GECCU

General Employees Co-Operative Credit Union Limited

Regular Shares

  • Persons who join with less than the required amount are considered as depositors. Their monies are placed in this account until the requirement for membership has been met.
  • Depositors do not have equal rights and access to the benefits and services offered until full membership is acquired.
  • Regular Shares must be paid regularly (e.g. weekly, fortnightly or monthly) to ensure that the account remains active.
  • Interest will be paid annually at a rate determined by the Board of Directors.
  • Withdrawals from Regular Shares are not encouraged, however, if it becomes absolutely necessary to withdraw these shares, the member must give one (1) month’s notice in writing.
  • A convenient facility is available where a member can make lump sum payments to his/her Standing Order Deposit Account. With the member’s approval an agreed amount is transferred to his/her shares monthly, thus ensuring that payments are 
    regular.
  • Members can arrange for a monthly direct deduction from their salary to be paid to Regular Shares.
  • If it is absolutely necessary for a member to terminate his or her membership with GECCU, he or she must repay/settle any outstanding loans.