STATEMENT OF PURPOSE

 

1. To develop the habit of thrift and savings among the members.

2. To generate additional capital for the business and service operation of the cooperative.

 

 

STATEMENT OF PROCEDURE

 

1. All members must open and maintain savings deposit.

2. The maintaining balance for the savings deposit must not be less than Php 300.00. Savings deposit of less than Php300.00 will not earn an interest.

3. Savings deposits may be withdrawn by the member depositor anytime personally or through his duly authorized representative by filling up the required withdrawal slip provided by the cooperative.

4. No withdrawal shall be allowed less than Php50.00.

5. Savings deposit must be recorded in the individual ledger and to the corresponding individual passbook showing the total balance of each savings deposit and withdrawal, with the initial of the treasurer or the cashier.

6. Savings deposit must be made by filling up deposit slip provided by the cooperative personally by the member depositor or through his authorized representative.

7. The interest shall be computed on the Average Daily Balance at the rate of two (2%). The interest may increase or decrease depending on the determination by the board of directors.

8. Interest earned will be automatically credited to the savings account of the member depositor.