This section gives you quick and easy access to the answers to the questions we're asked most frequently.
Where can I get more information?
Information is available from the Bank’s website, your Account Officer or through the Bank’s Online Customer Support.
What types of transactions can be processed using ECACH EFT?
Only direct debit and direct credit transactions to savings and chequing accounts will be processed using ECACH/EFT. The following transactions can be sent through the ECACH/ECFH system - e.g. pension payments, dividends, utility payments, hire purchase payments etc.
Can I transact in all currencies?
EFT transactions will only be allowed in ECD currency.
Can I make payments to any bank account using EFT?
Payments can be made to any valid chequing or savings account at any of the 16 commercial banks within the 8 territories of the ECCU.
When will EFT transactions be exchanged between participating banks?
EFT transactions will be exchanged across participating banks based on the value date of the transactions. Transactions received will be applied same day to the Receiver’s account by the end of their bank’s business day. EFT processing will not be conducted on Bank Holidays.
What Support is provided by the Bank to help with the transition?
- Accessibility of the forms
- Account Officer will assist in completion of the forms
- User Guide (step-by-step)
- Online support (if required)
Are there any other changes?
Yes. Transfers are only accepted for either credit or debit from Savings or Chequing accounts. Loan & Credit Card payments will not be processed through this system.
Can I send any file type the BOSL ACH system?
No. Only CSV files are accepted.
Will EFT transactions be subject to any compliance or regulatory requirements?
The commercial banks will continue to be governed by Anti-Money Laundering (AML) legislation applicable to their respective jurisdictions. Therefore, all transactions, irrespective of the amount and medium for payment, will be subject to AML scrutiny.
What is the Eastern Caribbean Securities Exchange (ECSE)?
The Eastern Caribbean Securities Exchange (ECSE) is a regional securities market, established by the Eastern Caribbean Central Bank and licensed under the Securities Act (2001). The ECSE is designed to facilitate the buying and selling of Securities for the eight (8) ECCB member territories of Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia, and St Vincent and the Grenadines. The ECSE is headquartered in St Kitts.
Where and how do I purchase or sell a Security on the ECSE?
Investors can only purchase Securities through a Broker-Dealer firm registered with the ECSE. BOSL Investment Banking Services is a registered Broker-Dealer, and investors seeking to buy or sell securities can make an appointment with our Registered Principal. Investors purchasing or selling Securities for the first time with BOSL Investment Banking Services must open a new brokerage account.
What is a Security?
A Security is a negotiable instrument representing financial value. Securities are broadly categorized into debt securities, that include Bonds, Debentures and Treasury Bills; and Equity Securities. Examples of Securities that are traded in the regional capital and financial markets include Stocks, Corporate and Government Bonds and Treasury Bills.
What happens when I purchase Securities listed on the ECSE?
Securities of all companies listed on the ECSE are held in dematerialized form. This means that as an investor you will not receive a physical certificate to confirm your proof of ownership for securities purchased. Once you purchase a Security, it will be held in dematerialized (electronic form) at the Eastern Caribbean Central Securities Registry Limited (ECCSR), which is a fully-owned subsidiary of the ECSE. As an investor you will receive a statement of all the Securities you own on a semi-annual basis. Investors can also request BOSL Investment Banking Services to hold the Securities on their behalf.
What is a Securities Market?
A Securities Market is where investors who are willing to buy and sell their Securities. Investors include individuals, institutions, pension funds, trust funds and other entities. The buying investors are willing to invest by purchasing securities from the sellers which include corporations, governments and other investors.
Can I open a joint account?
Yes, investors can open joint accounts.
There are two (2) types of accounts: With a Joint Tenant account, all the signatories on the account are required to collectively give permission for any action on the account. Upon the death of any one (1) joint owner, the surviving joint tenants get the whole account automatically, regardless of any will made.
With Tenants in Common account, upon death of a co-tenant, his or her shares pass to his/her beneficiaries through the Will or Rules pertaining to intestacy.
Can I use my Securities as collateral for a loan?
Investors can use their Securities as collateral for loans. A Charging Form must be completed by all the parties involved.
Can I transfer my Securities as gifts?
Shareholders or joint shareholders can donate all or a portion of their Securities to a family member or to a registered Charity. To donate securities, complete the Donation Transfer Form and submit the completed form notarized or signed and stamped by a licensed broker to the ECCSR together with evidence of the family relationship or the registered Charity. A fee of EC$20.00 is applicable for this request.
How can I obtain a statement of my Securities?
You can request a copy of your Securities statement by simply completing an Application for ECCSR Statement and submitting it to your Registered Representative at the Broker-Dealer Firm. An application fee of EC$20.00 is required.
What should I do if I have not completed my programme by the stipulated date?
Advise your Loans Officer of your current status and provide documentation from your school indicating the expected date of completion in order to facilitate an extension of the grace period.
What should I do if I require an extension of the grace period on my loan?
Submit your request in writing accompanied by any relevant documentation (enrollment/acceptance letters, etc) as evidence of the reason for the extension. Please note that when an extension is granted, the guarantors and/or sureties must sign granting permission for the extension of the grace period. Only then will the extension become effective.
What happens to undrawn student loan funds?
Upon completion of your programme any undrawn funds will be cleared thereby reducing your loan balance. You can discuss other uses for the funds including financing of additional courses/programmes.
When does my student loan repayment commence?
You are normally given six months after the completion date of the programme to commence the loan repayment (refer to Offer Letter).
What happens if I cannot meet the monthly repayment of the loan?
If you are unable to meet the monthly repayment, a written request should be forwarded to the Loans Department to restructure your student loan. Visit the branch to discuss the most suitable options.
Are there any penalties if my loan is repaid earlier than the stipulated maturity date?
Bank of Saint Lucia does not apply any penalties if a loan is repaid earlier than the stipulated maturity date. Customers may choose to apply lump sum payments to the loan principal or increase the specified monthly payment.
Is there a minimum number of redeemable points?
No there is no minimum number. This is one of the key benefits of [My Rewards].
Can I redeem my points for cash?
This option is not available with [My Rewards].
Can I use my points to make payments to my card?
Currently, this option is not available with [My Rewards].
Do I get points for my present balance?
Points are earned solely by making purchases using your BOSL Visa Credit Card.
What are the benefits of My Rewards?
[My Rewards] offers many benefits to loyal BOSL Visa Cardholders:
- Millions of Travel Related Redemption Options
- Fare Rules Benefits (Such as no Cancellation/Rebooking Fees)
- Split Payments (Points + Credit/Debit Card, Only Points, Only Credit/Debit Card)
- No Fees
- No minimum points required
- Superior customer service & single point of contact for travel itinerary inquiries.
If points are earned from a fraudulent transaction and I am refunded thereafter; will the points be deducted after the refund is received?
Yes. Points are earned solely through legitimate purchase activity.
Can be points be reversed?
Yes. Points can be reversed, including circumstances cited in point #15.
Are points transferable to other cardholders?
Points are non-transferable, and are to be used solely by cardholder.
Will my existing PIN continue to work?
Yes, your existing PIN will continue to work
How long does it take for my new PIN once created online to become effective?
The PIN change is immediate. You can start to use our card as soon as you have confirmed the new pin on the Card Inquiry Portal https://www.4csonline.com/CardInquiry/logon.aspx?cthm=BOSL
How many times can I change my PIN?
There are no restrictions on the number of times you can change your PIN.
Do I need to know my current PIN to be able to change to a new PIN?
No. Once you have logged onto the Card Inquiry Portal and your credentials are verified, you can create a new PIN without having to remember your old PIN
Do I need to sign-up for the Online Card Inquiry before I can use this Service?
Yes. This will allow the system to confirm your identity and grant you access to the other features of the Card Inquiry platform.
Who should invest in a PFIA?
The PFIA investment is suitable for all investors in any stage of their life cycle as shown below:
- Retired individuals seeking safety of their earnings, while receiving high income.
- Individuals in the early stage of their life cycle seeking to build up an Emergency Fund to
- Protect themselves and their family from any unforeseen circumstances.
- Investors who are risk-adverse and are seeking growth of capital within a short-to-medium term horizon.
- Investors seeking higher returns than the traditional savings and deposit investments.
Do I receive a certificate or a receipt after making my investment?
Yes, after your initial investment you will receive a receipt from Bank of Saint Lucia. Subsequent to this, annual statements will be sent to you.
What is the minimum amount required to open the account?
$100.00
What are the required monthly contributions?
A minimum of $100 has to be deposited on a monthly basis. However, customers can choose to increase their monthly contributions or make lump sum deposits.
What are the documents required to open an Edu Start Savings Plan?
Contributor: Two forms of picture ID and a utility bill as proof of address. Beneficiary: One form of picture ID or a birth certificate in the case of a minor.
Can I open an Edu Start Savings Plan in my name?
Yes.
How many beneficiaries can I have on the Edu Start Plan?
Each account is allowed only one beneficiary.
Can I withdraw from my account at any time?
No. Withdrawals are not allowed.
Can I deposit directly into the account?
Yes, but there must be a monthly commitment via standing order or salary deduction, and any additional deposits can be made over the counter directly to the Edu Start Account.
What is the return on the Edu Start investment?
The Edu Start savings plan earns interest at 1% higher than the regular savings rate. In addition, 50% of the net additional returns earned (profit) on the Edu Start investment portfolio is distributed to customers.
When is interest paid?
Interest is paid annually.
How do I apply for a Bank of Saint Lucia Visa Credit Card?
You can apply online via our Digital Branch or visit any branch to start the application process.
What are the requirements for a Bank of Saint Lucia Visa Credit Card?
To apply for a Bank of Saint Lucia Visa Credit Card, you will need the following:
- Recent Job Letter
- Recent Salary Slip
- One (1) valid national ID
- Completed Application form
How long does it take to get approved for a credit card?
Approval times can vary, but it's usually within a few days (existing customers) to a few weeks (new customers).
What is a credit limit, and how is it determined?
A credit limit is the maximum amount you can charge on your card. It's determined based on your creditworthiness and income.
What is the minimum payment on a credit card, and how is it calculated?
The minimum payment is a small percentage of your balance, usually around 3%. It's important to pay more than the minimum to avoid high-interest charges.
Are Credit cards only for emergencies?
Credit cards can be a valuable financial tool for everyday expenses and can also offer rewards.
Can I make just the minimum payment each month?
Yes, you can make the minimum each month by the due date as late fees would be avoided, however it is advisable to pay in excess of the minimum payment to reduce interest charges or full statement balance for no interest altogether.
What is the LEAF Visa Credit Card?
The LEAF Visa Credit Card is an introductory credit card designed for young individuals, customers seeking controlled credit use, parents teaching financial responsibility, and environmentally-conscious consumers.
Who is eligible to apply for the LEAF Visa Credit Card?
Eligibility is open to young adults starting their credit journey, individuals seeking a controlled credit limit, parents wanting to teach financial responsibility to their children, and anyone who prioritizes sustainability and eco-friendly products.
What is the credit limit of the LEAF Visa Credit Card?
The LEAF Visa Credit Card has a credit limit that ranges from minimum XCD $1,000 up to XCD $2,500, which is designed to help users manage their finances better and protect against fraud.
How can the LEAF Visa Credit Card help me build my credit?
By using the LEAF Visa Credit Card responsibly, making on-time payments and keeping your balance low, you can establish a positive credit history with BOSL, which can improve your credit score over time.
What features does the LEAF Visa Credit Card offer to prevent fraud?
The card's lower credit limit helps minimize the risk of significant loss in case of fraud. Additionally, it comes with Visa's advanced fraud protection features, such as real-time transaction monitoring and alerts and the strong rules that are present with all BOSL cards.
How can parents use the LEAF Visa Credit Card to teach financial responsibility?
Parents can provide the card to their children to teach them about budgeting, spending, and managing credit. The lower limit and parental controls help monitor and manage their children's spending, ensuring a safe and educational introduction to credit.
Why is the LEAF Visa Credit Card considered environmentally friendly?
The LEAF Visa Credit Card is designed with eco-friendly materials as the plastic is recycled and aligns with BOSL's commitment to sustainability. By choosing this card, consumers can support environmentally conscious practices.
How can I apply for the LEAF Visa Credit Card?
You can apply for the LEAF Visa Credit Card by visiting any BOSL branch, applying online through the BOSL website and BOSL Digital, email Bosldigital@bankofsaintlucia.com or call 456-6999.
What are the requirements for a Bank of Saint Lucia Visa Credit Card?
To apply for a Bank of Saint Lucia Visa Credit Card, you will need the following:
- Recent Job Letter
- Recent Salary Slip
- One (1) valid national ID
- Completed Application form
What should I do if my LEAF Visa Credit Card is lost or stolen?
If your card is lost or stolen, report it immediately to the Card Services Team cardservices@bankofsaintlucia.com or call 1-800-744-2222 requesting to block the card and prevent unauthorized transactions. We will assist you in obtaining a replacement card.
What is Home Flex?
A Home Flex is a revolving credit facility that allows you to access cash based on the STC value on all existing Hypothecs (original mortgage amount) and your mortgage balance. It is similar to having a credit card where you can borrow, repay, and borrow again as needed.
What is the Interest rate?
The interest rate is 5.75%.
How does it work?
You'll get a Home Flex chequing account with an approved limit. Funds can be transferred 24/7 from the Home Flex account to your regular operating account via online banking.
What are the key features of Home Flex?
- Flexibility to borrow against your home equity, repay, and repeat.
- Access funds anytime through online banking transfers.
- Ability to make ongoing withdrawals up to the account limit until the 3-year period ends (then renewal or conversion to loan options).
- Minimum monthly payments of at least 3% of the balance via standing order are required.
Can I make additional payments towards my Home Flex?
Yes, extra lump-sum principal payments during the Home Flex account life is advised. This can help reduce your balance and give you continued access to funds if needed.
What happens when Home Flex matures or is converted to a loan?
If converted to a loan, the maturity date cannot extend past your existing mortgage maturity date or age 65 (unless you have enduring earnings beyond age 65). Converted loans will have principal and interest repayments at the same rate as Home Flex.
How do I renew or convert my Home Flex account after the 3-year period?
Renewal or conversion options are available pending approval after assessment. Contact your Loans Officer for more details on this process.
How do I qualify for Home Flex?
To qualify for a Home Flex, you typically need:
- Sufficient equity in your home, calculated as the STC value minus your mortgage balance.
- Stable income and employment history.
- A debt-to-income ratio within acceptable bank’s limits.
- Compliance with other underwriting criteria specified by the bank.