RHAND is the acronym for Red House and Neighbouring Departments and refers to the workplaces from which the first members came. The “Neighbouring Departments included Lands and Surveys Department, the Health Department and the Registrar General’s Department.
Frequently Asked Questions
How are the affairs of the credit union managed?
The Board of Directors has overall responsibility for the affairs of the Credit Union. However, a General Manager is appointed with the necessary delegated authority to manage the day-to-day operations and services provided by the staff. The Statutory Committees (Supervisory and Credit) also assist in providing oversight of the Credit Union’s affairs
What is the role of the Education Committee?
The Board of Directors appoints an Education Committee of at least five persons no later than three weeks following an AGM. The Committee functions as an advisory and planning Committee as it reviews the education and training needs of the membership and may from time to time make policy recommendations to the Board.
Can anyone apply for membership at RHAND?
Yes, provided that you meet either of the following criteria for membership:
- A person who holds a salaried position
- A self-employed person
- Spouses of members
- a child of a member who has attained the age of 10 years
What business does RHAND perform for its members?
Like all credit unions RHAND provides its membership with loans and deposits at competitive interest rates. We do go a bit further by also offering a range of other products and services that complement our business arrangement with the membership. These include our LinCU Card service, Time Deposits, Group Health Insurance and Scholarships.
How can I join?
Joining is easy as 1, 2,3. If you fall within any of the categories, you are eligible to join RHAND
- A Person who holds a salaried position
- A self-employed person
- Spouses of members
- A child of a member who has attained the age of 10 years.
Membership application forms can be collected at any of our offices or downloaded from our website www.rhand.org.tt.
Just submit a completed application form together with the required supporting documents, and when your application is approved you will be contacted to visit an office to activate your account and receive a welcome package.
What benefits await me when I join the RHAND Family?
FINANCIAL PRODUCTS AND SERVICES
As a member of RHAND you automatically receive access to a Share Savings account which is credited with one share ($5.00 per share). Members are required to purchase at least twelve shares annually to maintain active financial status, that is, to maintain access to the products, services and events of the Credit Union.
This account typically serves as your long-term savings and the benefits include:
- Access to loans based on multiples of your share savings
- Annual dividends are payable on shareholdings as determined at the Annual General Meetings
- Free life savings insurance on shareholdings
Deposit Savings Account
A Deposit Savings account also becomes accessible upon becoming a member. Funds placed in this account are typically used for short term savings and day to day access/use. Interest is paid quarterly on this account.
The Flex Deposit is a time deposit account which can be opened with a little as $1,000. This product offers competitive interest rates, coupled with the flexibility of choosing the term of the investment and the frequency for receiving your interest payments. It is a great investment option for the medium to long term goals.
Loans for any purpose are currently accessible to members at competitive interest rates with repayment calculated on the reducing monthly balances.
Choosing to borrow from RHAND means:
- Flexible repayment terms
- No frustrating fees
- Free life insurance coverage on loan balances
NON-FINANCIAL PRODUCTS AND SERVICES
Secondary Entrance Assessment (S.E.A)
RHAND Scholarships continue to sow seeds of academic excellence and discipline, ensuring our youth are ready to take on the world by building strong pillars of success. RHAND offers scholarships to the children of members. Each year a total of eighteen, five (5)-year scholarships are granted to members children who were successful in their exams based on the following categories:
- Merit- 10
- Merit & Need – 8
May Cherrie Honour award
RHAND in memory of one of its founding members ‘May Cherrie’ has partnered with the Early Childhood Centre of the St. Martin’s Welfare Association since 2012, a group with which she was passionately involved. Three (3) scholarships are awarded annually to their students based on select criteria including parental interest & involvement.
Membership Skills Development Programme
The Membership Skills Development Programme was borne out of the co-operative philosophy of providing education and training for members.
These programmes run annually and serve two main objectives:
- Assisting in Human Development (Skills and Professional Improvement) and
- Equipping members with tools to generate additional income
How can I get Involved?
RHAND is on a continuous path of improvement and evolution and as such is always looking for new and innovative ideas that can differentiate the Credit Union form the rest. If you have that vison, passion and drive for excellence then RHAND would welcome your contributions.
Become involved in the management process through the Board of Directors, Statutory Committees or one of several Board-appointed Committees.
Interested? If you wish to serve at the level of the Board or Statutory committees, please submit your resume to the Nominations Committee. This Committee is responsible for reviewing all submissions (normally in the month of October-December) for best fit and preparing selected candidates for presentation to the membership for election at the Annual General Meeting.
To serve on one of the Board-appointed Committees then contact the Secretary, Board of Directors via email or letter outlining your areas of competence and interest. We will be happy to hear from you.
Become a President’s Club Member
This club, previously referred to as the Liaison Officer System, serves to provide a personable and direct link between our members and the Credit Union’s products, services and activities. Club members are trained to serve as RHAND ambassadors at their workplace and responsibilities include:
- distribution of promotional materials, newsletters, etc.
- solicits suggestions for improvements and other feedback from members, and conveys this information to Credit Union
- assist in the co-ordination of presentations at your workplace
- attendance at training seminars, workshops, and team meetings
- attendance at annual and special general meetings
- providing support at major RHAND functions
If you are interested contact our Marketing and Member Relations Department via email or letter outlining the name and address of your place of work and the approximate number of RHAND members (if any) that are based there.
How do I reactivate my dormant account?
The requirements for reactivation are as follows:
a. Utility Bill – no older than 3 months
b. 2 forms of Valid ID
c. Job letter if employment has changed (pay slip also accepted)
d. Purchase of $5.00 in RHAND shares
e. Continued minimum share purchase of at least $5.00 per month to maintain the account as “active” or a payment of $60.00 yearly
When a member dies what happens with the account?
In accordance with the Co-Operative Societies Act 81:03 “A society shall subject to section 30 and unless prevented by order of a Court of competent jurisdiction pay to such nominee or legal personal representative, as the case may be, a sum not exceeding fifty thousand dollars ($50,000.00) due to the deceased member from the society. All other moneys due to the deceased member from the society shall fall into his estate and be subject in all respects to the laws relating to inheritance including the requirement to pay estate duty”.
What is a Nominee?
In the event of death, the nominated person identified in the Membership Application Form, or Nomination of Beneficiary Form, completed by the member will receive the sum of Fifty Thousand Dollars ($50,000.00) from the member’s share account by law.
Can a member change their beneficiary at any time while alive?
Yes they can, by completing the change of Beneficiary Form
Can I retain membership after Retirement?
Yes, your membership is a lifetime benefit. It also affords you the ability to participate in events and trips coordinated by our Retirees’ Group.
How can payments be made to my account after retirement?
Members can retain membership after retirement by depositing a minimum of $60.00 to shares annually (to maintain an ’active’ status). The deposits can be accomplished via:
- standing order from your commercial bank
- monthly transfer from your RHAND deposit savings account to your share savings and various obligations
- or direct deposits at any of our locations
Experience the RHAND Credit Union difference with excellent options tailored for every stage of your life, the conveniences you expect, and local, personalized service.