This is a demand account; that is, Cash can be withdrawn with OR without any notice to the Bank.
Account Opening Procedure
- Two (2) Passport-sized photographs
- Introductory letter from the customers institution in case of Salary workers and introduction of new customer by already known customers of the Bank
- Photo identity card such as Ghanaian passport, Voter ID Cars, National Health Insurance Card, National Identification Authority Card and Driving License.
- Minimum deposit of GH¢10.00 is initially required
- Cheque book and cash pay-in book are issued to Customer after registration.
Features of the Product
- It does not attract interest
- The account can be overdrawn with permission from the authorities of the Bank
- Cost of Transaction or Turnover (COT) is chargeable on monthly basis. However salary workers current accounts attract service charge monthly.
- Cost of cash pay-in book and cheque book is borne by the customer
- The account can be CLOSED under any of the following conditions:
- By the customer, on his or her own discretion
- Death of the customer after receipt of LETTERS OF ADMINISTRATION OR AFFIDAVIT from a competent Court of jurisdiction.
- When the customer fails to re-activate the account after 2 years DORMANT PERIOD
- Returned cheques attract a penalty of 1% OR minimum of GH¢5.00 on the face value of the cheque. The returned cheques are neaty registered and given back to owners within 48hrs.
- Logged clearing cheques attract a commission of 1% OR minimum of GH¢5.00 and a maximum of GH¢50.00 on the face value of the cheque.
There are six(6) types of accounts available to customers of Current Accounts. They are:
- Personal Account
- Group Account
- Enterprise Account
- Partnership/Joint Account
- Institution Account
- Company Account
The demand for opening the account is the same as general requirement of Ordinary savings and Curent Accounts.
Requirement shall be as follows:
- Constitution of the Group
- Resolution of the Group
- Bye-Laws of the Group
NB: It must be registered with the Co-operative office
- Registration Certificate OR Form A
- Partnership Deeds/Agreement
- Certificate of Registration
- Certificate to Commence Business
- Regulation and Resolution