WHAT IS GOING ON??

Hi all!!

I hope this finds you all well.

I do not know if am the only one...but I am getting worried! What is going on?? I know we all get very busy sometimes...but there are only like 10 people who have been regular on posting, keeping tabs on issues, making comments, discussing important issues at hand...and this cause cannot afford to lose the 10 people...so you guys please dedicate at least 5minutes a week to Kitale Academy...it will make a difference.

Regards,

Linda

INVESTMENT GROUP BANK ACCOUNT COMPARISON

All,

Kindly find attached a document on Bank Account comparisons and give your suggestions on which you think we should go with. I have analyzed Stanchart and Barclays.. if you have other suggestions kindly air the same for analysis. I will try to avail both voucher and receipt books at the next meeting.

Have a good one,

Sal.

BANK	BARCLAYS	STANDARD CHARTERED
Account Name	Uwezo Account (formerly Community Account)	Diva Chamma Account
Target Group	® Investment Groups ® All registered non-profit organizations including charities, religious organizations, educational organizations and other non-government organizations.	® Women Investment Groups
Currencies	Customers will have the option of opening their accounts in either the local currency, Sterling Pounds (GBP), US Dollars, Euro and the South African Rand.	Its in Kenya Shillings
Tariffs	The local currency account does not have any Account Maintenance/Ledger Fees in order to encourage the investment groups to bank with us. - Free standing orders out of the account - Free TT’s into the Account For Foreign Currency accounts, existing tariffs apply. ALL FEES FOR KSHS ACCOUNTS HAVE BEEN WAIVED.	No monthly charges similar to the safari savings accounts Free recognition card which can be used to do cash and cheque deposits through the ATM One free bankers cheque every month Free deposits over the counter up to kshs one million Customised world class investments
Minimum Account Opening Balance requirement	The minimum account opening balance is Kshs 5,000	Minimum account opening balance is kshs 2,000
Minimum Operating Balance requirement (Lien)	There is no minimum operating balance. However account must always be operated in credit.	Minimum operating balance is kshs 2,000
Minimum Balance for Credit Interest	Amount (Kshs) Interest Rate 25M+ 5.50% 10,000,000 – 24,999,999 5.00% 5,000,000 – 9,999,999 4.75% 1,000,000 – 4,999,999 4.25% 500,000 – 999,999 4.00% 100,000 – 499,999 3.00% 5,000-99,999 2.50% The minimum balance for interest is Kshs 5,000. Credit interest on the account will be tiered.	Tier ( Amount – kshs) Interest rate 10,000,000+ 5.50% 3,000,000- 9,999,999 4.25% 1,000,000- 2,999,999 4.00% 500,000- 999,999 3.50% 2,000- 499,999 2.50% Minimum balance for interest is kshs 2,000
Statement Facilities	Customers will have the choice as to how often they require their statements.	Quarterly statements
Accessing the account	The customer receives a free Cheque book (but will be debited for the cost of the stamp duty). There will be NO cards issued on the account. Customers who migrate to this product from one permitting a card will need to surrender the card at migration.	Withdrawals are restricted to once a month, and this will be done manually at the branch.
Lending	No lending options on this account type
Frequently Asked Questions (FAQs)
Are there charges on the account?	No	No
Does the group have to be registered?	No, the group does not have to be registered, but must be governed by a Constitution or Rules and regulations	No, an Investment club can open this account as a joint Safari Savings account. You require a minimum of 3 signatories and a maximum of 10 signatories.
Can customers borrow on this account?	No
What are the benefits of the Account?	- No monthly maintenance fee - No minimum balance to maintain account - Free standing orders out of the account - Free Telegraphic Transfers into the account - Increased tiered interest rates	- No monthly charges - Free recognition card - Free deposits over the counter up to Kshs. 1 million - One Free Bankers Cheque a Month - Variable interest rates that increase as your deposit increases - Customised World Class Investment solutions - Access to Diva Events - Discounts at selected outlets
Is a debit card issued with this account?	No, but a free cheque book is (customer swill only be debited for the cost of the stamp duty.	Diva Chamma account holders get a deposit card which can be used for depositing at the ATM.
How long will it take to receive the recognition card?		Normal TAT of 5 working days
How many people can operate the account?	Minimum of 2 people	Minimum of 2 people and maximum of ten people
What are my investment options within this account?		Diva Chamma account holders have the option to invest in a variety of offshore investment opportunities by contacting the Investment Services department.
What documents are required to open the account?
For Registered Companies	The KYC process is 2 Pronged. The company and two principal Directors need to provide KYC documents. Company Requirements: (1) Certificate of Incorporation which must have; – Date of Incorporation. – Company Registration Number (2) Memorandum & Articles of Association which will show; – Nature of the Business. – Shareholding Structure. – Authority to appoint bankers. – Country of Domicile i.e. the country where the company operates from. (3) Proof of Address (4) A Companies search listing the directors and which will show. 1. Names. 2. Date of Birth. 3. Nationality. 4. Profession. 5. Address. (5) Latest accounts, Business Plan or Statement of Affairs. Directors will go through the normal personal customers KYC process.	For registered Investment clubs, account opening will take 2 weeks as a name search is required to be done by the branch.
Groups that are not Registered	The following have to provide KYC documents: 1) Groups Officials: Chairman/Vice Chairman/Secretary and Treasurer. (Where applicable) 2) Signatories to the Bank Account (If different from above) Documentation required: ® Two passport size photos ® Identification documents showing Name, Date of Birth, Nationality etc. ® Proof of Address ® Constitution Constitution must detail the following; (1) Name of the investment Group (2) Group Officials: Chairman/Vice Chairman/Secretary and Treasurer. (Where applicable) (3) Objectives of the company/Nature of Business (4) Source of Funds e.g. contributions, grants, donations etc (5) Member Lists (6) Procedures on Appointment and removal of officials (7) Information on Who can bind the group (if applicable)	Signatories to provide KYC documents Documentation Required: - One coloured pp photo - National ID or valid Passport - Proof of residential address - Minutes Lifesyle benefits - Quarterly newsletters - diva events – workshops and investment forums - Yearly Diva trip - Discounts at selected outlets - Participation in social projects and programmes
8. What is a Constitution?	A set of rules and regulations that members have to adhere to