(A) Membership Information

1. Is there any entrance fee for new admission?
One-time entrance fee of $10.00.

2. How much is the Share Capital contribution?

3. What is the minimum sum to contribute to Share Capital monthly?
$20.00 per month.

4. Can I pay the Share Capital in full upon joining as a member?
Maximum contribution is $500.00 per month.

5. What is the yearly dividend for Share Capital?
8% in 2020.

6. How is the yearly dividend paid to members?
The yearly dividend will be credited to their General Savings account.

7. Can I join another credit co-operative society?
Yes, but can only loan from 1 (one) credit co-operative.

8. Do Associate/Family/Contract members have voting rights?
Only Ordinary members have voting rights.

9. Do Associate/Family/Contract members contribute to Share Capital?
Only Ordinary members contribute to Share Capital.

10. Who is entitled to the recruitment incentive for a new membership application?
Only Ordinary members are allowed to be proposer or seconder.

(B) Savings

What are the 3 types of saving accounts available?

1. General Savings

  • It is an ordinary savings account that requires fixed monthly contribution.
  •  Members can withdraw their general savings as and when they need the money.
  •  Interest is based on daily computation.

2. Bonus Savings

  • It is a “Save as you earn” account.
  • It requires fixed monthly contribution to the account for 24 months.
  • All interest will be forfeited if a member withdraws his Bonus Savings prematurely.

3. Term Deposits

  • It is a one-time deposit for a fixed period of 1 (one) year.

(C) Loans In General

1. When can a member take a loan upon joining the co-op?
a) After the first deduction from the Central Pay Office (CPO) or Interbank GIRO has been made; (or)
b) A member whose dues have yet to be effected through CPO may apply for a loan provided he first makes a cash payment of 2 months for his Share Capital (minimum $40.00), $10.00 entrance fee and $2.00 for Common Good Fund. A total minimum of $52.00.

2. What happens if a member cancels/withdraws his loan application after it has been processed and approved?
With effect from 1st February 2017, an administrative fee of $30.00 will be imposed on the member.

3. Can a member take more than 1 (one) loan?
a) Ordinary Members:
1 Medium Term Loan or Short Term Loan plus
1 Fast Track Loan.

b) Associate/Family/Contract Members:
Only 1 Short Term Loan.

c) Flexible-adjunct members
Only eligible for Personal Surety Loan.

4. How much can a member loan?
a) Ordinary Member:
6 times his gross salary or $50,000.00 whichever is lower, be it one or two loans.

b) Associate/Family/Contract Adjunct Members:
4 times his gross salary or $10,000.00 whichever is lower, with 1 surety who should be gainfully employed.
Surety need not be a co-op member.

For $3,000.00 and below, no surety is required.

(D) Common Good Fund

How do Common Good Fund benefits differ for ordinary members with effect from 1 January 2019?

a) For ordinary members who joined Teachers’ Co-op on or before 31 December 2018

Under the old rule, an ordinary member would need to retire from the education service or resign from the society before he was given the cash award.
With effect from 1 January 2019, under the new rule, an ordinary member who had contributed $1.00 per month CGF for more than 30 years would receive a pay-out of $800 without him/her having to resign from the society or retire from the education service. He/She will then stop contributing $1.00 per month to CGF.
Upon receiving the pay-out, he/she will no longer be eligible for total permanent disability grant or death benefit.

If an ordinary member resigns earlier than 30 years, he/she will be entitled to the following pay-out.

Years of Ordinary Members Contributing
Common Good Fund
Length of Membership Amount Eligible
Less than 10 years Not eligible
10 to 15 years $300
>  15 to 20 years $400
> 20 to 25 years $500
>  25 to 30 years $600
>  30 years $800

b) For ordinary members who joined after 31 December 2018

Effective 1 January 2019, every new ordinary member shall have a Common Good Fund account.
He/She shall contribute $1.00 per month towards this individual account.
The society shall at its Annual General Meeting (AGM) where the net surplus permits declare a dollar-for-dollar pay-out towards this account.
An ordinary member, who resigns from the society and who is eligible for this grant, shall be paid accordingly to the amount standing in his CGF account.
Those who resign with less than 10 years of membership shall not receive any pay-out.

c) Total Permanent Disability Grant/Death Benefit

In the event of total permanent disability or death to an ordinary member, who has not received a Common Good Fund pay-out, he/she will be eligible for this benefit.
His/Her nominee or his legal representative as the case may be, shall be paid an amount of $1000. His/Her nominee has to submit the member’s death certificate or documentary proof for the total permanent disability grant.