Документ взят из кэша поисковой машины. Адрес оригинального документа : http://star.arm.ac.uk/~jgd/outgoing/Armagh_CU/WORD/Rebate.doc Дата изменения: Fri Dec 18 12:10:29 2015 Дата индексирования: Sun Apr 10 11:23:53 2016 Кодировка:

Dividend & Interest Rebate Policy



This policy was adopted by the Board of Directors of Armagh Credit Union
Limited.



Signed:-

Position ________________


Position ________________





Date:






Dividend & Interest Rebate

At the end of the financial year, Armagh Credit Union may be in a position
to offer a loan interest rebate to members out of surplus funds. If so,
this will be declared at the credit union's AGM with the loan interest
rebate applied to member's accounts there after. Loan interest rebate is an
extra benefit to members who borrow from credit unions by giving money back
to members. An annual dividend on members shares may also to applicable
(depending on surplus funds). All monies added to a members shares may be
withdrawn at any time except those members who have defaulted on their loan
or have requested a re-scheduling of their loan. In these instances, any
monies earned goes to the loan repayment.

If a loan is in arrears and it is guaranteed, then the guarantor may not
collect their dividend or interest rebate until the arrears are cleared.


Dividend and Interest Rebate (DIR) transactions

CHECK: (a) Is member's account up-to-date?
(b) Is member a guarantor?

If member's and guarantor's accounts are up-to-date, then both the member
and the guarantor can withdraw their respective DIRs.

Arrears/Reduced Payments

If a member is in ARREARS, or on REDUCED REPAYMENTS since July 1st, he/she
can only use the DIR to pay down the loan; it cannot be withdrawn.

For ARREARS: Any surplus after arrears are cleared can be only used to pay
down the loan.

For REDUCED TERMS: Reduced payments must be paid as agreed. Any surplus
must be used to pay down the loan as soon as possible so as to reduce the
amount of interest being paid.


Guaranteed Loans

If a member's loan is not up-to-date, the guarantor may use his/her DIR to
reduce the arrears. Any surplus can be withdrawn by the guarantor.

If the DIR is not used by the guarantor as above, then the guarantor cannot
withdraw his/her DIR until the arrears of the guaranteed member are
cleared.

Changed terms:

If a member is on CHANGED TERMS and his/her account is not in arrears, then
both the member and the guarantor can withdraw their respective DIRs.

Death Benefit Insurance (DBI):

Any member who is withdrawing DIR can either take the full amount or leave
the DBI payment without taking it from shares.

The DBI payment for (2015) is ё23.88).

The DBI payment will be shown as taken out separately on member' account.

Dividend and Interest Rebate:

For (2015) the Dividend is (1.25%) and the Interest Rebate is (40%)