FAQs

  1. What are the benefits of joining SSEU Co-operative Ltd?
    SSEU Co-operative is a thrift and loan co-operative, which helps its members to manage their financial resources. When you join the co-operative you become a share holder and can enjoy various benefits including competitive interest rates on the savings and loan account and dividends from your subscriptions and share capital.
     
  2. What is the difference between a Subscription Account and a Savings Account?
    A subscription account is like a support account. This account represents your "share" in the Co-operative. Unlike the subscriptions, the savings account operates like any other account in a bank.
     
  3. Can I withdraw from my subscriptions and savings account?
    You can only withdraw from your subscriptions account for the following reasons:
    a. cessation of membership
    b. a maximum of 90% of the balance in your subscription account for the purchase of a house or flat or for renovation once in 3 years
    c. with the approval of the Committee of Management

    You can withdraw from your savings account leaving a minimum of $10 in the account
     
  4. Will there be any interest given on the Subscription and Savings Accounts?
    The Subscriptions Account gets a dividend instead of interest. Dividends will be paid based on the existing balance in the Subscriptions Account when the co-operative declares the dividend based on the year's business performance. Interest will be paid on the savings balance on a monthly rest basis.
     
  5. Why do I have to pay a one time payment of $52?
    You will have to become a shareholder of the Co-operative in order to enjoy its benefits. $50 is for the purchase of 50 shares at a par value of $1 per share. The shares will receive dividends at end of each financial year. The $2 is a non-refundable entrance fee.
     
  6. How do I get a loan?
    Personal loans of up to 8 times your salary is given at any one time which is repayable up to a maximum of 5 years. To apply, you need to complete the Loan Application Form and submit to us with a copy of your recent payslip. If you have any queries, please do not hesitate to contact us at the following contact us at 6384 8215 or 63848225
     

Back to top