FAQ's

FAQ's
all the bank you need

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?

  1. Accessibility of the forms
  2. Account Officer will assist in completion of the forms
  3. User Guide (step-by-step)
  4. 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.

1
2

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.

12
3

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.

1
2

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.
1
2

Is there a time limit for my Edu Start Investment?

The Edu Start account must be held for a minimum of three years and a maximum of fifteen years.

Can I close my Edu Start account before maturity?

Yes, however, there is a penalty for early closure.

On maturity, will I be eligible for a Bank of Saint Lucia Student Loan?

Yes, Edu Start account holders also receive special discounts on fees (normal lending terms and conditions apply)

1
2

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:

  1. Recent Job Letter
  2. Recent Salary Slip
  3. One (1) valid national ID
  4. 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 Quick Cash Loan?

The Quick Cash Loan is a swift financial solution that allows customers to borrow up to $5,000. It's designed for those who need immediate funds, with approval granted within 2 business days of applying.

How much can I borrow with the Quick Cash Loan?

You can borrow up to $5,000 through the Quick Cash Loan, providing you with a quick and convenient source of funds for unexpected expenses, emergencies, or other immediate financial needs.

How fast can I expect approval for my Quick Cash Loan application?

We understand the urgency, and that's why we strive to provide a quick decision. You can expect approval within 2 business days of submitting your all relevant documents and/or upon credit check completion, allowing you to access the funds you need promptly.

What is the repayment period for the Quick Cash Loan?

The Quick Cash Loan offers a flexible repayment period of 15 months. This allows you to repay the loan at a comfortable pace, giving you financial breathing room to better manage payments.

Are there any restrictions on how I can use the Quick Cash Loan funds?

No, you have the freedom to use the Quick Cash Loan funds as you see fit. Whether it's for medical expenses, home repairs, car maintenance, or any other urgent financial need, the choice is yours.

What are the eligibility criteria for the Quick Cash Loan?

Eligibility criteria may vary, but generally, you should have a stable income and a good credit history. Contact our team or visit our website for specific eligibility details.

Can I repay the Quick Cash Loan early without penalties?

Absolutely! You have the flexibility to repay your Quick Cash Loan ahead of schedule without incurring any prepayment penalties.

How do I apply for the Quick Cash Loan?

Applying for the Quick Cash Loan is a straightforward process. You can visit our website or apply via WhatsApp at 1-758-720-2675.

Are there any hidden fees associated with the Quick Cash Loan?

Our loan terms and associated fees are clearly communicated during the interview and/or outlined in your commitment letter. There are no hidden fees, ensuring you have a clear understanding of your financial commitment.

Still have questions?

Complete the form below to contact us.

View FAQs Below