Terms & conditions

CAMPION SAVINGS CLUB MEMEBRSHIP TERMS AND CONDITIONS

1. INTRODUCTION

These terms and conditions govern the membership and operation of a Savings Account with Campion Savings Club (hereinafter referred to as "the Club"). By signing this document, the Member agrees to abide by the terms outlined below.

2. MEMBERSHIP ELIGIBILITY

2.1. Membership is open to individuals who meet the eligibility criteria set by the Club.

2.2. Applicants must provide valid identification, proof of residence, and any other documents required by the Club.

2.3. A minimum membership fee as stipulated from time to time is required upon application.

2.4. A minimum opening deposit depending on the savings plan is required.

2.3. The Institution reserves the right to accept or reject any application without providing reasons.

3. MEMBER RIGHTS AND OBLIGATIONS

3.1. Members have the right to participate in the Club meetings, vote on key decisions, and access financial services.

3.2. Members shall contribute regularly to their savings as per the Club policies.

3.3. Members must comply with Club rules, regulations, and directives issued by the management.

4. SAVINGS AND LOANS

4.1. Members must maintain a minimum savings balance as determined by the Club.

4.2. Members are eligible to apply for loans subject to the Club lending policies.

4.3. Loan approvals are at the discretion of the Club and subject to creditworthiness and collateral requirements.

4.4. Loan repayments must be made promptly to avoid penalties or legal action.

5. DEPOSITS AND WITHDRAWALS

5.1. Deposits can be made via cash, bank/ wallet transfer, or any other method permitted by the Club.

5.2. Withdrawals may be subject to minimum and maximum limits as set by the Club.

5.3. Withdrawals can only be made by the Account Holder or an authorized representative upon verification of identity.

6. INTEREST

4.1. Interest is calculated based on the daily balance and credited to the account monthly.

4.2. The Club reserves the right to change the interest rate at its discretion, subject to prior notice.

7. FEES AND CHARGES

7.1. The Club shall levy charges on transactions, account maintenance, and other services as applicable.

7.2. A schedule of fees and charges shall be provided to the Account Holder and is subject to periodic revision.

8. ACCOUNT OPERATION

8.1. The Account Holder shall ensure that there are sufficient funds in the account to cover transactions.

8.2. The Club may decline transactions if the account has insufficient funds.

8.3. The Account Holder is responsible for the confidentiality and security of account details.

9. DORMANT ACCOUNTS

9.1. Accounts with no activity for 6 months shall be classified as dormant.

9.2. Reactivation of a dormant account shall be subject to verification and payment of applicable fees.

9.3. Funds in dormant accounts may be transferred to regulatory authorities as per applicable laws.

10. MEMBERSHIP TERMINATION AND ACCOUNT CLOSURE

10.1. A Member/ Account holder may terminate their membership or close their account by submitting a written request and settling any outstanding obligations.

10.2. The Club reserves the right to terminate membership due to violation of the Club policies, fraud, or inactivity.

10.3. The Club reserves the right to close the account if it is misused, inactive for a prolonged period, or as required by law.

11. LIABILITY AND INDEMNITY

11.1. The Club shall not be liable for losses resulting from unauthorized transactions unless due to proven negligence.

11.2. The Member/ Account Holder indemnifies the Institution against any losses, damages, or claims arising from membership activities or account operations.

12. GOVERNING LAW

12.1. These terms and conditions shall be governed by the laws of Zimbabwe.

12.2. Any disputes shall be settled amicably or through legal means where necessary.

DECLARATION BY MEMBER OR ACCOUNT HOLDER

I, the undersigned, confirm that I have read, understood, and agree to abide by the above Terms and Conditions.