On 16 March 2020, the CICSA Cooperative Credit Union implemented a series of precautions in our Grand Cayman and Cayman Brac branches to ensure safety and reduce the risk of spreading the coronavirus.
As the situation continues to evolve, 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 minimise disruptions to members’ ability to conduct essential transactions.
Credit Union staff and member health and well-being are of utmost importance to us. In fact, one of the key principles of the cooperative credit union movement is “Concern for the Community”. As such, we assure members that we are following government and international health authority hygiene recommendations.
We have also implemented procedures to:
- Limit the number of people in the branches at any one time.
- Encourage members to take advantage of banking options that don’t require a visit to the branch.
- Remind members to follow recommended hygiene and “social distancing” practices before, and while, visiting the Credit Union.
CICSA Co-op Credit Union has always focused on members helping members, and as such, is committed to identifying how members may best service debt obligations during this time some members’ incomes have been negatively impacted. One way that we will accomplish this is to reduce interest rates. We have already shared the details of this directly with membership via email last week.
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 three.
In addition to the above, the Credit Union requests that all visitors heed the official recommendations to:
1. Wash your hands frequently and thoroughly
2. Cover your nose and mouth when sneezing or coughing
3. Avoid anyone with cold or flu-like symptoms
4. Practise “social distancing”, i.e., maintain a minimum of 1 meter (3 feet) between you and the next individual in line.
Non-branch service options
Credit Union Members have the option to conduct transactions without visiting the branch. At present these include:
Members electing to use the ATM machine are asked to practise social distancing while waiting in line.
We also request members to contact our Member Services or Loans teams via the contact information below for any general inquiries or to initiate a non-branch transaction.
Whether contacting the Credit Union by phone or by email, please be aware that we need to adhere to the Data Protection Law and mitigate fraud risk. As such, to complete the email or phone transaction, the Member Services or Loans team staff will request that you verify a few key pieces of personal information already on your account record before they can proceed.
When communicating by email, please ensure that you do not include sensitive personal information like date of birth, account number, income or other private data.
Debt servicing commitment
The CICSA Co-operative Credit Union is committed to assisting members identify how to manage debt obligations during this time. Our mission has always been about “Members Helping Members”, so we strongly encourage members with loan concerns to contact his/her loan officer as soon as possible to discuss the available options. We can establish a plan that allows members to focus on the most important matters during this challenging time.
Reduced interest rates
Our Board of Directors has confirmed that one way the Credit Union assist members is to reduce interest rates. We expect this to provide some relief for those with loans. Members were sent an email with the details last week.
Requests for April loan waivers will be evaluated on a case-by-case basis. Requests from members experiencing severe impacts to income will be prioritised. This includes members in the tourism, hospitality and service industries which are heavily reliant on face-to-face contact.
We look forward to working directly with members to develop a solution that fits each person’s unique circumstances. Ultimately, this approach is core to the global cooperative credit union movement philosophy to offer the community easier access to financial services than traditional banks. This is what we refer to as the “Credit Union Difference.”
We will continue to review the situation and keep members informed about the effect of COVID-19/Coronavirus on our operations. However, anyone may access the latest updates, including other important Credit Union news by accessing our website. (cicsa-creditunion.org/news)
Grand Cayman: 949-8415 or 815-4247
Cayman Brac: 948-0655
815-4222 or 815-4231