This is the account that makes you a member and an owner. Shares can be increased by decision of the General Meeting provided that the total shares of JaCCUL should constitute 10% of total assets as required by COBAC.
Money saved in this account represents your permanent capital which yields interest monthly but paid to you yearly. This is the most income generating account to members. The Credit Union considers your eligibility to take a loan on your regularity in savings habits. Since members’ savings are invested in order to earn and pay reasonable interest at the end of the year.
DEPOSIT ACCOUNT (CURRENT ACCOUNT)
This is an account in which money is deposited and withdrawn at any time without notice, but for hug sums. It is an account which secures money for daily use. Members pay a token fee for every deposit made into this account. No interest is paid on money kept in this account since it can not be invested.
You can only obtain a loan when you need money and when you are sure of the means to repay the loan. JaCCUL however, encourages members to obtain loans especially for productive ventures. Our staff will talk to you about the productive credit scheme of JaCCUL.
Apart from personal account, groups such as families, njangi groups, village councils, churches, schools, developmental organizations, clubs etc are encouraged to open their accounts with JaCCUL for the safety of their group money. Interest is paid on money in this account.
Groups operate their savings account and withdraw at will but for huge sums which require a short notice. We also encourage groups to obtain loans from JaCCUL.
Through JaCCUL the future of your children can be prepared by opening a savings account for your child even from the date of birth. You can withdraw from this account for education, medical etc purposes without any notification, except for huge sums. Interest is also paid on these savings.
SPECIAL WITHDRAWAL SLIPS (S.W.S)
Just like cheque booklets you can use JaCCUL special withdrawal slip to authorise a third party to withdraw from your account.
PAYMENT OF SALARIES.
We pay salaries of civil servants and pensioners. Members concerned should rush to the office and fulfill the necessary requirements. Those whose salaries are paid through JaCCUL obtain loans at short notice.
RISK MANAGEMENT SCHEME
This service insures members’ shares/savings and loans such that members loans are paid off in case of death or permanent disabilities and savings increased and paid to the beneficiary of the deceased member. This is one of the advantages of taking a loan instead of withdrawing your savings.
INSTANT INTER-BRANCH MONEY TRANSFER SERVICE.
You can send and receive money within JaCCUL branches within a maximum of 10 minutes.
include productive loans, special business loans, small business loans, farming loans, hire-purchase loans, contract financing loans, etc. For social loans, we offer the following; education, medical, njangi financing, bank caution, etc. Please come to JaCCUL office and obtain more information.
The JACCUL daily collector agents moves round to collect savings and / or loan repayment of members and deposits of nonmembers who intend to register in the days ahead. A commission is paid by the embers/customer at the end of the month for the services rendered.
JACCUL provide a funeral assistance scheme on event of death of her member. Members contribute a yearly amount of 1 000frs to support the scheme. The sum of 100 000frs is paid to the Members next of kin to facilitate funeral services upon presentation of the deceased members death certificate. The death certificate must be presented to the office with six months.
JACCUL in partnership with Union Bank of Cameroon (UBC)
PLC send and pay money through western Union in and out of the country.