BASIC PROFILE
1. RATIONALE
The Providential Savings is a savings deposit of the associate members who have fully paid their subscribed capital share and have voluntarily participated in the savings mobilization program of the cooperative.
2. OBJECTIVES
The Providential Savings is a savings deposit of an associate member, invested in various cooperative business units, by using it as a guarantee of the depositor for easy access of funds from the cooperative for the following purposes:
2.1 Savings Fund- It is a guarantee fund accessing funds for emergency/ immediate needs of money for sickness/ hospitalization, eduaction, death of family member and etc.
2.2 Savings for an Investment Need- as collateral for accessing funds for capitalization in engaging in business enterprises.
2.3 Savings for Retirement- A retirement fund of associate member.
3. BENEFITS/ ADVANTAGES AND OPPORTUNITIES OF SAVER
3.1 Providential Savings deposit shall be secured with savings insurance.
3.2 Guaranteed 8% interest per annum.
3.3 Providential Savings is the same nature with Preferred Capital Share that earned dividend.
(The 8% earned interest will be considered as cash advances from dividend income in case
the earning per share is more than 8%, the variance will be deposited to member's regular
savings account or variance will be deposited to member's regular savings account or can be
payment for any due accounts.)
3.4 Providential savings can be used as guarantee/ collateral for Salary loan or any other type of
loan or any other type of loan offered by the cooperative.
RULES AND REGULATIONS COVERING
THE PROVIDENTIAL SAVINGS
1. WHO MAY OPEN ACCOUNTS
The Associate Members of the cooperative who have fully paid their subscribed capital share.
2. DEPOSIT
The minimum amount for opening a Providential Savimgs Account shall be FIVE HUNDRED PESOS (P 500.00).
3. DOCUMENTATION
The cooperative shall issue a Providential Savings passbook to savers. The passbook shall be used to record all deposits made and interest earned.
The saver is responsible for safeguarding the passbook at all times. A saver should in no way made any writing or alterations in the passbook, as such, the cooperative will not take responsibility for any amount that are nor properly recorded and acknowledged thereon.
In case the passbook is lost, mislaid or stolen, the saver should promptly report the incident to the cooperative. Upon ascertaining and authenticity of the report the cooperative shall issue a new passbook. The cooperative shall record/ enter the outstanding balance to the saver's credit as shown in the cooperative's report.
The cooperative reserves the option to require the saver as maybe needed, to submit an affidavit on the loss aforementioned.
4. HOW TO MAKE DEPOSITS
4.1 Over the counter deposit
4.2 Payroll deduction
4.3 Loan retention
5. WITHDRAWALS
This Providential Savings can be withdrawn when membership from the cooperative is terminated or when member retire from employment.
6. INTEREST RATE
The Providential Savings shall earn 8 percent (8%) per annum compounded quarterly, to be credited on the last business day of March, June, September and December.
7. COMPUTATION OF INTEREST
Computation of interest will be based on the Average daily balance (ADB), however, if the balance falls below P500.00 at the end of the month, no interest will be given.
8. CLOSED ACCOUNT
Account closed before the end of the calendar quarter will not bear interest for the quarter and must pay a P20.00 as bank charges.
9. ERRONEOUS ENTRY
A claim by the saver against any erroneous entry in his/her passbook must be made by him/her before leaving the cooperative's office or in form of writing.
10. CHANGE OF ADDRESS
The cooperative should be properly notified regarding any changes of address of the depositor.
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