MEMBERSHIP
In instances where original documents are not produced for identification or verification, copies should only be accepted if certified by approved persons.
Approved persons should print their names clearly, indicate their position or capacity and provide a contact address and telephone number.
All identification documents, including copies of original documents, must be certified. A certified document means that the photocopy is either a document notarized by a competent authority or where SFXCU staff has photocopied the original document that staff member has signed and dated the copy, and noted that the original was seen. Identification documents that are unfamiliar should be referred to Sr. Management, who will take additional measures to understand the document presented, such as contacting the CBB or the FIU for further guidance.
A member may close his/her account at any time for any reason. A member may terminate his/her membership by at the credit union after giving notice of intention to withdraw from membership. The credit union may close a member account at any time for any reason and without advance notice to member or may require member to close account if:
– There has been fraud or forgery reported or committed involving the account.
– There is non-compliance by member as for SFXCU policies.
The credit union is not responsible for payment of any unclaimed items once the account is terminated.
SFXCU shall charge a Re-opening fee to a member who closed his/her account and wishes to reopen it. However, SFXCU will consider member’s reason for closing the account before re-opening is done.
Upon the death of a member, the credit union may continue to honor all withdrawals, deposits, and other transactions on the account until the credit union learns of the member’s death. The credit union may require the survivor or other claimant to the account to produce certain documents such as “Death Certificate” in order to close the account.
- + Identification Documents
-
In instances where original documents are not produced for identification or verification, copies should only be accepted if certified by approved persons.
Approved persons should print their names clearly, indicate their position or capacity and provide a contact address and telephone number.
All identification documents, including copies of original documents, must be certified. A certified document means that the photocopy is either a document notarized by a competent authority or where SFXCU staff has photocopied the original document that staff member has signed and dated the copy, and noted that the original was seen. Identification documents that are unfamiliar should be referred to Sr. Management, who will take additional measures to understand the document presented, such as contacting the CBB or the FIU for further guidance.
- + Termination of Membership
-
A member may close his/her account at any time for any reason. A member may terminate his/her membership by at the credit union after giving notice of intention to withdraw from membership. The credit union may close a member account at any time for any reason and without advance notice to member or may require member to close account if:
– There has been fraud or forgery reported or committed involving the account.
– There is non-compliance by member as for SFXCU policies.
The credit union is not responsible for payment of any unclaimed items once the account is terminated.
- + Re-opening of Account
-
SFXCU shall charge a Re-opening fee to a member who closed his/her account and wishes to reopen it. However, SFXCU will consider member’s reason for closing the account before re-opening is done.
- + Death of a Member
-
Upon the death of a member, the credit union may continue to honor all withdrawals, deposits, and other transactions on the account until the credit union learns of the member’s death. The credit union may require the survivor or other claimant to the account to produce certain documents such as “Death Certificate” in order to close the account.
Membership Type and Requirements
SFXCU follows the procedures of all law requirements as a credit union to obtain, verify and record information that identifies the owner of each account being opened.
SFXCU is ultimately responsible for verifying the identify of each new member and owners of accounts before or during the course of accepting the person as member by using reliable source documents, data, or information. Sufficient information to SFXCU satisfaction; being satisfied means being able to satisfy the competent authorities due diligence.
On initiating a business relationship with a member, a member must fill in a membership application form, pay an entrance fee of which is established by the credit union, purchase a passbook and cover for purpose of keeping record of their account, make an initial mandatory deposit towards shares account which shall be maintained at all time, and the following information must be obtained before initiating a transaction, and retained in file.
Standard Identification Documentation – In instances where members are unable to supply identity or other documents or information, the manager reserves the right to determine and authorize what documents will be an acceptable form of identification to open an account. Customers such as the elderly, the disabled, the socially or financially challenged and individuals dependent on the care of others, may fall in this group. Managers will consider the following:
– No-one is prohibited from obtaining a social security card therefore an assessment will be made as to the applicant’s ability to get one.
– The applicant’s address can be confirmed by a social worker, a Government social agency, community leader etc..
– A visit to the residence by SFXCU and perform GPS reading for accurate address.