31 Jan 2022

VM Group asserts power of Mutuality as commercial banks hike user fees

Amid the heated ongoing national conversation surrounding banking fees, VM Group has issued a reminder that its members are not charged for using any MultiLink ATM, or for making point-of-sale purchases when they use their VM Express 24 debit card. 

This is just part of a suite of benefits offered to members of VM, a global financial group that, along with savings and loan facilities, also offers pension, real estate, remittance, and wealth management services, as well as general insurance via its affiliate company British Caribbean Insurance Company (BCIC).

“As a Mutual, we don’t have shareholders. We exist to help our Members achieve financial wellbeing,” said Peter Reid, CEO Building Society Operations at VM Group. 

“Every dollar counts and so we don’t charge our Members to make point-of-sale purchases or to access their funds at ATMS – whether it’s a VM ATM or not. We pay those charges so that our Members don’t have to. We are serious about empowerment, and this is just one way that we show it.”

Reaction to recent news that two leading commercial banks would be hiking fees has been swift and strident, even eliciting reactions from the Prime Minister, as well as Minister of Finance & the Public Service Dr Nigel Clarke, who called the move “callous” and “tone deaf”.

VM Group’s Chief Customer & Brand Officer Judith Forth-Blake said that the benefits of being a VM Member stem from the organisation’s genuine care for the people it serves.

“VM was founded on the principle that everyone deserves to achieve financial wellbeing no matter their social or financial circumstances,” she said. “Everything we do is for the benefit of our Members and Clients. When you join us, you are joining a family and our job is to empower you and to help you transform your life.”

In addition to avoiding ATM and point-of-sale fees, VM’s Members also benefit from easy access to, and discounts on services offered by different businesses in the Group. This includes discounts on home and auto insurance and real estate valuations. The Mutual also does not close accounts, no matter how long they remain dormant, and does not charge fees for reactivating these accounts. 

“VM continues to be an advocate for and an active champion of inclusion and empowerment – allowing more people to experience the dignity of financial wellbeing. We welcome everyone to whom this appeals and look forward to being part of many more stories of success and transformation,” said Forth-Blake.



Clover Moore


Assistant Vice President Group Corporate Affairs & Communications