About bank
The Metro South Cooperative Bank (MSCB) is a financial institution in the Philippines that offers banking services to its members. The MSCB, which has its main office in Makati City, provides a wide range of goods and services to support sustainable development for individuals, corporations, and cooperatives through collaboration.
The Metro South Cooperative Bank is the first cooperative bank in the national capital region (NCR). It was founded in 1997 by 34 cooperative stockholders. The bank stands out by offering cooperative and commercial banking services. MSCB is registered by the Cooperative Development Authority (CDA) as a cooperative and the Bangko Sentral ng Pilipinas as a rural bank.
MSCB has made great milestones in capitalization and membership over the years. The initial ₱ 33 million capital has grown to ₱587.3 million, while the current membership exceeds 800 cooperatives as of December 31, 2017. The bank embraces technology and innovation to reach a wider market and offer new opportunities to its customers by collaborating with the leading Fintech companies.
Features
MSCB is among the leading cooperative banks in the Philippines. It provides banking services to cooperatives, including lending and individuals. Credit lines, term loans, and consumer loan housing are the credit facilities the bank offers. Customers also access special loans and saving deposit services while member cooperatives earn interest on their regular savings.
Pros and cons
Interest on savings and free life insurance are perks offered by MSCB to its individual and corporate members. However, some disadvantages are associated with using the bank's products and services, which you should evaluate before opening an account. MSCB has the following advantages and disadvantages:
Pros
You need a low minimum maintenance balance of ₱1000 for individual savings deposits and ₱2000 for corporations.
Your regular savings account lets you access free life or accident insurance for up to ₱100,000.
You get a distribution of profits (patronage) refund when you take up a loan.
Your share capital earns you interest.
Cons
The bank has many requirements for membership, including CDA registration
The bank does not offer loans to new customers and corporations since they must have three years of audited financial statements to qualify.
Products and services
Account holders and member cooperatives can take advantage of various products and services offered by MSCB. Among them are:
Credit Facilities
MSCB credit facilities include:
Credit line
Term loan
Consumer loan housing
Auto loan
Salary loan
Teachers' loan
Small business loan
The fixed asset acquisition loan
Purchase of receivables with recourse
Purchase of receivables without recourse
Banana growers' loan
Back-to-back loan
Special loans
Metro South Cooperative Bank offers three special loans: Pautang Ni Kuya (big brother loan), Tanging Yaman, and Car-a-van home. You must be a member of MSCB to be eligible for any of these loans. To qualify for membership, you must be a registered, active, and a good standing member of CDA. You must also submit your Articles of Cooperation, Bylaws, and audited financial accounts. You must also deposit a minimum capital of ₱25,000, which is computed as 25 shares and a ₱1,000 one-time membership fee.
Saving deposit accounts
You can open a Regular saving account as an indicial, corporation, or cooperative. You need to maintain a minimum balance of ₱1000 and earn interest of ₱2000 as an individual. Corporations require a minimum amount of ₱5000 to maintain and generate interest, whereas cooperatives need ₱2000.