A deposit product which provides higher earnings than investment in commercial banks.
FEATURES
- Type: 001 Green Passbook
- Earns high dividends, TAX FREE!
- Minimum maintaining balance is ₱1,000
- Maximum Capital Contribution Account (CCA) Balance:
- For Regular Members - ₱3 Million
- For Associate Members - ₱1 Million
- For Regular Members, maximum deposit per quarter is ₱75,000 (inclusive of ₱15,000 over-the-counter deposit)
- For Associate Members, over-the-counter deposits are currently not allowed
- Last day of placement is on the 3rd working day of January (1st quarter), April (2nd quarter), July (3rd quarter) and October (4th quarter)
- Regular and Associate Members maintaining joint accounts can apply for Survivorship Agreement
- After processing the membership of applicant, Membership Staff issues the AFPSLAI ID and CCA passbook to member.
- Membership Staff advises the new member to proceed to the teller to deposit the required maintaining balance of Php 1,000
Q: How much is the maximum amount of deposit for Regular Members?
A: Regular Members who are still building up to reach the Php 3M CCA ceiling may place a maximum of Php 15,000 per quarter through over-the-counter deposit. If the members wish to avail of the automatic monthly Capital Contribution deduction scheme through Salary or Pension, they may deposit a maximum of Php 75,000 per quarter (or Php 25,000 per month). In which case, over-the-counter deposit is no longer allowed.
Q: Why are Associate members unable to deposit on their Capital Contribution Accounts startingOctober 6, 2016?
A: Pursuant to AFPSLAI Board Resolution No. 2016-009-8089, AFPSLAI no longer accepts capitalcontribution deposit through over-the-counter (OTC) transactions for Associate Members. This policyaims to maintain a proper balance between the various stakeholders’ interests, improve efficiency andensure future growth of the Association. There is still no advisory from the Board as to when the saidstoppage will be lifted.
Q: How often does AFPSLAI declare dividends?
A: Pursuant to BSP Circular 789, AFPSLAI declares dividends annually. Annual Dividend rate is declaredupon finalization of the audited financial statements. Rate is subject to approval by the BSP.
Q: How many co-depositors are allowed in the CCA?
A: Maximum of two (2) co-depositors are allowed in the CCA, who should also be members of the Association.
Q: What happens if the CCA balance goes below the minimum maintaining balance of Php 1,000?
A: Once the CCA balance goes below Php 1,000, membership of the member will be terminated.
Q: What does “tax free” mean?
A: The dividends and interests earned on deposits are not subject to withholding and income taxes. Forexample, if your dividend is Php 100, you will receive the entire amount as earnings for your deposit.
Q: Why does my passbook have a Loan Offsetting (LOS) entry?
A: If your passbook has an LOS entry, you may ask our Loans personnel about this. Having an LOS entrymeans that you may not have paid your monthly loan amortization in full, have a past due loan, or havearrearages.
Q: What is a Survivorship Agreement?
A: A Survivorship Agreement is an arrangement mutually agreed into by the depositor’s joint accountsso that in case of death of one depositor, the total outstanding balance of the account jointly owned bythe parties shall be automatically transferred to the surviving co-depositor, subject to deductions ofdeceased member’s obligations. All AFPSLAI members (regular and associate) maintaining a jointaccount can apply for Survivorship Agreement.
Both account owners (principal and co-depositors) must be physically present to sign the Survivorship Agreement Form.
Q: Why don’t I have dividend?
A: There are several reasons why a member doesn’t have dividend. Below are the common ones:
- CCA below the Php 1,000 maintaining balance.
- Members with past due loans.
Dividends are released only when the member’s loan becomes current. You may visit any branch to verify your account.
Q: Why didn’t my recent deposit earn dividend?
A: Only deposits made before or during the placement period will be considered for dividendcomputation. Withdrawals made during the quarter may also affect the dividend computation since onlythe lowest balance for the quarter will be considered.
Q: Since forced savings deductions made in my salary is every 15th of the month, when can I withdrawmy monthly capital contribution from AFPSLAI?
A: Capital contribution deductions can only be withdrawn upon remittance of Finance Center andposting of the amount by AFPSLAI into your account.
Q: Can I have a co-depositor who is not an AFPSLAI member?
A: No, co-depositor should be a member of AFPSLAI.
Q: Can other persons deposit on my behalf?
A: Yes, possession of your passbook by your duly authorized representative when making a deposit isallowed. It is assumed and deemed that you have knowledge of such deposit transaction.
Q: Can a representative fill-in the amount or date on the withdrawal slip as authorized by the account holder?
A: No, the account holder must fill in all the required information on the withdrawal slip except thesignature of the authorized representative. The AFPSLAI ID of the account holder must also be in thepossession of the authorized representative during the transaction.
Q: What are the requirements for withdrawal thru representative?
A: The following are the requirements for withdrawal thru representative:
| For Php 50,000 and below |
|
| For above Php 50,000 |
|
| If the member affixes his/her thumbmark as signature | First withdrawal transaction
|
Q: How long is the validity of a Special Power of Attorney (SPA)?
A: Validity of SPA is as follows:
| ACCOUNT TYPE | ISSUANCE | VALIDITY |
|---|---|---|
| For 01, 02 and 016 accounts | Locally secured | One (1) year |
| Secured abroad (authenticated by thePhilippine Embassy or Consulate in thatcountry) | Two (2) years | |
| For pension accounts | Locally secured | Six (6) months |
| Secured abroad | Validity period depends onthe judgment of Financepersonnel |
Q: Can I withdraw if my passbook is lost?
A: No, book withdrawal is only allowed for single account holders while Joint Account holders are notallowed to withdraw if the passbook is lost.
Loss of passbook must be declared by submitting a notarized Affidavit of Loss to the Member ServicesStaff. The membership of the depositor is put on hold until such time that a new passbook has beenissued.
Q: Where can I get my overpayments, in CCA or in SDA?
A: Overpayments and forced savings can be withdrawn in your CCA. On the other hand, rebates, CRIrefunds, loan proceeds, excess dividend and PNL deduction can be withdrawn in your SDA.
Q: I did not make any withdrawal transactions during a certain period of time. But why are therewithdrawal transactions reflected on my passbook in that time?
A: There are several reasons why there are transactions reflected in the withdrawal section of thepassbook, such as loan offsetting, reversal of posted EDA (annual) adjustments and account receivables.It is best to inquire at the nearest AFPSLAI Branch or Extension Office where our friendly staff willexplain the items posted on the passbook.
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