Savings Account
Money kept in this account represents the members investment which yields competitive interest at the end of the financial year. Withdrawals from this account require at least two weeks’ notification otherwise, you will be charged 2% on the amount to be withdrawn. Loans are granted to members as a function of their savings.
Business/Corporate Account
These accounts are designed for non-physical entities such as associations, CIGs, NGOs, social groups, and businesses. Withdrawals can only be made using counter cheques or Special Withdrawal Slips (SWS) to ensure proper authorization and financial oversight. This account provides a secure and structured way to manage group or business funds efficiently.
Deposit Account
This account is meant for the members’ transactions and precautionary motives. Money in this account can be withdrawn at any time without prior notification. However, members who wish to withdraw huge amounts are advised to make prior notifications for courtesy reasons. This account yields no interest. Counter cheques, special withdrawal slip (SWS) are available to operate this account.
Salary and Pension Account
Salary and pension payments can be collected for members through a simple arrangement with the member’s employer or banker. This process facilitates the direct payment of salaries or pensions into members' accounts through BamCCUL. By partnering with employers or banks, members can receive their payments without delays at very affordable rates.
Minor Account
This account is designed exclusively for individuals under 18 years of age, ensuring a secure foundation for their education and future financial well-being. While borrowing facilities are not available for this account, it can be used as a surety for a loan account, providing added financial flexibility for guardians or sponsors.
Term Deposit Account
BamCCUL offers term deposits, allowing members to lock away funds for a set period while earning a fixed interest rate. This option provides members with the certainty of knowing exactly how much interest they will earn by the end of the term. It’s an ideal way to save for a specific goal, offering both security and predictable returns.