SAVINGS ACCOUNT
It is an account where you can SAVE, deposit, and withdraw money at your convenience.
The primary purpose of our Cooperative is to encourage savings among its members. The interest rate it pays is unmatched in the market. The amount of money corresponding to these interests is distributed every three months, four times a year: at the close of the months of March, June, September, and December, based on the average daily balance at the time of distribution.
These interests are exempt by law up to the amount of $100.00. If you have interest in excess of this amount, you can benefit from the 10% discount stipulated by law if you notify the Cooperative in writing before April 15 of each year so that they can make the deduction and allow payment to the Treasury.
The current interest rate is:
- $.01 to $49,999.99
- 1.25% $50,000.00 to $99,999.99
- 1.50% $100,000.00 and above 1.75%
Disclosure of the savings account.
SHARE ACCOUNT
The acquisition of shares enhances your capacity as a co-owner partner of the Cooperative. Every partner must subscribe to no less than twelve (12) shares annually, which are acquired through payroll deduction. Each share has a value of $10.00. According to the Cooperative's operational surplus, dividends are distributed annually proportionally to the shares. As an additional incentive, partners with loans in the Cooperative also receive patronage payment based on the interest paid on these loans. Both dividends and patronage are exempt from taxation by law.
On Friday, June 7, 2024, the Distribution of Operational Surpluses (Dividends and Patronage) corresponding to the fiscal year ending December 31, 2023, was processed. The amount distributed was $600,208.95, divided into 40% Dividends (based on the balance of shares) and 60% Patronage (considering the interest paid on loans during 2023) to all active partners as of December 31, 2023. This distribution ratio was approved at the Delegates' Assembly following district assemblies as required and was endorsed by COSSEC for such distribution after evaluation.
Your Best Benefit
Your Best Benefit
Your Best Benefit
Your Best Benefit
Your Best Benefit
Your Best Benefit
Your Best Benefit