FAQ's

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.

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.

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.

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.

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.

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.

Investors can use their Securities as collateral for loans.  A Charging Form must be completed by all the parties involved.

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.

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.

You have ten (10) clear days from the date of repayment to make your loan payment.  If the payment is not received within the ten days, you will be charged a late payment fee of EC$62.

Areas on the Priority List.   Areas not on the Priority List can be financed at the Bank’s discretion.

The funding limits for the various areas of study are as follows:

• Certificates and Diplomas -   EC$60,000
• Associate Degrees  -   EC$80,000

Studies within the region:

• Bachelor’s Degree  - EC$120,000

Regional or International (Bachelor’s Degree):

• Law/Medicine/Architecture - EC$150,000
• Masters Degree  - EC$150,000

International:

• Bachelor’s Degree (Bank’s discretion)  - EC$150,000

Yes!  Provided that you remain within the maximum limit and you must note that the security and insurance may also need to be adjusted. Visit the branch to discuss restructuring your existing facility. 

Yes!  However you should provide documentation from the school stating that pursuing summer courses would accelerate the completion of your programme and not adversely affect costs.

The interest during the study/grace period is compounded; however you only pay interest on the disbursed funds.  When you commence repayment of the loan, the interest which is paid is calculated on the reducing balance.

No!  Interest will be paid during the entire life of the loan.

The guarantor’s role is to secure the loan. Should the student become delinquent in the repayment of the loan the repayment becomes the guarantor’s responsibility.

Life insurance is required for all student loans. Should a student meet his/her untimely death, the insurer’s coverage is applied to pay off the student’s loan.  Otherwise, your guarantor/surety is responsible for repaying the loan or the security is used to liquidate the debt.

Students are required to submit statements from their Life Insurance Company indicating that their policies are up to date prior to the disbursement of funds.  If the policy lapses and is not reinstated, the insured is not covered and in the event of an untimely death, the surety/guarantor will be responsible for the repayment.

No there is no minimum number. This is one of the key benefits of [My Rewards].

This option is not available with [My Rewards].

Currently, this option is not available with [My Rewards].

Points are earned solely by making purchases using your BOSL Visa Credit Card. 

[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.

Yes. Points are earned solely through legitimate purchase activity.

Yes. Points can be reversed, including circumstances cited in point #15.

Points are non-transferable, and are to be used solely by cardholder.

Yes, your existing PIN will continue to work

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

There are no restrictions on the number of times you can change your 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

Yes. This will allow the system to confirm your identity and grant you access to the other features of the Card Inquiry platform.

The minimum investment is EC$500,000 or US$200,000.

Yes. You receive annual statements from Bank of Saint Lucia which show all the details of the PFIA.

A Premium Fixed Income Account is a fixed income,term deposit account available at Bank of Saint Lucia Limited.

To provide investors with returns above the ordinary savings rate through the generation of a predictable flow of income.

Your deposit in a PFIA can be for a minimum of thirty (30) days or as long as over one (1) year.

All investments carry some degree of risk. Notwithstanding,PFIA investments carry the full weight and backing of Bank of Saint Lucia Limited.

Withdrawals prior to maturity are not allowed. To facilitate drawdowns the account would have to be closed and subject to penalty.

Yes. The PFIA can be used as collateral for your loans.

Both individuals and institutions can utilize the PFIA.

Yes. Insurance companies utilizing the PFIA can pledge the account with the Registrar for their statutory requirements.

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

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

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

You can apply online via our Digital Branch or visit any branch to start the application process.

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

Approval times can vary, but it's usually within a few days (existing customers) to a few weeks (new customers).

A credit limit is the maximum amount you can charge on your card. It's determined based on your creditworthiness and income.

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.

Credit cards can be a valuable financial tool for everyday expenses and can also offer rewards.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.​​​​​​​

The interest rate is 5.75%.

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.

• 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.

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.

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.

Renewal or conversion options are available pending approval after assessment. Contact your Loans Officer for more details on this process.

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.