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.
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
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
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The amount to be withdrawn shall be credited to the members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.
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%
STATEMENT OF ACCOUNT
You may view or print your
statement of account when you log on to your personal account at the SM SLA
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.