SACDECO - MEMBERSHIP

MEMBERSHIP

HOW TO BECOME A MEMBER?

To become a REGULAR MEMBER

Must be a Filipino citizen, and a resident of region 1.
Must be 18 years old above.
Must apply voluntarily.
Must attend pre-membership seminar or briefing.
Must be recommended by barangay trustee.
Must complete and0 submit his/her application form with 2x2 pictures.
Barangay Clearance.
Medical certificate.
Cedula
2 Valid ID (xerox)
Must pay /deposits for the following:

Share Capital (min. of 20 shares ) P3,000

Savings deposits (min. deposits) 1,000

Map deposits 800

Membership fee 200

TOTAL P5,000

To become ASSOCIATE MEMBER

Must be a Filipino citizen.
Must be 18 years old and above.
Must apply voluntarily.
Must attend briefing.
Must complete and submit his/her application for with 2x2 picture.
Barangay Clearance.
Medical certificate.
Cedula
2 Valid ID (xerox)
Must pay/deposits for the following :

Preferred Share (min. of 20 shares) P3000

Savings deposit (min. deposits) 1000

Map deposits 800

Membership fee 200

TOTAL P5,000

WHO MAY OPEN AN ACCOUNT (SAVINGS DEPOSIT)

Members

Regular members and associate members of the cooperative without any legal disability, and is willing to abide with the rules and regulations of savings.

Minors

Parents or guardians may open an account for their minor children. The depositors are all members of the Youth Tipid Movement (YTM).

JOINT ACCOUNTS

Joint accounts shall be allowed. Three type of joint accounts are “and” account, “and/or” account and “or” account. All these types are defined as to who among the account holders has the access especially withdrawals.

DEPOSIT

The Board of Directors shall set the minimum amount for opening an account in a specific saving product.

DOCUMENTATION

The cooperative shall issue a passbook, certificate of time deposit (CTD) or any other type of financial instrument to the account holder.

The passbook shall be used to record all deposits and withdrawals made by the depositor. No deposits or withdrawals shall be made unless the passbook is presented.

The depositor is responsible for safeguarding the passbook or any instrument issued to him/her. A member-saver should in no way made any writing or alterations in the passbook, CTD.

In case the passbook, CTD, CD is lost, mislaid or stolen, the member-saver should promptly report the incident to the cooperative. Upon ascertaining the authenticity of the report, the cooperative shall issue a new passbook. The cooperative reserves the option to require the member-saver to submit an affidavit of loss. The cooperative shall record/enter the balance outstanding to the member-saver’s credit as shown in the coop’s record.

HOW TO MAKE DEPOSITS

The member-saver or his/her representative must personally make any deposits or placements. This shall be done through the use of a saving/deposit slip. If the member cannot write, he/she must have the form filled out by some person other than the cooperative’s staff.

WITHDRAWALS

All withdrawals shall be made by the member-saver personally. The saver shall prepare a properly filled-up withdrawal slip. Withdrawals by a person other than the member-saver may be allowed only upon presentation of the depositor’s written authority which must be fully authenticated.
If the depositor can not write, he must have the withdrawal slip filled out by another person, but not anyone of the coop’s staff, who must sign the withdrawal slip as a witness to the fingerprint of the member.

INTEREST

The interest rate varies largely depending on the saving product. Saving with short term maturity earns lower rate compared to some types of deposits with larger outlays and longer maturities.

ERRONEOUS ENTRY

A claim by the member-saver against any erroneous entry in his saving passbook must be made by him/her before leaving the office premises or within a period of 2 working days after the transaction was made.

CLOSING OF ACCOUNT

When a member-saver wanted to close his/her account, he/she must present and surrender the passbook, CTD or CD.

CHANGE OF ADDRESS

Any depositor who moves to some other place should notify the cooperative immediately of his new address.

CHANGE OF NAME

A depositor should notify the cooperative for change of name because of change of status

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