Fosa Services
WHAT SERVICES ARE OFFERED?
1. Savings Account.
- Minimum balance is Kshs. 500/=.
- Minimum deposit attracting interest is Kshs. 5,000/=.
- Charges per withdrawal over the counter are Kshs. 130 and Ksh. 65 via the Co-operative Bank ATM.
- Interest paid on savings is dependent on annual finance performance..
2. Bankers Cheques.
FOSA provides bankers cheques to customers at a cost of Kshs. 150/= per leaf
3. Standing Order.
This service is geared towards helping the customers effect payments to other institutions/persons without coming into physical contact with money. Customers are required to give specific instructions to FOSA to pay institution/persons. This service ensures that the customers time is saved as they do not physically move to institutions/persons to make payments.
4. Third Party Clearance of Cheques.
The customer is assisted to clear cheques in their names paid by institutions and individuals at a reasonable price .
5. FOSA Salary Advance.
- A Maximum of Ksh 100,000.00; dependent on members ability to pay.
- Repayment in 6 months.
- Interest charged is 5% per month on reducing balance.
- To qualify a customers savings account must have been active for at least Three (3) months.
- No guarantors for those operating Salary accounts. The terms of this product are reviewed on continuous basis.
6. Encashment of Loan Cheques
Loan payments for account holders are credited to the account free of charge. Members are encouraged to open savings accounts to ease the process of loan encashment from the society.
7. Salary Processing.
This service is offered to members who wish to have their salaries paid through FOSA. The employer channels the salary payment cheques through FOSA and the society in turn credits the money to the customers accounts.
Salary processing is charged Kshs. 100/= per transaction.(compare with other commercial banks
8. Electronic Funds Transfer (EFT).
Account holders are able to transfer funds from any FOSA outlet to the bank accounts of their choice at a cost of Kshs. 200/= per transaction.
9. Spouse and Children Account.
This facility is available to Spouses/Children of members who have accounts at FOSA.
10. Introduction of SACCO LINK VISA ATMs
The facility is available to account holders at a cost of Ksh.600.00
Enables members to access funds 24 hour daily at a cost of Kshs. 65 per transaction from the ATM machine. An additional benefit is that it can be used on a point of sale for paying for goods and services such as in supermarkets, settling hospital bills, hotel expenses, fuel etc
