To aid members during the current COVID-19 pandemic, we are temporarily reducing the required membership period to apply for withdrawals to two years (down from the current five years).
Normally, a member may be allowed, subject to the Board’s approval, to make withdrawals from his/her Subscription Savings Account during his/her term of membership subject to the following conditions:
(a) his/her membership is of at least five years’ standing;
(b) the withdrawal should not leave a balance of less than $500.00 in the Subscription Savings Account;
(c) the amount withdrawn shall be applied for such purpose as the Board may approve;
(d) he/she is not liable to the Society as a borrower at the time of application; and
(e) an admin levy of $20.00 will be imposed for the fifth withdrawal and subsequent withdrawals (no admin fee payable for the first to fourth withdrawal).
We are pleased to inform members that for the period 1 July 2021 to 30 June 2023, the requirement under condition (a) for a member to have membership of at least five years’ standing is reduced to have membership of at least two years’ standing.
Last Updated on July 1, 2021