Some financial houses offer loan relief post-Melissa

In the aftermath of the passage of Hurricane Melissa, some banks and credit unions are easing up on loan repayments as a form of relief for the thousands of individuals and small businesses that had their property destroyed during the catastrophic storm.

Scotiabank Jamaica, VM Building Society, First Heritage Credit Union, and Infiniti Credit Union number among those who have announced moratoriums following the passage of Melissa.

The movement towards relief comes as the estimate of damage from the hurricane continues to be updated. The storm took its toll on property and infrastructure, livelihoods, homes and businesses, and is said to have claimed more than 40 lives.

The prime minister has indicated that the damage may extend beyond $1 trillion, with most of the fallout at the western end of the island as well as the parish of St Elizabeth, which is referred to as the country’s bread basket.

Meanwhile, banking networks taken out by storm are still in process of recovery. Branches are getting back into operation but many are doing so at reduced hours, while less than half of the ATM network appears to be back in play.

Bank of Jamaica data up to August indicates that the ABM network was populated by 865 active machines. On Tuesday, in its lastest update, the central bank indicated that 389 machines were now in operation post-Melissa.

Scotiabank Jamaica announced a customer assistance programme that includes a three-month deferral on loan and credit card payments, via email, to account holders on November 10.

The assistance programme will impact credit card, Scotia Plan auto and unsecured, Scotialine, small business, term loan and mortgage clients, the bank said.

However, the bank noted that while payments will be deferred, on request by clients, the interest on their loans will continue to accrue and repayable later.

The window for submission of deferral applications closes on December 31.

The bank has also waived Real Time Gross Settlement fees applied to transfers between institutions for the rest of 2025. This followed an advisory from the Bank of Jamaica that it had suspended its fees charged to banks for the transfer and settlement of funds via the RTGS system until further notice, and that it expected the banks to pass on the fee waiver to their customers.

VM Building Society announced a loan moratorium of up to six months and other financial relief measures to support members whose homes or livelihoods were impacted by Melissa, particularly across western Jamaica where the storm caused significant disruption and loss.

“For members now facing uncertainty, we want them to know they are not alone. We stand with them, and we are committed to walking alongside them through this recovery period,” VMBS said in a statement.

VMBS said requests for fee waivers or payment holidays are being reviewed on a case-by-case basis, with the goal of finding the most suitable way forward for each member. The organisation said it is also offering support to clients facing credit card payment challenges because of income disruption.

Also announcing a three-month moratorium on loan payments for members directly impacted by Hurricane Melissa is First Heritage Co-operative Credit Union Limited, whose CEO Xavier Allen said the moratorium is a measure of relief, so that persons can “focus on rebuilding their lives and livelihoods”.

FHC members may apply by contacting their branch representative, completing the moratorium request form, and submitting a brief description of the impact experienced along with supporting documentation where available.

Meanwhile, among other entities polled by the Financial Gleaner, Sagicor Group Jamaica, operator of Sagicor Bank, did not speak specifically to bank customers, but said it had committed $200 million towards local recovery and relief efforts, which include direct support for affected Sagicor Group Jamaica team members and their families.

“Across the group, extensive work is under way to identify meaningful ways to provide reprieve and support to our clients as they navigate this difficult period. In short order, we will be sharing specific measures designed to assist our clients in their recovery,” Sagicor said.

The Jamaica Teachers’ Association, the parent organisation of the JTA Co-operative Credit Union, announced the allocation of an initial $35 million to support teachers severely impacted by Melissa.

Also, Infiniti Co-Operative Credit Union, which has a large portion of its membership base in western Jamaica, announced a comprehensive relief package which includes direct assistance to team members, a moratorium on loan repayments, restructuring of current loans, and waiver of late fees for affected members until March 2026. Infiniti was formed from the merger of Gateway and EduCom credit unions.

“As a people-first institution, we are committed to easing the financial and emotional burden of our team and members during this challenging time. Together, we will rebuild, stronger than before,” said Infiniti CEO Camille Campbell-Drummond.

luke.douglas@gleanerjm.com