- In order to become a member of the co-op each member must own one obligatory membership share of R300.
- This amount is of a minimum and is non withdrawable.
- The member can only receive these funds on termination of membership.
- Dividends are paid on membership share based on available earning, paid at the end of each accounting period.
- The membership share deposit becomes a part of the co-op’s capital.
- Shares are only paid at a notice period of 1 month/30days.
- A group of members save together for their own specific purpose.
- They create their own name for the account.
- One member is responsible for collecting deposits from other members and deposit together in the co-op.
- Members set their own maturity date.
- Higher interest are paid into the account.
- Monthly minimum deposit of R2000.00 is required in the account.
- If early withdrawals are made, penalties are charged on the account.
- Members are encouraged to save towards the end of the year as it usually coincides with leave/holidays when people tend to spend more for back to school expenses and Christmas
- Money deposited into this account monthly is put aside and the full amount plus interest will be paid out from October until February.
- This money is non-withdrawable during the year and cannot be transferred to other accounts.
- This account cannot be used as a security on loans as it is payable at the end of the year.
- No deposit , transaction or monthly fee charged on the account
- Long term investment that allows you to plan
- for your desired goals.
- Members can save a minimum of R200 on a monthly basis.
- Alternatively members can arrange to save a lump sum of more than R1000.
- Save for a period of 60 months
- Earn 9% interest per annum.
- After maturity date the funds can be accessed.
- This is a primary account offered to members and serves, along with membership shares as a requirement for membership
- Members are encouraged to save regularly, take control of their future and become financially empowered.
- The account is easily accessible to members and money can be withdrawn at least four times a year.
- To encourage savings, interest will be paid on the account on a monthly balances.
- A minimum deposit of R50 per month is required.
- We require a minimum balance of R100 to earn interest
- Any withdrawals will be made by electronically.
- Free balance enquiries
- Free quarterly statements to members.
- No monthly and transaction fees charged.
- Savings can be used as collateral for loans.
- Members can invest towards their kids’ education.
- Save for a period of 36 months
- Members are allowed to withdraw their funds after the funds are matured.
- Alternatively they can re- invest their funds for another period.
- Earn interest of up to 9% per annum.
A prescribed Loan Application form must be fully completed | A 3 months bank statement
ID copy | Latest payslip | Proof of residence (not older than 3 months)
All the above documents must be submitted to the SACCO office from Monday to Wednesday and once approved
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A savings and credit co-operative owned and run by its members, offering convenient and interest bearing savings products and low cost loans. Savings and credit co-peratives (SACCOs) are authorised and regulated by the Co-operative Banks Development Agency (CBDA) and operate within a statutory framework.
SACCOs are one step for becoming fully-fledged co- operative banks which are regulated under the Co-operative Banks Act. Legally, the members of a savings and credit co-operative must have something that joins them together – the ‘common bond’ – ours is membership of NEHAWU Trade Union.
Only members, employees and institutions (e.g. NEHAWU Investment Holdings) of NEHAWU are eligible to join.
All members of NEHAWU including:• Ordinary members • Employees of the union • Trade union related institutions and social clubs and groups formed by union members.
NEHAWU members. Ultimate responsibility for NEHAWU SACCO statutory, legal and moral obligations rests with a board of directors, who are all members of SACCO and are directly elected at the annual general meeting. Any member can stand for election and if they are successful, full training
will be given. The board ensures the integrity and security of members’ assets.
A small team of staff take care of the day-to-day operational management, so we can be sure of offering a professional service with people available to help.
Every member is committing to save regularly, with a minimum payment of R50 per month. Every member buys a share of R300 in SACCO and every member has sole ownership of their shares.
Yes, NEHAWU SACCO will use electronic checks to verify your identity. We will ask you to provide appropriate paper documentation. These checks are performed because the Co-operative Banks Development Agency (CBDA) expect all SACCOs to have robust policies and procedures in order to comply with Money Laundering Regulations and other law, as well as ensuring that members meet the common bond criteria.
We also verify your details on the NEHAWU trade union membership database to check if you meet the membership or employment criteria.
Each member will be charged an initial joining fee of R50 which will be deducted from their first savings deposit. In subsequent years an annual membership fee of R75 will be charged to members to assist with administration costs.
These fees and charges will be reviewed by the Board of Directors on an annual basis.
Yes, NEHAWU SACCO has range of savings deposit accounts that allows you to deposit lump sums up without also having to save each month. However, according to the rules Co-operative Banks Development Agency)
a member cannot have save more than 10% of the total SACCO savings. If for example,
NEHAWU SACCO has R10m of combined member’s savings in a given month, an individual
member can only save up to R1m.
Lump sums can be deposited by making a bank transfer to NEHAWU SACCO ’s account. More information and savings deposit forms are available from our website: nehawu.sacco pages or by emailing firstname.lastname@example.org
Member’s savings in SACCO are a form of investment by members. NEHAWU SACCO has set competitive interest rates on its savings products which are paid to members account on monthly, quarterly or annual basis.How much interest should be on a particular savings product or how much
dividend on membership share is made by the Board of Directors on annual basis?
NEHAWU SACCO also pays dividend payment on shares invested by members (‘membership shares’). The actual dividend payment is recommended by the Board of Directors at the Annual General Meeting of Members.
After members have saved for 3 months, they will be eligible to apply for a loan. The board agreed to a detailed loans policy which is reviewed regularly.
NEHAWU SACCO now has four different types of loans for members to choose from. With our emergency loan products members can borrow up to R5,000 for a maximum period of 3 months.
Short-term and consolidated loans are also available and members can apply to borrow up to three times what they have saved, however initially a cap has been imposed. This will be reviewed regularly but a cap of R60, 000 is currently in place to allow SACCO to build up its reserves for the future safety and security of members’ money.
NEHAWU SACCO also has Home-Improvement Loan, which is now available for members of NEHAWU Provident Fund and Mpumalanga Provident Fund If a member wishes to apply for a larger loan amount, their request will be considered on an individual basis by the Credit Committee. You should state the amount you are requesting on the application form and any specific reason for the Committee’s consideration.
Loan application forms can be downloaded from the website: nehawusacco.co.za or requested from the NEHAWU SACCO Office.
Payments for your monthly savings will be collected by direct debit from your bank account on the 15st, 25th or 30th of each month as specified by you or through payroll deduction facility. You will be able to vary this amount, deposit a lump sum or make a withdrawal.
Any loan or withdrawal can be paid directly into your bank account sent and you would also make your loan repayments by direct debit.
It is anticipated that members will be able to manage their accounts online in the future.
NEHAWU SACCO uses it to provide low-cost rate loans to members who need to borrow or places it in secure investments of low risk. The income we generate from lending helps us to meet our operating expenses, build our reserves and pay savers an interest on their savings products (once the reserves have reached a sufficient level and running costs have been met).
Yes. We are authorised and regulated by the Co-operative Banks Development (CBDA). NEHAWU SACCO has a Audit and Risk Committee which undertakes internal auditing of procedures to ensure that SACCO is acting in the best interest of its members. An independent auditor will also audit the NEHAWU SACCO’s accounts each year.
If you have previously submitted an application to join NEHAWU SACCO you should have received a welcome call advising you of the membership fees and requesting any further information required. Once all of the necessary information has been received and the identity check has been completed, your direct debit will be set-up and a letter sent advising you of the date your direct debit is due to commence. If you have not received this please email@example.com
Yes, we have ‘follow the member policy’ which enables you to continue to receive services and benefits of NEHAWU SACCO. This applies to whether you are retired, retrenched
You would need to notify us at the time of your changed circumstances so that we can review the situation and update our records accordingly.
You will need to complete a cancellation form telling us how you would like any savings and shares returned to you and ensure that you do not have any outstanding loans.
For more information please email firstname.lastname@example.org
Call: 010 035 2341