It’s all about the dividend
Dividend has been approved by Members at our annual meeting of members (AMM) and is now available to withdraw by shareholders.
With all this talk on dividend, you might be asking yourself, what’s the big deal with divi, anyway? Let us help to debunk any divi myths and help you understand your options.
What is dividend?
First, the basics. What even is dividend? Simply put, dividend (or ‘divi’ as we affectionately call it) is your financial share in the business.
By being a member of CI Coop, you are a shareholder and your shares come in the form of dividend. You enrol to your share when you join the Coop, by paying (at minimum) £1 to open a Share account. You can then use your Share number to grow your share in the business. The more you spend, the more dividend you collect.
What should I do with my dividend?
This is the best thing about dividend: you can pretty much choose what you would like to do with your divi.
This dividend is yours to keep and will always be available to you to withdraw whenever you need it, be it in five months or five years’ time. Alternatively, you might wish to leave it in your Share account and let it grow.
You can add to it at any time by visiting one of our financial services counters or withdraw some of your divi. As long as you have the minimum of £1 in your Share account, you will continue to be a member of your Channel Islands Coop.
Visiting the financial services counter
If you wish to pay in or withdraw funds, or make any changes to your account, we strongly recommend doing the following:
Visit us at one of our financial services counters.
Nothing beats talking things through face-to-face. Visiting our financial service counters (our in-store post offices) means that we can help with any queries or issues you may have as clearly and effectively than over the phone or email.
Make sure you have your ID
Whether you see us once a year at dividend payout, or see us every week, we always recommend having your identification and proof of address with you when you visit us. These include:
- Proof of identity
Any one of the following:
- current valid passport
- current valid driving licence (if it contains your photograph)
- current national identity card
- birth certificate (if supported by other evidence of identity)
- a current identity card issued by the armed forces
- Proof of address
Any one of the following, dated within three months:
- an original utility bill
- an original letter from the States of Guernsey or Jersey
- current valid driving licence (if it contains your address)
- an original bank or credit card letter or statement
We ask for proof of ID and proof of address so that we can ensure we are speaking with the correct person when dealing with your account.
It adds a level of security and protection that we are obliged to provide when operating with financial accounts, especially yours.
Check that your membership details are up to date
A few years ago, we went through the process of re-validating shareholder’s accounts. We did this so that we could update our computer systems and security, plus update our own records for our membership team.
Every so often, we ask our members to take a moment to pop in to any one of our financial services counters and make sure their membership details are current and correct. It’s why we also recommend bringing the proof of ID and proof of address to make this process as seamless and as simple as possible.
Failure to have a valid membership and produce essential ID documents may result in your dividend being withheld.
What’s with all the questions?
Your account may be validated and up-to-date, and you have all of your important documents with you, so what’s with the questions from the colleagues at the counter?
The questions are not intended to scare or pressure you. In fact, quite the opposite.
Security, has and always will be, a top priority for us. Therefore, please do not be offended if we ask a few extra questions to make sure that this is your account and your are the account holder. We pride ourselves on our commitment to security and regulations.
True or false: Having dividend in a Share account is like a bank account?
Not entirely true. Your Share account is not a bank account and Channel Islands Coop do not operate as a bank. We are financially regulated by the JFSC and registered with the GFSC but, we are not a bank and, as such, not regulated under the Banking Business (Jersey) Law 1991 or the Banking Supervision (Bailiwick of Guernsey) Law, 1994 respectively. It is not part of the Jersey Bank Depositors Compensation Scheme or Guernsey Banking Deposit Compensation Scheme.
It also means that there are certain terms and conditions which as a member you must agree to follow, such as, the cash transaction limit of £500 per calendar month across all share account types in aggregate.
You can read more about these terms and conditions in full, any time, on our website.
Requesting your dividend by cheque
Although we prefer to meet you face-to-face, we know that this is not always possible for everyone. Therefore, you can if you wish, request your dividend by cheque.
You can pre-order the value of this year's dividend by cheque (this won't include any loyalty bonus or any previous paid dividend) through our Member Portal. If you don’t already have access, you can register by clicking here.
Please allow up to 10 working days to receive your cheque from the payout date.