The road to financial independence is paved with good money decisions and a great relationship with your financial institution. When you chose to manage your money with the Victoria Mutual Building Society (VMBS), you became more than just a customer, you became a Member and part owner. Our commitment to you is the basis of who we are and the answer to the question of what it means to be Victoria Mutual. Though we offer similar products and services, we’re not a bank, as they exist to maximize profits for a few shareholders. We are a Mutual – and our primary responsibility is to every one of our Members. We pride ourselves in the continuous work we do to give you a safe, convenient way to save, borrow and invest your funds. What does that mean as you go about doing your day-to-day finances? It means you get real benefits and tangible value like higher rates on savings, the lowest mortgage rates in the market and No-or-Low transaction fees. In today’s economy, you should be especially focused on saving, so it certainly isn’t a good time to find yourself burdened with high banking fees on top of all of your monthly expenses. Yet many savers across Jamaica have been spending upwards of $2,000 per month on service charges when they place their money in traditional banks. That’s money which could go towards groceries, utilities, an emergency fund or even a down-payment on a home. We’re not saying all fees are unfair, as some are necessary to cover the costs associated with providing you with the products and services, but there are times when these fees are exorbitant and seem to be more about profit than people. We don’t believe in that. Here are just some of the services that are FREE at VMBS:

1. Monthly account maintenance fees:  no cost to you so your savings can grow.
2. Transactions at all Multilink ABM machines: there are no fees when you use a VM Express 24 debit card at any VMBS or other bank, building society or credit unions ABM as we pick up the cost, so no matter whose logo is on the machine, it’s yours to use FREE of charge.
3. In store point of sale transactions: one less cost to worry about (one more way to save) while you’re doing your shopping.
4.  Online banking: check your account balances, transfer funds or pay your bills without additional charges.
5. Dormant account charges: if you haven’t used your account in a while, your savings are just fine when you come by to get going again and you’ll be happy with the interest you’ve earned.

How do we do it? We maximise efficiency to keep costs down and use a portion our surplus to cover the all the costs we can. You don’t get less, we just work harder. Now here’s our challenge for you, your family and friends. Check your monthly bank statements everywhere you manage your money and add up the service fees you have been charged. Now do the same for your VMBS accounts and then ask yourselves, “How much money would I have saved if I had always put my money in VMBS”. Are you getting good value for your money? Like anything else you spend your money on, the answer ought to be YES, so make sure you stop paying unnecessary fees and earn the most on your savings. And please, join the no-or-low fee conversation on social media #NoOrLowFees.