IMPORTANT INFORMATION FOR OUR DIVIDEND CARD HOLDERS
You should have received a letter with your Dividend Card vouchers informing you of exciting changes to our Dividend Scheme.
As an existing Dividend Card Holder and a loyal customer of the Radstock Co-operative Society, you are now eligible to become a Society Member (subject to Society approval) entitling you to even more benefits as follows:
- Continued loyalty points on your spend on eligible purchases converted to a cash equivalent to redeem instore
- Eligible to attend the Annual General Meeting and vote on key decisions
- Eligible to vote in director elections and to stand to become a director subject to eligibility criteria
- Attendance at exclusive members events
- Eligible for members discounts on local suppliers and services and special offers
To become eligible for all the above, you need to have a minimum of £2 in a share account.So, we will automatically deduct £2 from your next dividend (towards the end of the year) and transfer it into a share account in your name. If you haven’t accrued the minimum £2 don’t worry we will ‘save’ your dividend until you reach the threshold.
In future, your Dividend will be available to redeem at the till point on production of your card. We won’t be mailing vouchers to you!
To make sure you don’t miss out on exciting developments and offers make sure you register your email address and mobile telephone number with us by completing the form downloadable from our website and mailing to firstname.lastname@example.org
* Terms & Conditions: Use of the Dividend card is acceptance of the terms and conditions. The amount invested in a share account is regarded as ‘risk capital’.
Frequently Asked Questions relating to changes to the
Membership Dividend Card May 2016
When will the deduction from my dividend be taken to open a share membership account (minimum required £2)?
The vouchers you receive in May 2016 will be the amount due to you according to your spend with the society from August 15 to February 16. The amount due to you in November 2016 will have £2 deducted from your total dividend in order to qualify you for full membership.
What if the total amount of dividend due to me is less than £2 in November?
We will hold the amount if less than £2 and deduct subsequent amounts from future Dividend payments until you have accumulated the minimum £2 to qualify you for membership. You can continue to use your dividend card on purchases in order to accumulate points.
What if I don't have sufficient points for £2 minimum investment but would like to become a full member now?
You can pay an amount in cash or by cheque (payable to Radstock Cooperative Society) and sending it to The Secretary, Radstock Co-operative Society, Co-operative House, 3 Wells Hill, Radstock BA3 3RQ together with an application form available in store or to download from our website at www.radstockcoop.co.uk.
When and how will I know if I am a confirmed Society member?
It is our intention to notify you at the till point on the day you make your first transaction after satisfying the qualifying criteria.
I don't want to become a member and don't want a deduction from my dividend.
Continued use of the dividend card is acceptance of the terms of membership. Your dividend card will be deactivated in the future if you fail to meet the qualifying criteria for membership eg hold a minimum of £2 in a share account.
Why are you making these changes and what's in it for me?
One of the founding principles of the cooperative model is that customers should benefit from a share of the profits according to the amount they spend. Another of our principles, is that members should be able to participate in the democratic processes eg director elections. We are going back to our roots and back to the founding principles of rewarding our loyal customers and giving them a say in the way the Society is run. Full members are eligible to vote, attend AGMs, attend exclusive members’ events, benefit from members discounts off local services and products, offers and even stand for election to become a director of the Society subject to satisfying the eligibility criteria.
I have more than one Dividend card registered to me. Do I need to do anything?
We need to combine the points from multiple cards but we can only do this if you provide us with the information. In this respect, we ask you to contact us by email at email@example.com. Providing your full contact details, email address, mobile number and the dividend card numbers of all the cards you hold.
Your letter states that in future we won't be receiving the vouchers by post. How will I get my dividend?
We are investing in technology which will allow us to communicate and engage with our members/customers on a much more proactive basis in order to tailor offers etc to individual customer’s preferences. This will mean that you will be able to redeem your accumulated dividend at the till point as your card will hold the information. It is important that we have your email address and mobile telephone number in order to let you know about key events and offers.
Will I receive a new card?
No, your current card will still work under the new system.
Will the changes now mean that I can accrue points and redeem money at any co-operative store?
No, we are proud of our independence and want to ensure that we protect the benefits of membership of our Society exclusively to our members only.
Once I become a full member, will I receive a share statement?
Share statements are available on request by contacting the Secretary, Radstock Co-operative Society, Co-operative House, 3 Wells Hill, Radstock BA3 3RQ or by emailing firstname.lastname@example.org
I’m a member of staff with a Dividend card but I am not a member.
As a member of staff you have a vested interest in the Society’s future and therefore we consider it highly appropriate for staff to be Society members. We will therefore we adopting the same practice of deducting the minimum £2 investment from your Dividend payment to convert you to membership.
Where can I get more information?