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Members' Share Accounts

If you live or work locally and support the services of the Society you can become a member - Join Us

By becoming a member you will open a share account with the Society. This will automatically be credited with £1.00.

Interested in long term investment with your Co-operative?

As a member you are able to invest in your Society. You will earn interest on balances over £10 and you are able to invest up to a maximum of £20,000. More detail is given below. But, before you invest, you should note that:

1. unlike banks and building societies, the Society is not authorised by the Financial Services Authority (FSA) under the Financial Services and Markets Act. Hence, any investment you make in the Society is not protected by the Financial Services Compensation Scheme or subject to prudential supervision by the FSA;
2. the Society abides by a code of practice which requires it to provide a statement to its shareholders of the nature of their investment and any change affecting it. The position you occupy as a shareholder of the Society is no different from that of a shareholder in any other corporate body in the sense that, if the Society fails, you may not have all, or any of your investment returned to you. Your investment is withdrawable without penalty at the discretion of the Board of Directors.

Information on using your share account.

Interest

Interest is calculated on the daily balance of each member's share account at the close of business each day. Interest on any payments made by cheque does not accrue until the fourth working day following payment. No interest shall be payable on balance less than £10. Interest rates will be determined by the Board of Directors from time to time in line with market conditions.

Interest is paid gross with the shareholder being liable for income tax.

No interest is paid on share account balances up to £10. Interest is paid at 1% p.a. for balances up to £200 (including the first £10), and 2.50% p.a. for balances up to the maximum holding of £20,000 (including the first £200).

Interest is credited to the member's account once a year in January.
Interest rates are subject to variation. Changes will be publicised by notices in the Society's branches.

Opening an account

Applications for membership shall be submitted in writing in such form as the Board of Directors may prescribe. Evidence of identity/address may be required.

The Board of Directors shall have full power in their discretion to accept or refuse any application for membership. The criteria for considering applications will be on the basis of the applicant's likely participation in the business and activities of the Society and the anticipated support for and adherence to Co-operative principles.

Confirmation will, therefore, be sought that the applicant

a) Trades with the Society
b) Supports the following statement:

The Midcounties Co-operative supports the co-operative principles of the International Co-operative Alliance. These state "co-operatives are voluntary organisations, open to persons able to use their services and willing to accept the responsibilities of membership".

The Board of Directors may delegate the consideration and determination of membership applications to officials or committees, who shall act under the direction and control of and conform to the instructions given by them.

The Board of Directors shall not be required to state reasons for the deferral or refusal of any application.
Applicants will be advised within 28 days if their application has been accepted of refused.

Payments made into your account

Payments to your account can be made at any store of The Midcounties Co-operative or by post to:

Membership Benefits Team
Co-operative House
234 Botley Road
Oxford
OX2 OHP

Please note, the Society is regulated under the Industrial & Provident Societies Acts. These prevent members from investing more than £20,000. Any payment made that takes the balance of a member's account over £20,000 will not be accepted. Should any account balance exceed £20,000 the excess amount will be paid by cheque automatically to the member.

Withdrawing from your account

All withdrawal requests shall be made in writing on a form supplied by the Society. Withdrawals against a payment made by cheque are not allowed until the seventh working day following payment.

Withdrawals up to £500 (subject to change without notice) can be made from Member Services Offices as detailed in your member handbook. Withdrawals of more than £500 will be paid only by cheque from the registered office. A request in writing enclosing the account passbook should be sent to the Member Services Department.

Withdrawals can also be paid by direct bank transfer (CHAPS). The Society reserves the right to pass on the charge made by its bankers for payments made by CHAPS to the member. Please note: Withdrawals over £50 will require the store to make a call to the Member Services office at head office for authorisation and will therefore only be available during office hours 9am - 5 p.m.

Please also note that under the Society's Rules, the Board has the power to restrict the level of withdrawals from the Society.

Closing your account

Written request to close an account should be forwarded, together with the share account book, to the Member Services Department at the Society's registered office. The closing balance including interest will be forwarded to the account holder by cheque.

The Society will not close the account of any member without first giving 30 days notice.

Updating your share account passbook

You can send your share account passbook to:

Member Services
Co-operative House
234 Botley Road
OX2 OHP

Change of address

Please notify the Member Services Department in writing of any change of address together with your share account passbook.

Complaints

If you have a complaint please write to the Member Services Department at the Society's registered office (as above), or telephone 01865 249241.

Should you remain dissatisfied you can contact the Society's Secretary & Head of Governance, also at the Society's registered office.