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Withdrawal From the Sacco

1.  What is the procedure of withdrawing from the Sacco ?

  • You need to write a formal letter and sign it, giving the Sacco sixty days notice in line with Sacco by laws. The letter should be accompanied by your ID copy. You are also required to provide your bank details.

2.  Can I partially withdraw my deposits?

 

  • No, no member will be allowed to partially withdraw part of his /her deposits or offset part of the deposits against an outstanding loan unless he/she ceases to be a member.

 

3. Can I withdraw my deposits from the Sacco instantly?

 

  • Yes you can withdraw your deposits instantly but the Sacco will charge you a commission 10% of current deposit amount in lieu of withdrawal notice of 60 days.

 

4. Can i Withdraw my deposits when I have guaranteed another member?

 

  • A member cannot withdraw his /her deposits that have been pledged towards another member loan unless that member has cleared that loan or has submitted a substitute guarantor to replace you.

 

end faq