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Hello JN Members,

Welcome to part four of Understanding Your Credit Facility Agreement.

In this series, our aim is to assist you to understand what a credit facility agreement is, and break down the different credit products offered by JN Bank, and how they work.

Last month, we discussed Discharge of Mortgage and Closure of Accounts, as well as Servicing Your Mortgage. This month, we will explore Late Charges, Collection of Fees, and Change in Contact Information.

Late Charges

There is a penalty (currently) at a daily rate of 0.0556% which is levied on any amount overdue beyond your due date. This would have been stated in your disbursement letter.  Remember to read your disbursement letter carefully and reach out to your Loans Officer/JN Representative should you have any questions.

Collection Fees

Effective January 3, 2021, all costs incurred in respect of collection of amounts owing for loans in arrears, are passed on to members. Collections Fees are usually applied to your account the next month following payments received in settlement of arrears (in full or part thereof). An advisory of this policy change was circulated to all members via email in November 2020, and also via your monthly advices. We encourage you to make your payments on or before your payment due date to avoid late charges and collection fees. For collection fee rates, please refer to our Schedule of Rates and Charges on our website at

Change in Contact Information

We want to be kept informed. Please advise us in writing in instances where your contact information has changed. For changes to your residential address, current proof of address is required. You may visit our website at for acceptable forms of proof of address.

In June’s newsletter, our final series will be on auto loan, credit card, personal line of credit and unsecured loan.