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POLICY AND GUIDELINES OF TOPSOT SAVINGS PROGRAM
POLICY AND GUIDELINES OF TOPSOT SAVINGS PROGRAM
(TMPC) TOPSPOT MULTIPURPOSE COOPERATIVE
POLICIES AND GUIDELINESOBJECTIVE
To set policies and guidelines in the entitlement of qualified employees/members for SAVINGS PROGRAM offered by TOPSPOT MULTIPURPOSE COOPERATIVE. SCOPE
ENTITLEMENT AND QUALIFICATIONPRIVILEGESPOLICIES AND GUIDELINESPROCESS
ENTITLEMENT AND QUALIFICATIONOnly qualified members is entitle on TMPC Savings Program
Qualifications and Requirements:
Attend the Pre-Orientation of TMPCPay the Membership Fee of Php 600.00 (Six Hundred Pesos Only)Must a paid up share capital at least 50 shares of stocks at a par value of 10 pesos equivalent to Php 500.00 (Five Hundred Pesos) payable every payday maximum terms of 2 months. (Php 125.00 per payday).
PRIVILEGES
Members can save at TMPC with a minimum amount of Php 100.00 per payday.Savings of members will earn 4% Interest per annum.Interest earned from savings of TMPC members is TAX-FREE0% Service Fee or Processing Fee
POLICIES AND GUIDELINES
PARTIAL WITHDRAWAL OF SAVINGS
TMPC members can make partial withdrawal of savings from their TMPC Savings account provided that a members must have the following:
Savings maintaining balance of Php 1,000.00 if a members doesn’t have existing TMPC Loan Balance.
Savings maintaining balance must be or at least equivalent of member’s current TMPC Loan balance but not lesser than Php 1,000.00 it will serve as COLLATERAL.
Approved Partial Withdrawal of Savings will be automatically credited to members ATM Cash Card or Check Payment if no Cash Card yet.
If in case of over credit, erroneous credit, failure to debit, erroneous debit, misrouting, or any error in transaction involving any amount, (any and all of which shall be referred to as Amount/s due to TMPC) to Cardholder’s Account/s as appearing in the records of TMPC, and for whatever cause such as but not limited to systems error, error in communication facilities, Cardholder hereby agrees and undertakes to immediately return to TMPC the amounts due to TMPC without need of notice of demand, plus any and all expenses, costs and damages with TMPC may have incurred. In connection with the enforcement of TMPC’s right to recover and collect the amount due to TMPC. For this purpose, Cardholder irrevocably authorizes TMPC/its representatives to effect the debiting of funds from account to the extent of the amount due to TMPC, without need of further act and deed, and without need of further act and deed, and without prejudice to exercise by TMPC of its right to enforce full recovery and collect of the amount due to TMPC, in case the Cardholder’s account/s cannot be debited for any reason such as but not limited to insufficient balance, as well as the exercise by TMPC of the legal remedies to which TMPC may entitled to under the law and this agreement, including but not limited to immediate cancellation of membership or suspension of relevant balance from his/her TMPC Savings Account, civil criminal, and/or administrative remedies. Pending full recovery of collection by TMPC of the amount due to TMPC, the Cardholder shall hold the said amount in trust for TMPC. Failure of Cardholder to account for and return the amount due to TMPC shall give rise to a prima facie presumption of misappropriation of conversion with the intent to defraud, on the part of the Cardholder.
CANCELLATION OF SAVINGS PROGRAM ACCOUNTTMPC members Savings Program will automatically cancelled and no longer entitled the privileges of this Program if he/she:
Voluntary Resignation or Withdrawal of Membership
Inactive in participating Savings Mobilization Program in (3) three consecutive months without further notice to TMPC management.
Death of TMPC member/s
Termination of membership attested by TMPC Management due to unlawful action and not following the Bylaws and Articles of the Cooperative.
NOTE:
After cancellation of Savings Account members are given (30) thirty days to withdraw his/her remaining balance by submitting request form (included in Withdrawal of Membership Form) and it will be payable to member/s name in a form of check.TMPC resigned members who had TMPC Loan Balance, any remaining amount from their Savings account it will be automatically serve as payment equivalent to their loan balance. Any excess amount after Loan payment it will be payable to resigned member/s name in a form of check.TMPC deceased member/s, if in the case that the member/s is already dead and still have Savings Account Balance one of a members of his/her immediate family can claim the said remaining balance. Immediate family limited only to: (see table A below)
TMPC SAVINGS PROGRAM
TMPC SAVINGS PROGRAM
POLICIES AND GUIDELINESOBJECTIVE
To set policies and guidelines in the entitlement of qualified employees/members for SAVINGS PROGRAM offered by TOPSPOT MULTIPURPOSE COOPERATIVE. SCOPE
ENTITLEMENT AND QUALIFICATIONPRIVILEGESPOLICIES AND GUIDELINESPROCESS
ENTITLEMENT AND QUALIFICATIONOnly qualified members is entitle on TMPC Savings Program
Qualifications and Requirements:
Attend the Pre-Orientation of TMPCPay the Membership Fee of Php 600.00 (Six Hundred Pesos Only)Must a paid up share capital at least 50 shares of stocks at a par value of 10 pesos equivalent to Php 500.00 (Five Hundred Pesos) payable every payday maximum terms of 2 months. (Php 125.00 per payday).
PRIVILEGES
Members can save at TMPC with a minimum amount of Php 100.00 per payday.Savings of members will earn 4% Interest per annum.Interest earned from savings of TMPC members is TAX-FREE0% Service Fee or Processing Fee
POLICIES AND GUIDELINES
PARTIAL WITHDRAWAL OF SAVINGS
TMPC members can make partial withdrawal of savings from their TMPC Savings account provided that a members must have the following:
Savings maintaining balance of Php 1,000.00 if a members doesn’t have existing TMPC Loan Balance.
Savings maintaining balance must be or at least equivalent of member’s current TMPC Loan balance but not lesser than Php 1,000.00 it will serve as COLLATERAL.
Approved Partial Withdrawal of Savings will be automatically credited to members ATM Cash Card or Check Payment if no Cash Card yet.
If in case of over credit, erroneous credit, failure to debit, erroneous debit, misrouting, or any error in transaction involving any amount, (any and all of which shall be referred to as Amount/s due to TMPC) to Cardholder’s Account/s as appearing in the records of TMPC, and for whatever cause such as but not limited to systems error, error in communication facilities, Cardholder hereby agrees and undertakes to immediately return to TMPC the amounts due to TMPC without need of notice of demand, plus any and all expenses, costs and damages with TMPC may have incurred. In connection with the enforcement of TMPC’s right to recover and collect the amount due to TMPC. For this purpose, Cardholder irrevocably authorizes TMPC/its representatives to effect the debiting of funds from account to the extent of the amount due to TMPC, without need of further act and deed, and without need of further act and deed, and without prejudice to exercise by TMPC of its right to enforce full recovery and collect of the amount due to TMPC, in case the Cardholder’s account/s cannot be debited for any reason such as but not limited to insufficient balance, as well as the exercise by TMPC of the legal remedies to which TMPC may entitled to under the law and this agreement, including but not limited to immediate cancellation of membership or suspension of relevant balance from his/her TMPC Savings Account, civil criminal, and/or administrative remedies. Pending full recovery of collection by TMPC of the amount due to TMPC, the Cardholder shall hold the said amount in trust for TMPC. Failure of Cardholder to account for and return the amount due to TMPC shall give rise to a prima facie presumption of misappropriation of conversion with the intent to defraud, on the part of the Cardholder.
CANCELLATION OF SAVINGS PROGRAM ACCOUNTTMPC members Savings Program will automatically cancelled and no longer entitled the privileges of this Program if he/she:
Voluntary Resignation or Withdrawal of Membership
Inactive in participating Savings Mobilization Program in (3) three consecutive months without further notice to TMPC management.
Death of TMPC member/s
Termination of membership attested by TMPC Management due to unlawful action and not following the Bylaws and Articles of the Cooperative.
NOTE:
After cancellation of Savings Account members are given (30) thirty days to withdraw his/her remaining balance by submitting request form (included in Withdrawal of Membership Form) and it will be payable to member/s name in a form of check.TMPC resigned members who had TMPC Loan Balance, any remaining amount from their Savings account it will be automatically serve as payment equivalent to their loan balance. Any excess amount after Loan payment it will be payable to resigned member/s name in a form of check.TMPC deceased member/s, if in the case that the member/s is already dead and still have Savings Account Balance one of a members of his/her immediate family can claim the said remaining balance. Immediate family limited only to: (see table A below)
TMPC SAVINGS WITHDRAWAL FORM
TMPC SAVINGS WITHDRAWAL FORM
3. TMPC SAVINGS WITHDRAWAL FORM 2.pdfPROCESSING SCHEDULE
PROCESSING SCHEDULE
Submission and Processing of Savings Withdrawal Request is EVERYDAY
Submission and Processing of Savings Withdrawal Request is EVERYDAY
Savings Application is subject for approval and further Validation. Once APPROVED it will be release on the same day (cashcard only)
Savings Application is subject for approval and further Validation. Once APPROVED it will be release on the same day (cashcard only)
To know the status of your application, please contact Ms. Maricar Timple at 09178069887 or you may email her at mariah.sabile@topspot.ph
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