Savings
SAVINGS
The Cooperative is authorized by the CDA to accept deposits from the members and other stakeholders to increase its revolving capital and to inculcate savings consciousness among them.
Deposit
Savings Deposit – a deposit with a minimum maintaining balance of One Hundred Pesos (P100.00) per month. Savings deposits amounting to One Thousand Pesos (P1,000.00) and above on an average daily balance (ADB) shall earn interest. The interest rate is determined by the Board of Directors at the beginning of each calendar year. At the month-end, the interests earned on savings deposits shall be credited automatically to the depositor’s account.
Other Stakeholders
a. Family members of a member – spouse, children, parents, brother or sister;
b. Bonafide students of AUF; and
c. Duly recognized organizations within AUF or AUFMC.
Withdrawals
The amount of cash withdrawal per transaction from savings deposit is up to a maximum of P5,000.00. Any withdrawal in excess of P5,000.00 will be issued in the form of a check. Processing time is indicated below:
Filing time Release Time
8:00 to 11:00 am 3:00 pm
1:00 to 4:00 pm next working day
Withdrawal from savings deposits is allowed only once within the day.
Dormant/Inactive Savings
A savings account that is inactive for a period of at least twelve (12) months is considered dormant. Dormant savings account is subject to a service fee of One Hundred (P100.00) per annum.
Service Charge in Closing a Savings Account
A service charge of One Hundred Pesos (P100.00) will be imposed to a depositor upon closure of his/her savings account.
