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Who regulates FICS?

FICS Ltd is regulated by the Eastern Caribbean Central Bank. As a non-bank financial institution FICS is licensed annually by the Ministry of Finance and is subject to and follows the requirements of the Banking Act of 2015, the Companies Act of 1996 and the Eastern Caribbean Central Bank Agreement of 1983.

What makes FICS different from other banks?

At FICS, legal fees, stamp duties and service charges are incorporated in loans for clients. FICS is not a commercial bank and it provides limited banking services. FICS is not as commercially oriented as the commercial banks. Profit is not its primary purpose.

What is the interest rate on a loan?

Loan rates are dependent on the nature of the loan and circumstances of the client. Factors such as job stability, income level, character of the client, credit history, collateral and the type of loan will determine the risk and the interest rate. Visit FICS for a no obligation loan interview to see how FICS can be of service to you.

How are CD Interest Rates determined?

A Certificate of Deposit (CD) is essentially an agreement between you and FICS. You agree to deposit your money for a fixed period and, in return, the FICS guarantees you a specific CD interest rate based on current market conditions and company guidelines. These rates are usually superior to Commercial Bank offerings.

How much can I contribute annually to my IRA to gain taxable benefits?

IRA contributions of up to $8,000 are tax deductible yearly. Tax deductible contributions of up to $8,000 can be deposited to either a single IRA or a joint IRA.

How and when may I make a withdrawal from my IRA?

You may withdraw from your IRA at any time. You may, however, be subject to government and financial institution withdrawal penalties. Withdrawals may also be subject to income tax.

I have fallen behind on payments, but can now afford them. What can I do about the payments that are outstanding?

FICS offers solutions that may extend, defer, modify or adjust payments that are due. We strongly encourage you to call so we can discuss which option will best suit your situation. Call FICS at 758-458-8700 or 458-8740.

What is the minimum amount required to open an account?

The minimum amount required to open a CD is $1,000.00.

Do you have an account designed specifically for seniors?

Yes, the Senior Citizen Investment Plan. The FICS Senior Citizens Investment Plan provides regular interest payments over a period of three (3) or (5) five years. You can start your plan with a lump sum from your savings or the proceeds from your gratuity. You can also elect to receive payments monthly, quarterly, half-yearly or yearly.

What happens when my CD matures?

Your CD will automatically be renewed on specified terms unless you instruct us otherwise.

What are my payment options for accrued interest from my CD Account?

You may let your interest grow or withdraw the interest or transfer the interest to a FICS account. Visit FICS at #15 Bridge Street, Castries or at the Providence Commercial Centre at Rodney Bay or call 458-8700 or 458-8740.


Can I use my investment as collateral for loans?

Yes. Investments can be used as collateral for loans.

Can I redeem/withdraw part of the investment before maturity?

You can redeem part or all of your investment before maturity. Early withdrawal penalties may apply.

Are there any administrative costs when opening an account with FICS?

There are absolutely no charges when setting up an investment account with FICS.

Can I open a joint account?

Yes, FICS’s investments allow two or more persons to open an account or invest.

Can I use automatic deductions to service my monthly investments?

You can service your investments by using automatic salary deductions or standing orders from any financial institution.

Can I designate a beneficiary for my IRA?

Yes, FICS investment account holders are encouraged to designate at least one beneficiary by completing a beneficiary form. You will need to provide the name, address, date of birth and Social Security number for your beneficiary and indicate their relationship with you (i.e., parent/child, spouse). You will also need to provide some form of identification of the beneficiary.

How do I know the information you have on file about me is accurate?

Keeping your account information accurate and up to date is very important. You have access to your account information through various means, such as account statements, and in response to specific requests. If your account information is incomplete, inaccurate or not current, please visit the office and complete a customer information form, call or write to the Managing Director with all of the details.

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