Member Dividend FAQs
When is dividend paid out?
The approved dividend for a financial year can be collected from any of our in-store members service/post offices following the approval by members of any recommendation to pay a dividend at the Annual Member Meetings held in May each year.
How do I withdraw my dividend?
Dividend can be collected at any Member Services counter.
You may be required to provide updated due diligence before you can collect your dividend which our Member Services team will be able to assist you with.
To avoid any delays, please take with you:
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Proof of address, no longer than 3 months old
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Current photo ID (in date)
When the account is joint, we require both holders to have provided these documents as well as completed a consignment mandate (either to sign form) if you wish to withdraw funds without the other holder being present.
What happens to the money in my A Share or B Share account?
As a member any funds held in either your A Share or B Share account may earn interest in line with published rates and any dividend not withdrawn is applied to your balance and earns interest again in line with published rates. You may also continue to purchase more withdrawable share capital in either Share account type up to our published limits.
As a member you can easily check your balance at any time using the member portal.
Members can also refer to our Membership Terms and Conditions for more information about our Share accounts.
What happens to any unclaimed dividend from previous years?
Previous years' dividend have already been paid to members in their share account and can be seen under 'Current Balance' in the member portal.
Estimated dividend is calculated throughout the financial year however may only be paid when CI Coop achieves net profits from all its activities. The Board will consider the financial results, recommend the payment of a dividend and the members then vote on the recommendation proposed. Our Member rules at Chapter 11, section 16 sets out how profits of CI Coop may be applied.
Where can I view my available balance?
In your Member Portal, your 'Current Balance' is available for you to withdraw. The 'Estimated Dividend Last Year' is subject to approval by The Board and members at the AMM in May.
What if I don’t want to accept the proposed dividend?
You will be asked to vote for the proposal at the AMM in May, to accept it or reject it. But rejecting it doesn’t mean a better offer will be made. The Board has to decide what your Coop can afford to pay, and the proposal will be the best they can offer in the financial and economic circumstances.
Who has the final say on the dividend?
Our Members own us and will vote to accept the proposed dividend at the AMM. The Board makes the ultimate decision about what is a sustainable level of dividend to propose based on commercial considerations.
Without the dividend, what’s the point of being a member?
Membership is so much more than the dividend. Being a member keeps your Coop in local ownership. There are more ways we thank our members for their loyalty. We do this through more and better price promotions, giving back real value and money in the pocket of our members every day. We are a major supporter of local charities and community causes and being a member means you are part of that philanthropy – you are indirectly giving back to your community.
Who can I speak to about this?
We have a dedicated Membership Team who will be happy to answer any additional questions or concerns you might have. Please get in touch with them by phone on 01534 879822 or 01481 231155 and ask to speak to our customer relations team or by email hello@channelislands.coop
