Frequently Asked Questions
Whether you’re saving for something in the future or just for a ‘rainy day’, regular saving is a good idea.
Regular saving with ARCCU Credit Union is an even better idea. At ARCCU Credit Union, you’re not just a customer, you’re a member of a successful financial co-operative.
To be a member there will be an entrance fee of GHC5.00 and you will need to hold a minimum savings twenty Ghana cedis and shares value of one hundred Ghnan cedis. Members enjoy equal rights to vote (one member, one vote) and participate in decisions affecting the Credit Union.
- Savings are insured at no direct cost to the eligible member. No hidden fees or transaction charges.
- When ARCCU Credit Union declares a dividend at the end of its financial year, each share you hold for that year is eligible for a dividend. The more shares you have, the greater the dividend you will receive.
- And you have the added bonus of knowing that your savings are being used to make loans to other members. Members just like you.
When a member who is over 16 years of age opens a Credit Union account, he/she is entitled to nominate a person (or persons) to receive his/her property in the Credit Union on his/her death. Property includes shares, deposits, loans and insurance proceeds. This is of benefit if the member dies without leaving a will as the property left in the Credit Union will not have to pass through the sometimes timely intestacy process.
Credit Union is covered by the Deposit Protection Scheme which is administered by the Financial Regulator. This is a scheme that can provide compensation to depositors if ARCCU credit Union is forced to go out of business. It covers deposits held with banks; building societies; and Credit Unions Association (CUA) Ghana. The maximum amount a Credit Union member can receive under this scheme is GHC 100,000.
- The Deposit Protection Scheme covers:
- current accounts;
- demand deposit accounts;
- term deposit accounts;
- share accounts and deposit accounts with building societies; and
- share accounts and deposit accounts with Credit Unions.
Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.
Every share you hold with ARCCU Credit Union for the year is eligible for a dividend when declared. A dividend is the return on your shares and it is paid by ARCCU Credit Union out of surplus.*
*Past performance is not a reliable guide to future performance.
- The amount of your dividend will depend on:
- The amount of shares you have saved.
- The surplus income available for distribution by your Credit Union to members.
Only members of ARCCU Credit Union receive a dividend from ARCCU Credit Union. The amount paid to members varies from one financial year to another.
Yours savings recieve interest every quarter.
You can withdraw your savings provided they are not pledged as security on a loan. However, you are encouraged to keep your savings intact, so that:
- They continue to earn interest
- They continue to benefit from the Life Savings Insurance protection.
ARCCU Credit Union will be happy to talk to you about suitable alternatives to withdrawing your savings.
Members of ARCCU Credit Union are united by a common bond. This is a characteristic that every member has in common (To improve our living standard).
Anyone within the common bond is eligible to apply for membership, and start saving as soon as they are admitted. So, whatever you’re saving for – a car, home improvements, a big day, holiday, school or college fees, ARCCU Credit Union will give you a fair deal. Contact ARCCU Credit Union today - use our Locator to find ARCCU Credit Union.