Government Employees with Credit Union Accounts Won’t Receive Salaries until Next Monday

Public officers who receive their salaries through their respective credit unions will not be able to access those funds until next Monday, June nineteenth. This is as a result of the Government’s payment system which integrates all credit unions on the Automated Payment and Securities Settlement System (APSSS). That system, which came into effect on Monday, is expected to enhance the flow of payments among banks and credit unions, allowing credit union members increased access to financial services. Through the system, all banks and now credit unions will be connected, enabling their customers to make electronic payments anywhere in Belize. With the new integration, credit union members will be able to send and receive payments directly to and from bank customers, and the same will be possible for bank customers wanting to send and receive payments directly to and from credit union members. While the country’s eight credit unions will be connected to the system, the first three that will enjoy that convenience are Holy Redeemer Credit Union Limited, Saint Francis Xavier Credit Union Limited, and Saint Martin’s Credit Union Limited. Credit union members who transact in payments to and from banks are encouraged to contact their credit union for details on how the new feature operates. The new system forms part of the Central Bank’s effort to increase access to financial services for everyone, noting that there are more than a hundred and fifty thousand credit union members registered in Belize.  The change to the new system, however, has come with some delay for those credit union members who will have to pass the weekend without their salaries.