Members' Share Accounts
By becoming a member you will open a share account with the Society. This will automatically be credited with £1.00 once you have earned this amount of dividend.
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:
The society follows a code of practice and has to provide a statement to its members of the nature of their share holding investment and any change affecting it.
- As a member you are a shareholder of The Midcounties Co-operative Society Limited. If the society is unable to meet its debts and other liabilities, you will lose the whole amount held in shares, hence it is known as risk capital. This may make it inappropriate as a place to invest savings.
- You may withdraw money from your share account at any time unless the board of directors have removed this facility under the society’s rules.
- Withdrawable share capital does not characterise an investment in the conventional sense. The withdrawable share capital held in your share account may receive interest but the shares do not increase in value. It is primarily for the purpose of supporting your society rather than making an investment.
- The Financial Ombudsman Service does not apply to your share account or your relationship with the society but under the society rules any dispute is to be submitted to an arbitrator agreed by the parties or in the absence of agreement to be nominated by the Chief Executive of Co-operatives UK Limited. The arbitrator’s decision will be binding and conclusive on all parties.
If you have any questions regarding the Code please address them to:- The Secretary, The Midcounties Co-operative, Member Service Department, Co-operative House, Warwick Technology Park, Gallows Hill, Warwick, CV34 6DA
Find out more about how share accounts operate and how to open one here