest updates on changes to operations, further detail on conducting transactions, and other important FAQ's (to be published ASAP).
In response to the government's latest announcement regarding new "shelter in place" requirements, the Credit Union branches on Grand Cayman and Cayman Brac will re-open for limited hours of operation on Saturday, 28 March 2020 from 9AM- 1PM. This schedule will continue daily, Monday-Friday, for as long as deemed necessary and we will continue to keep you informed on all changes.
We would like to remind Members that these limited hours of operation are for essential financial services ONLY. Our ATM also remains available. Otherwise, a limited number of staff will attend to all other inquiries by phone and email. Please click the button to see a list of essential services that we will attend to during this time.
Following the government's announcement this afternoon regarding a full shut down of businesses in order to slow the spread of the COVID-19 virus, starting Thursday, 26 March, the Credit Union branches on Grand Cayman and Cayman Brac will be closed until further notice. Please stay tuned to our COVID-19 web page as well as our News Blog for continued updates on changes to hours of operation.
As we've continued to monitor the COVID-19 situation in our community, we've determined that it is necessary to take additional measures to protect the health and safety of our Members and staff by limiting the number of hours for face-to-face, in-branch transactions. Therefore, we will adjust our in-branch hours of operation starting 23 March 2020. Click the button to see specific details.
On Wednesday, 18 March, the CICSA Co-operative Credit Union Board of Directors approved three measures to assist Members during this time when incomes may have been negatively impacted by reductions in current economic activity caused by the knock-on effect of the COVID-19 crisis.
Firstly, it will lower interest rates by 1% for loans effective 1 April 2020 on all except unsecured loans. Secondly, it will defer all April 2020 loan payments across the board. The decision to defer loan payments for subsequent months will be evaluated monthly. The reduced interest rate and loan waivers will apply to Members in good standing.
Lastly, there will be additional considerations to defer loan payments for up to 3 months for Members working in severely impacted industries experiencing financial hardship.
Loan Payment Deferral Details Interest Rate Reduction Details
Credit Union Members have the option to conduct transactions without visiting the branch. At present these include:
In response to our request for Members to minimize branch visits, our email and phone transactions have steadily increased. To facilitate this process, we have placed drop boxes in our lobby during business hours where Members can place necessary documents should they feel uneasy to send by email. These boxes are closely monitored and frequently emptied. Our Member Services and Loans teams are diligently responding to these.
If a visit to a Credit Union branch is unavoidable, Members should be aware of the procedures in place to limit the number of people at any one time.
Grand Cayman - Security staff will monitor Members as they enter and limit the number in the lobbies as well as in the teller area.
Cayman Brac – Staff will limit the number of Members in the branch to a maximum of 3.
In addition to the above, the Credit Union requests that all visitors heed the official recommendations to: