Jamaica Teachers’ Assn Co-op C U Ltd

Description:

Mr. W. S. A. Johnson, a teacher at the Wait-A Bit School in Trelawny has the distinction of being the man to move the resolution to bring the JTA Credit Union into being. Mr. D. C. Gascoigne, a teacher at Kings All Age School in Westmoreland, seconded the motion at the Conference of the Jamaica Union of Teachers in January 1959. The Credit Union was brought into being as a central unit designed to meet the needs of all teachers.

Myrtle Irving, W. S. A. Johnson, C. L. Stuart and G. W. Little are among some of our other pioneering members.

In July 1959, the Credit Union began preliminary operations, and in October of the same year, the Jamaica Teachers’ Association Co-operative Credit Union Limited was registered as a Credit Union under the Co-operative Society Act.

At that first historic meeting of the Credit Union, 167 persons were admitted to membership, with a share capital of $2000. Fifty-two (52) district associations were established and a mandate given to develop a branch in each district.

The JTACCUL grew rapidly and by 1960, the membership increased to over 1000 and the share capital to $52,000.

After many discussions with the Ministry of Education the pay roll deduction system was implemented by the Credit Union in 1970. Pay roll deductions proved to be a boon for the Credit Union and by 1974 5,000 members were erolled and the first $1,000,000 in share capital reached.  In addition, by 1977 the JTACCUL was the largest Credit Union in Jamaica with 10,000 members and $7.5m in share capital.

Mission Statement:

To Improve the lives of our members through the provision of financial and other services by employing sound and safe management practices.