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SM-SLA SAVINGS ACCOUNT MEMO

 

SM-SLA

SAVINGS ACCOUNT

 

Effective January 2010, enrollment to Savings Account Deposit is mandatory to all new members.

HOW TO OPEN

Simply fill up a Savings Account application form together with your SLA membership form and give to your respective Personnel Department for endorsment to SM SLA.

ADVANTAGE OF HAVING A SAVINGS ACCOUNT

As a depositor, you will enjoy lower interest rates when you avail of a salary loan.

Instead of the regular 14% per annum interest, you will only be charged of 12% per annum if you have P500 minimum savings deposit balance.

DEPOSITS

Minimum deposit is P100 per payday through payroll deduction. The amount to be deposited shall be in multiples of P100. There is no maximum deposit set. Deposits are made through payroll deductions only. NO OVER THE COUNTER DEPOSITS WILL BE ALLOWED.

Increase or decrease in pledged amount of deposit can be done by simply filling up a new savings account form indicating the new amount you would like to pledge and forward it to SLA office.

Minimum balance maintained for each account shall be P100. No ceiling will be set for the maximum balance.

PRIORITY OF DEDUCTION

In cases wherein a member’s salary is not sufficient to cover his capital contribution and his savings account deposits, the capital contribution shall be deducted first before the savings deposit. In case the remaining salary is not sufficent to cover the desired semi-monthly deposit, no deduction for the deposit shall be made from the employee’s salary.

WITHDRAWALS

Unlike the capital contribution, withdrawal is allowed in your savings deposits.

Withdrawals shall be made by the members using the withdrawal slip,available at the Personnel Department or your SLA Coordinator, and shall be forwarded to the SLA office for processing. No over the counter withdrawals are allowed.

Cut-off of withdrawal is 11:00 AM daily. All withdrawals received after the cut-off shall be processed the following day.

The amount to be withdrawn shall be credited to the members BDO / SLA Cash Card Account the next banking day following the day of the request. However, withdrawals received after 11:00 AM on Thursdays up to Sundays will be credited on Tuesdays.

INTEREST

The savings account shall earn an interest of 2% per annum which shall be tax free. (Pls take note that savings account interest rate in a commercial bank is only 1% less 20% withholding tax).

STATEMENT OF ACCOUNT

You may view or print your statement of account when you log on to your personal account at the SM SLA Website.

CLOSING OF ACCOUNT

Savings account will authomatically be closed upon resignation with SM SLA. Any balance in your savings account will be included in your payout together with your capital contribution.

 

 
 
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