WaSoBia Frequently Asked Questions (FAQ)
FAQS
What sort of Investment club is this? This is a club for Savings and Loans. We encourage members to save towards a project every two weeks, based on their paychecks.
How do you meet? We meet online once a month.
What are the qualifications for membership? You must be a resident of the United States. You must be at least 18 years old. You must have a job/or be self-employed, and pay the $100 fee. You can join or exit anytime.
In this club a pyramid scheme? NO. A pyramid scheme is an arrangement where your success depends on the number of people you recruit into an organization. WaSoBia is not a pyramid scheme because your success depends basically on your participation and savings. You only get the money you saved.
What happens to the money I contribute? Your registration fee is non-refundable. Your contributions (Esusu/Ajo) will be returned to you at the end of the cycle, which is six months.
Is there a monthly fee? No. However, you must add $3.5 to each contribution as processing fees.
What is the legal arrangement of the club? The Club will be structured as an LLC. Your $100 registration/membership fee will go towards your your share ownership in the business and is refundable upon cessation of membership.