Who can open an Account?
It is the policy of PFCCO-Central Luzon to only accept deposits from member-coops, regular and associate members. For the purpose of membership distinction, regular and associate members are defined as follows:
- Regular Members – are those members whose application for membership has been approved by the Board of Directors and are ready to comply with all their obligations and partake of their privilege as one of the owners of the League. They are also entitled to all benefits provided by the League for as long as they are not considered delinquent members.
- Associate Members – are patrons of the League who also show their confidence and trust in the organization by depositing and investing their money in the form of savings or time deposits. Moreover, they have the obligation to deposit share capital with the League, minimum of five thousand pesos (P 5,000.00). As such, they are not entitled to vote and do not normally receive dividends. However, they may become regular members and receive the benefits accruing to regular members when they eventually opt to continue their share capital contribution and comply with the basic requirements for regular membership.