PASS
       
Customer Service
New Account | Forex Bureau

Pay-Advance Salary Scheme (PASS)
(Our New Banking Product)

5. Pre-Conditions:

Members of the scheme must first open current accounts with Union Trust Bank and should:

• Be confirmed staff/employee of a recognized service, organisation or business enterprise;
• Obtain a letter of undertaking from their employer;
• Produce salary pay certificates for 6 (six) consecutive months.


TYPES OF PASS

PASS I
SIMPLE SALARY ADVANCE (SSA)
Description

This is a simple straight-forward advance of a maximum of 50 percent of monthly net salary. This advance will be available at any time of the month but it is not cumulative. Interest is charged at the normal overdraft rate.

• FeaturesOne year monthly facility of a maximum 50% of net monthly salary.Flexible draw-down dates.No tangible collateral.Letter of undertaking from employer or paying authority.Minimum service charge Benefits

• Immediate Acessibility.
• Flexibility in financial planning.
• Control over family disposal income.
• Convenience.
• Dependability

PASS II
ENHANCED SALARY ADVANCE (ESA)

Description

This product avails subscribers with a maximum of 75% of net monthly salary and can be repaid over three consecutive months.
This is subject to justification of urgent need and management appraisal.
Employer guarantee may be required

• Features

Enhances funding accessibility

.Meets family and personal emergencies
.Phased repayment plan
.Proof of continued employment
.Maximum of two facilities per annum.

Benefits

• Immediate Acessibility.
• Short processing time.
• Solves periodic unforeseen contingencies.
• Convenience.
• Dependability

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Copyright © Union Trust Bank Sierra Leone Ltd. 2006
Last updated: April 2009 By: MIS Manager (spalmer@utrustbank.com / stevopee@ymail.com)
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