Membership
Joining HRCU is easy!
With over 65 years of experience helping our members meet their financial needs and nearly 42,500 members strong, HRCU is ready to help you Own your future!
Becoming a member is easy. However, you cannot be a member of another local credit union as stipulated by the Laws of Belize. To get started, simply stop by our office to complete the membership application form and open a Shares account with a minimum deposit of $25.00. There is a nominal fee of $1.00 to join which includes the Entrance Fee (25 cents) and Passbook Fee (75 cents).
Two valid government issued Identifications (Driver’s License, Passport, Social Security Card, Voter’s ID Card, or Birth Certificate), one with the member’s signature need to be presented at the time the account is opened.
A minimum balance of $25.00 must be maintained at all times in order to enjoy the many benefits available to member-owners. The member is also required to pay an annual fee of $4.00 (effective 2010) for League Dues. The dues are automatically collected from each member’s Shares account at the time the Dividend is paid on May 1st. In order to enjoy all the benefits the member’s account must be kept up to date!
Member-Owners Benefits
Dividends on Shares and Savings – Dividends are paid annually on Shares and Savings on May 1st. Member-owners were paid an annual Dividend of 7.75 % on their Shares and Savings Accounts in 2009.
Loan Rebates – Loan Interest Rebate bonuses are paid annually at the rate of 10 % payable to all loans in good standing.
Burial Scheme Benefits - The Burial Scheme Benefits comprise both the Loan Protection and Life Savings (LP/LS) and the Funeral Benefits (FB). HRCU provides the LP/LS FREE of cost to its member-owners. The FB is provided at an annual cost of $24.00 to the member (or $48.00 for Joint Accounts).
| Loan Protection (LP): | Loans are covered up to $65,000.00 (including up to 6 months interest). |
| Life Savings (LS): | Life Savings are covered up to $15,000.00, coverage for money saved in the Shares account from the time the member joined depends on the member’s age at the time the member joined and the age at time of death. Money Saved From: Birth to 6 Months 25 % 6 Months to 55 Years 100 % 55 Years to 60 Years 75 % 60 Years to 65 Years 50 % 65 Years to 70 Years 25 % |
| Funeral Benefit (FB): | “From the Cradle to the Grave” benefit of $4,000.00 (coverage effective date: Jan 1, 2007) A minimum balance of $100.00 must be kept at all times, and a premium of $24.00 paid annually in order to be eligible for this benefit. |
Benefits under Loan Protection cease on the member’s 70th Birthday; even though the Loan may have been made before the member’s 70th birthday. Loans are covered for a period of 20 years only.
Money saved in the Shares account after the member’s 70th birthday receives no coverage Benefits, however the money saved before the member’s 70th birthday continues to receive coverage Benefits if not withdrawn.
Loans receive regular benefits, up to $65,000.00, but savings in the Shares account will double if death is by accident. Total and Permanent Disability claims on Loans are up to age 60.
To qualify for the Funeral Benefit, a member MUST maintain a minimum balance of $100.00 in the Shares account at all times. If the balance falls below $100.00 at any time during the year, the member will lose the Funeral Benefit until the balance is increased and the member will have to wait ONE YEAR to be eligible again for the Funeral Benefit. The member must make sure that there are enough funds to pay for the $24.00 premium every year.
HRCU’s Funeral Benefit program will assist your bereaved loved ones in their hour of greatest need. This special product is designed to provide immediate financial assistance whenever your family needs it most. The FB will give you “peace of mind” knowing that you have made final arrangements for that day which we all must face. Benefits under Funeral Benefit is only $2,000.00(50 %) if the member joined after January 1, 2007 and was over age 55 at that time.
Family Indemnity Plan (FIP) - The Family Indemnity Plan Insurance is offered through Cuna Mutual at a modest group rate.
Additional Benefits - Member-owners enjoy additional services of payroll deduction, collection services, check cashing, loan counseling, foreign exchange services, wire transfers through the banks HRCU does business with, account balance confirmation letters, and in-house J.P services all provided free to all member-owners.
