SOUTH FLORIDA – JN Bank, with locations in Jamaica and South Florida, is offering assistance to its members and businesses that have been affected by COVID-19.
The bank has put together a comprehensive to support members and wider communities during this period of uncertainty:
Support for members
JN Bank will be offering the following options to members affected by COVID-19, to reduce any loan repayment burdens they may face. These options comprise the choice to:
- Defer payments for up to 12 months on loans, with various options to finance debt when servicing resumes
- Extend loan tenure in order to reduce monthly instalments
- Reduce the interest rate, where feasible
- Convert credit card debt or Line of Credit to an instalment loan
- Convert existing mortgage to a reverse mortgage, if you are more than 64 years-old and especially hard-hit by the circumstances; or convert your existing mortgage to a graduated mortgage
- Convert short tenure debt to a mortgage
The commercial banking arm, JN Bank, is also offering speedy access to loans to assist members and customers who may need funds to weather this difficult period. In light of this you may:
- Request a temporary increase in your JN Bank Visa Credit Card limit, if you are in good standing
- Access the loan equivalent of principal repaid to date, on your loan from JN Bank to offset debts or expenses incurred during this period
Beyond loans and debt restructuring, the following fees will be waived or reduced for 30 days, starting March 14, to support members and customers during this time.
- Late payment fees on all loans
- Fees on all transactions done via MultiLink ATMs
- Fees on debit card purchases
- Processing fees on loans granted under our Financial Assistance Programme
- Debit and credit card replacement fees
Beyond financial services, members of the Jamaica Automobile Association (JAA) may also continue to benefit from the following, free of charge:
- Vehicle Registration Valet, at the Inland Revenue Department (Tax Offices); and, Fitness Valet, at the examination depots
- 24/7 island wide crash and emergency roadside assistance
- 24/7 access to its JAA ADVANCE Card, customer service and vendor support
Support to businesses
JN Bank, alongside its sister company, JNSBL, will also be providing support to businesses affected by COVID-19 on a case-by-case basis. The options available are as follows:
- Deferred payments for up to 12 months on loans
- Special relief financing with flexible repayment terms for small and medium enterprises
- Payment holidays
- Technical support and advisory services for small business operators via online sessions and seminars
- Special products to support new clients who may need assistance and personal loans
JNSBL will also waive late fees for loan payments until April 30.
Support for communities
For updates and information on COVID-19, and to make specific requests for support, we have developed and made available a webpage for our JN members and customers. Persons may access the Coronavirus Help Page by visiting: www.jngroup.com/covid-19help
We will also be providing information and implementing initiatives:
- The JN Group Circle service clubs across the country, which will be available to support to communities in which Circles have been established
- Our Member Care Centre, which can be reached toll free at (888) GET-HELP or (888) 991-4065/66
- Online Mortgage Financial Seminars
- Online Small and Medium Enterprise Advisory Sessions
