How a credit union works:

A credit union is a cooperative financial institution owned, operated, and controlled by the people who use its services. These people are the members who are also the owners of the credit union. Credit Unions are non-profit financial institutions, and exist to provide a safe, convenient place for members to "pool" their savings and lend to each other at affordable and attractive interest rates. Holy Redeemer Credit Union has been doing exactly this since May 1944.

Our members:

Holy Redeemer Credit Union began as a parish credit union serving the people of Holy Redeemer Parish. Eventually it became an "open-bond" credit union and like our sister credit unions serve the nation of Belize. Also, many of our members who migrated to the USA and other parts of the World still continue to conduct their business with HRCU.

How to become a member:

It is very easy to become a member of Holy Redeemer Credit Union. However, before you can do so you must first get another member, in good standing, to recommend you. Most importantly, you cannot be a member of another local credit union as stipulated by the Laws of Belize. The completed membership application form must be brought into the office along with $26.00 dollars to open the account - $1.00 for membership dues and $25.00 being the minimum balance necessary to become a member of HRCU.

Costs of membership:

There is a nominal membership fee of $1.00 to become a member of Holy Redeemer Credit Union. There is also an annual fee of $1.00 debited from each member's account at the time the Dividends are posted on May 1st. This is the only fee charged to each member to maintain membership in the credit union.

Benefits of membership:

Members of Holy Redeemer Credit Union are entitled to the benefits of its loan program at, if not the cheapest, one of the most attractive sources of borrowed funds in Belize. Members are also guaranteed an annual Dividend of 7.5%, special Interest of 8%, which are all very competitive rates in regards to other financial institutions. There is the Life Savings & Loan Protection coverage at no additional cost. The Family Indemnity Plan (FIP) Insurance at modest group rates is offered through Cuna Mutual. Holy Redeemer Credit Union has a dynamic Funeral Benefit program at a modest annual fee to each and every member regardless of age. Members are also afforded the additional services of payroll deduction, collection service, check cashing, loan counseling, foreign exchange services and wire transfers through the banks we do business with, account balance confirmation letters, and in-house J.P. services all provided at no direct costs to the member. However, the No.1 benefit of being a member of HRCU is that you are an owner of the credit union. You get to choose whosoever you want to be your officers during elections held at the AGM. This is the big difference between a credit union and a bank.