How To Withdraw Membership From Mwalimu National SACCO Before Retirement

How To Withdraw Membership From Mwalimu National SACCO Before Retirement

Quitting Mwalimu national SACCO is as easy as quitting any abusive contract or relationship. Several reasons can push one to quit Mwalimu National SACCO, the most common one being unreasonable dividends that are overly non proportional to the share total.

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Conditions That Remove One from Mwalimu Sacco Membership Register
  • Death
  • Old age. Members cease to be members upon attaining 70 years of age
  • If declared of unsound mind
  • By transferring all shares to another member
  • By withdrawing all the share deposits before retirement
  • If one becomes bankrupt as declared by the court
  • If one is an employee of Mwalimu National SACCO and gets sacked due to Gross misconduct

Upon withdrawal from Mwalimu national SACCO, a member is not allowed to remit any shares to the SACCO, either through direct deposits or cheque off. Members with the Mwalimu national SACCO debts or who have guaranteed other members must offset the debts through direct deposits prior to withdrawal.

Members who successfully quit Mwalimu national SACCO must be paid their dividends for the particular period, and any savings in their accounts, whether fixed or withdrawable.

Overtime, savers get dissatisfied with the general operations of Mwalimu national SACCO. Under these circumstances, they do have only an option left: to quit.

Conditions For Quitting Before Retirement

To quit the SACCO before retirement or death;

  • You must ensure that you have cleared all the pending loans that you borrowed from Mwalimu national SACCO.
  • You must also ensure that you not guaranteed any member by the time you are quitting. To achieve this, you must control how you guarantee other members and start avoiding signing forms as a guarantor, at least 6 years before quitting. In case some of the loanees you have guaranteed are still servicing their loans, then you must arrange for guarantors that can substitute you.

Once the teacher meets the two conditions above, he / she should take the following steps;

  • Write to the board of directors of Mwalimu national SACCO, informing them of your plans to quit membership. This should be done three months prior to the date of quitting as indicated in the letter.
  • Get a clearance certificate from the Teachers Service Commission, TSC.
  • Submit the letter, clearance certificate and your national ID to the SACCO.
  • Wait for the withdrawal request to be processed. This takes a few days.

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