Did you know that you can easily leave Mwalimu National Sacco? Well. In the last article we took you through the process of joining Mwalimu National Sacco. Today, you will get a complete guide on all that you are supposed to do in order to quit the Sacco.
Various reasons can make you quit the Sacco. These include but not limited to if you are not satisfied with their services or the dividends paid at the end of the financial year are too low.
WHEN CAN ONE CEASE TO BE A MWALIMU NATIONAL SACCO MEMBER?
Remember, Mwalimu National Sacco Membership shall cease with effect from the date of a member:
- Attaining the age of 70 years.
- Being expelled from membership.
- Withdrawing all his Deposits.
- Becoming certified insane.
- Transferring his shares.
- Ceasing being an employee of Mwalimu National Sacco or Mwalimu National SACCO subsidiaries under disciplinary circumstances.
- Being declared bankrupt by a court of law.
A member who withdraws or is expelled shall be paid the following dues after deduction of any debts, owed by him to the Society as borrower, endorser, guarantor, or otherwise:
- Any dividends or interest due to him on the date membership ceases.
- Any deposits or other sums held by the society on his behalf.
No shares shall be paid upon withdrawal and any member having deposits in excess of liabilities may offset such liabilities from the deposits.
THE PROCESS OF QUITTING MWALIMU NATIONAL SACCO
At some point you may willingly want to quit Mwalimu National Sacco. At such a time you must have to follow the procedure below;
- Notify the Mwalimu National Sacco Board of your intention to leave. The board should receive a 60 days’ written notice to withdraw from the society.
- You will then have to provide substitute guarantors if applicable. This is in case you have signed loan forms for any other member (s).
- You will have to provide a clearance certificate from the employer (TSC).
- Submit the documents to the Sacco and your withdrawal will be processed.
If you were driven by emotions to quit the Sacco, you can always make your way back. This is because the Sacco laws allow a member who has withdrawn from the Society to be considered for re-admission.