FAQs on Shares/Dividends
How frequently can I expect to receive my Statements?
Member statements are distributed via mail on a quarterly basis.
What is the procedure for Dividend Distribution to Members and how soon after the Annual General Meeting can it be expected?
Dividends are credited to members’ accounts and are accessible the following working day after the Annual General Meeting.
What are Dividends?
Dividends are a sum of money paid annually by the Credit Union to its Members out of its surplus. This means to say once the expenses of the credit union are met, additional income is distributed to its members. Dividends are paid on all shares which were fully paid up during the financial year to which the dividend relates. Shares which become fully paid up during the year and shares withdrawn during the year shall be entitled to a proportion of the dividend.
What value of shares do you need to have to qualify for a loan?
Members must have the minimum share balance of $2,500.00 to apply for a loan.
What is the difference between the Share and Share Deposit accounts?
The share account is your primary account. Shares on this account can be held as collateral for loans. Shares can be liquidated or withdrawn in the form of cash at any time.
The share deposit account is only necessary if the Member has a loan. All loan installments are facilitated via this account; as such, credits including salary deductions, standing orders, NIS and pension are credited to this account.