Below is how to withdraw your membership from the Kenya USA Diaspora Sacco:
The following steps will be followed:
- A member must inform the society by writing to the committee of his or her intention to withdraw.
- The member will be required to give the Sacco 60 days notice.
- A refund will always be given less any monies and loans owed to the society and its affiliated partners.
- A conditional or early refund may be considered subject to board approval if the member agrees to pay an early withdrawal commission of 10% on net savings due, in addition to a processing fees. In this case the funds will be disbursed within 2 working days after approval.
- A processing fee of 1% on net savings due, but not less than 1,000 Kenya shillings will be charged.
*Please note that only the Main Savings net balances will be refunded by the Sacco. The Share Capital is not refundable but it is transferable to a willing member of the Sacco.
The Sacco may consider partial withdrawal of Main Saving on rare circumstances such as emergencies under the following terms and conditions:
- Make a formal application to the Sacco clearly stating the reason(s) and the amount required.
- The partial withdrawal amount cannot exceed 50% of member total Main Savings.
- The member must be willing to pay an instant withdrawal commission of 10% on amount to be withdrawn in lieu of 60 days notice period.
- No processing fee will be charged on partial withdrawal.