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   Shares

Your first step in becoming a member-owner of HRCU is to open a Shares account with a minimum deposit of $35.00 or more. Dividend is calculated on the minimum quarterly balances and paid annually on May 31st. 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 31st 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 ($134.00/$164.00 if joint account) to be able to pay the League Dues ($4.00) and Funeral Benefit premium ($30.00/$60.00 if joint account) on May 31st. Shares accounts earn an AGM approved (6.00/3.50% in 2020) dividend rate annually, credited to the account on May 31st following the Annual General Meeting(AGM) which is held each year on the last Saturday of May.

Online Account Access provides 24-hours internet access to all your credit union Accounts. You can get balance information, view account history, and view your daily account activity, without having to wait to see your statement. Enroll today.

   Savings Accounts

HRCU offers a saving account that also earns dividends on the minimum quarterly balance. This dividend is also payable annually on May 31st following the AGM which is held in April. If you need more flexible access to your money, a savings account can be setup so you have access to your money through HRCU’s 24-hour ATMs and NetworkOne ATMs. The Savings account does not qualify for the LS Benefit. Credit Union and H.B.L. / ATM Locator and POS Merchants List.

   Checking Accounts

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 by HRCU 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. If checks issued are not deposited to HRCU or at Heritage Bank there will be a charge for the check to go through the Automated Payment System and the applicable charge will be taken out of your PCA account.

 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. The checking account can be setup so you have access to your money through HRCU 24-hour ATMs and NetworkOne ATMs. Members can also order their own checks directly from HRCU. Credit Union and H.B.L. / ATM Locator and POS Merchants List.

   Special Deposit Accounts

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 5.00 % annually on the minimum quarterly balance. Interest rates are subject to change without notice, and HRCU reserves the right to terminate or suspend the special deposit account offer at any time.

Fixed deposits are also available for 90, 180 or 360 days term with a minimum deposit of $1,000.00, or 24 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. Interest rates are subject to change without notice, and HRCU reserves the right to terminate or suspend the special deposit account offer at any time.

   Personal Loans

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. For your convenience, use the Loan Calculator to determine the loan payment that you can afford.

New members-owners would qualify for loans after six months of membership during which time there should be regular activity on the account. The following documents would typically be needed in order to apply for a personal loan.
  Valid Social Security Card
  Recent proof of residence (utility bill)
  Verification note and ID of the bill holder if bill is not in member's name
  Recent Employment, Income information and most recent Payslip
  Estimate or invoice for loan purpose
  Full salary assignment or pay sheet deduction

   Home Mortgage Loans

Find the home you want and HRCU will help you finance it and become a homeowner. Whether you are building your home, or considering home improvements, HRCU can help you turn your dream home a reality. Rates are very attractive for qualified members who have been saving regularly at HRCU. Home Mortgage Loans eligibility is based on member's reliable source of income and a debt-to-income ratio that falls within permissible guidelines. For your convenience, use the Loan Calculator to determine the mortgage payment that you can afford.

In addition to the requirements for "Personal Loans", the member will also need to provide the following documents.
  Equity in the form of savings on the shares account (10% of loan amount)
  Copy of land title (once loan is approved, original to be submitted with zero balance tax statement)
  Recent appraisal (dated within TWO years) from a certified appraiser
  Building schedule (with estimates for cost of construction including material and labour cost)
  All business accounts MUST be updated with your business certificate or trade licence certificate and you must present your latest tax return.
  Bank account statements must also be presented.

   Mortgage Secured Loans

Use your property as security to increase your borrowing limit. Whatever your need, we can help you finance it! As member-owners you are encouraged to take full advantage of all the services your credit union has to offer. Members may qualify for an increased borrowing limit with a fully secured Loan using their property as security at an attractive rate. For your convenience, use the Loan Calculator to determine the mortgage payment that you can afford.

In addition to the requirements for "Personal Loans", the member will also need to provide the following documents.
  Equity in the form of savings on the shares account (10% of loan amount)
  Copy of land title (once loan is approved, original to be submitted with zero balance tax statement)
  Recent appraisal (dated within TWO years) from a certified appraiser
  Building schedule (with estimates for cost of construction including material and labour cost)
  All business accounts MUST be updated with your business certificate or trade licence certificate and you must present your latest tax return.
  Bank account statements must also be presented.

   ATM/Debit Cards

ATM Cash Cards are available to members for free access to withdraw money from their checking and savings account at HRCU's 24-hour Business Center. Members have the convenience of accessing their checking and savings account at HRCU ATMs and ATMs hooked up to NetworkOne, an ATM Network we share with sister credit unions and Heritage Bank. There is a fee of $0.50 per transaction when using non-HRCU ATM. In addition, the ATM Card is also a Debit card and is accepted for payments at many participating stores countrywide that have Heritage Bank POS Devices. Additional cards are also available to family members or spouses and each card can be personalized with its own withdrawal limits. Money can also be transferred between member's checking and savings account at the ATM. Credit Union and H.B.L. / ATM Locator and POS Merchants List.