Shares

Your first step in becoming a member-owner of HRCU is to open a Shares account with a minimum deposit of $25.00 or more. Dividend is calculated on the minimum quarterly balances and paid annually on May 1st. A minimum balance of $25.00 must be maintained in order to receive dividend. An annual League Dues of $4.00 (effective 2010) is collected from the member’s Shares account on May 1st  after dividend has been paid.

To qualify for the Funeral Benefit, a member MUST maintain a minimum balance of $100.00 in the Shares account at all times. The member must make sure that the Shares balance is at least $128.00 to be able to pay the League Dues and Funeral Benefit premium on May 1st. Shares accounts earn an AGM approved (7.75% in 2009) dividend rate annually, credited to the account on May 1st following the Annual General Meeting(AGM) which is held in April.

Personal Checking Account (PCA)

Enjoy all the advantages of a Personal Checking Account once you have established membership and discover the convenience of HRCU’s PCA. Our PCA will fit your lifestyle and make life a lot easier for you. Members earn 4% interest annually on their minimum monthly PCA balance. Interest is paid monthly.

A minimum balance of $500.00 must be maintained on the account in order to earn interest. There are no charges for writing checks and as long as a minimum balance of $100.00 is kept in the account, there is no service fee. However, if the balance falls below $100.00 a monthly service charge of $3.00 will be charged.

 Overdraft Protection is also available on the PCA as long as the member remains in good standing. Funds can be automatically advanced to cover checks, either with payments automatically transferred from your Savings account or with an overdraft line of credit. Members can also order their own checks directly from HRCU.

Savings

HRCU offers a savings account that also earns dividends on the minimum quarterly balance. This dividend is also payable annually on May 1st following the AGM which is held in April. If you need more flexible access to your money, a savings account can be set up so you have access to your money through HRCU’s 24-hour ATMs. The Savings account does not qualify for the LS Benefit.

Special Deposit

Special Deposit accounts earn a higher interest rate and require a higher minimum balance. A Deposit account can be opened with a minimum balance of $100,000.00. Interest is paid to the account quarterly at the rate of 8 % annually. Funds can be withdrawn from the account at any time without notice or penalty.

Fixed Deposits

SAVE TODAY! Meet your financial goals of tomorrow while you earn higher interest rates – shop and compare and you’ll find that HRCU offers some of the best rates around. This is a single deposit account and the interest rate is fixed at the date of deposit for the term of the account.

Fixed deposits are available for 90, 180 or 360 days term with a minimum deposit of $1,000.00, or 24, 36 or 48 months term with a minimum deposit of $25,000.00.  The interest rates that are paid on the term deposits can help you realize your savings goals sooner.

A certificate is issued for the amount of the deposit showing the issue date, certificate number, member account number and names on the certificate, deposit amount, interest rate, term length, maturity date and total interest earned at maturity date.

Interest can be paid monthly, quarterly or at maturity depending on the term selected and can be paid to another account or roll-over to the principal balance. At maturity the term deposit can be automatically renewed for the same term at prevailing interest rate or transferred to a designated account.

Different terms are available and interest rates vary according to the balance and term selected. An early withdrawal penalty may be charged and a lower interest paid, if the term deposit is cashed before maturity. No interest will be paid if term deposit is cancelled before 90 days.

 Personal Loan

Secured Loans (pledged by Shares account) allow member-owners to continue earning dividends on their Shares account and get the money they need. Let HRCU help you with a low-interest Personal Loan to pay for new appliances, house repairs, education, medical or dental expenses, etc.

Whatever your need, we can help you finance it! As member-owners you have certainly contributed to HRCU’s success and you are encouraged to take full advantage of all the services your credit union has to offer.

Members may qualify for Unsecured Loans after they have been saving regularly at the credit union. Unsecured loans are based on the member’s character, capacity to repay back the loan, purpose of the loan has to be provident & productive, availability of collateral to be used as security and available co-makers to pledge for the member. Loans over shares balance will have to be secured by a mortgage and the member MUST maintain 10% of the loan balance in Shares!