Frequently Asked Questions

1. Can withdrawal be made simultaneously with loans?

No, withdrawals cannot be made simultaneously with loans. More so, if on the same day a loan has been released.

2. Can a member still withdraw if he/she is a co-maker of a delinquent borrower?

Yes, a co-maker of a delinquent borrower can withdraw part of his/her deposits provided that his/her members’ deposit is greater than his/her loan balance, if any, plus his/her share on the loan balance of the delinquent borrower in which he/she is responsible being a co-maker.

3. In closing accounts, why does a certification from the principal for the last pay/salary received is necessary?

This is to ensure that a member who is closing his/her account is entitled to all deductions remitted by the DepEd on his/her behalf.

4. In case a member who is closing his/her account cannot submit a certification of his/her principal for the last pay/salary he/she received, what can be done?

A reserve for cancelled warrants equivalent to three (3) months deduction would be left with the Association. This is to ensure that he/she is entitled to all the DepEd deductions credited to his/her account. Otherwise, the Association stands to lose all the deductions made should there be cancelled pay checks.

5. Why is a member required to wait for at least (60) sixty days before he/she is allowed to close or terminate his/her membership to the Association?

A member is required to wait for at least (60) sixty days before he/she is allowed close or terminate his/her membership to the Association for the following reasons:

  • To give time for the DepEd to remit their collections so that these can be credited to members’ account.

  • To give time to the accounting personnel to verify if the member terminating his/her membership has no more obligation other than his/her loan balance from the Association. (e.g. being a co-maker of a delinquent borrower)

6. Can unremitted collections (from DepEd) still be credited since these have already been deducted from the member’s salary?

Unremitted collections for the current payroll period by the DepEd are to be credited even if they may still be in transit. However, proof that deduction was actually made must be presented.