FAQ's

The Eastern Caribbean Automated Clearing House (ECACH) is an electronic network through ECCB for clearing and settlement of cheques and other electronic transactions within the eight territories of the Eastern Caribbean Currency Union (ECCU). Only commercial banks within the ECCU are participating.

Electronic Funds Transfer (EFT) refers to transactions that take place over the ECACH electronic payment network, either among customer accounts at the same bank or among customer accounts between participating banks locally & regionally.

The ECACH is launching EFT in an effort to provide the customers of banks within the ECCU a faster, cost-effective and secure payment solution.

The EFT process is secure, fast, convenient and cost-effective. It provides customers with the ability to transfer and settle funds between participating banks within the same day, subject to the agreed exchange timelines between the participating banks

The transactions can be funds transferred to accounts such as payroll, settlement of invoices, tax refunds, pension, dividends, etc.

A company (Originator) will send a list of transactions/payments to be made on the accounts of its employees, clients, or suppliers, to its Financial Institution (Originator’s Bank) using the ACH software. The Originator’s Bank will send these transactions in a specific format to ECCB (ECACH Operator) for transmission to the Receiver’s/Beneficiary’s Bank (the employees, clients, or suppliers) where their accounts are held. The Receivers’ banks will in turn process these transactions. 

All businesses and individuals that are doing payroll transactions via an FI and/or individuals that transfer money or pay bills within the Eastern Caribbean are impacted by the introduction of EFT. Through the new features of ACH business customers will now have the opportunity to bring all transactions to one Financial Institution within the Eastern Caribbean.  With EFT there is no longer a need to split payroll and the way that people receive their money is changing. This can now be processed by one single FI.

• Name
• Account number(s)
• Account type(s)
• Bank routing/transit number(s)
• Reference #

Up to five (5) business days for enrolment, subject to the completion of forms and approval.

Yes. However, this manual process will be phased-out (A deadline date will be established by ECCB/ECACH).  ECACH EFT will be the standard for processing salaries/payroll, and all customers wishing to benefit from this service will be required to enroll.

The individual paying the interest on the loan can benefit from a tax credit of up to EC$3,000 annually.

You can forward any query/request to studentloans@bankofsaintlucia.com, onlinesupport@ecfh.com, info@bankofsaintlucia.com  or call the Student Loans Department at 1 758 456 6305 / 6326 or our Support Centre at 1 758 456 6999.

Forward a copy of your most recent transcript as proof of you successfully completing the academic year along with evidence that your Life Insurance premium is up to date.  The Bank will not be providing funding to students repeating an academic year/course. Disbursement must be requested at least one week in advance of the required date. You should also indicate the preferred method of payment for tuition, books and boarding.  In cases where someone is collecting a draft on your behalf, you should provide written authorization indicating the individual’s name and the date of collection.

You may receive payments via bank draft payable to the institution or telegraphic transfer paid directly into the school’s account.  If payments are requested via telegraphic transfer, you must provide particulars of the school’s bank account including their banker’s sort code.  Students who opt to pay their tuition via debit or credit card should forward receipt of payment to the Loans Department for reimbursement.

Make a budget – it is essential to your success.  Your budget should cover the essentials such as books, school supplies, food, transportation costs and other necessities.  Budgeting leads to a less stressful experience.  Avoid splurges, making a habit of spending irresponsibly will leave you broke!

Apply for an increase in your loan if you have not already reached the maximum limit.  Please note however, that security and insurance must also be increased.

Report the lost or misplaced draft to the bank immediately so that a stop payment could be placed on the draft.  The foreign bank on which the draft is drawn will be notified and they must provide confirmation of the stop payment instructions.  Only then can Bank of Saint Lucia proceed to issue a replacement draft to you or the school.  A cost of EC$104 is applicable for the stop payment request (fee is subject to change without prior notice).

Contact the Card Services Department cardservices@bankofsaintlucia.com, onlinesupport@ecfh.com, info@bankofsaintlucia.com or call our Support Centre at 1 758 456 6999. 

Notify the bank prior to applying to the new school and provide details of the cost of pursuing studies at the new institution.  Your Loans Officer will assess your request to ensure that the available funds are adequate to carry you to the end of the programme without incurring additional costs and advise you accordingly.

Contact the Loans Department to ensure that the new area of study is on the priority list and that the cost is within your approved loan limit.

My Rewards is the first all-digital, loyalty platform with exclusive benefits for cardholders. Customers can earn and redeem points via the app or web for flights, hotels, travel activities, car rentals, and more.

All personal BOSL Classic and Gold Credit Cardholders automatically qualify to participate. All you need is a valid email address.

Go to go2redeem.com or download the My Rewards App from Google Playstore or the Appstore. 

• Register by using your e-mail and selected password 
• Enter your Credit Card Number
• Start Navigating

There are no additional costs associated with using My Reward.

You earn points by making purchases using your BOSL Visa Credit Card.

Earn 1 point for any undefined reward for every US$1 spent/purchase equivalent.

In the [My Rewards] portal, select your desired reward option, e.g. travel experience (flight, hotel, car rental & destination services), click the “Pay Now” button, and choose the number of points to redeem.

Yes. You can make single or split payments using points and your BOSL Visa Credit Card.

There is a mandatory redemption period for points of three years.

The points can be used to purchase items available on the [My Rewards] portal. 

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.