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FAQs
What is the value of a share at the credit union?
The value of a share is $5.00
Are my shares insured?
Your share savings are not insured for loss associated with any threat of financial failure. Our stringent and robust institutional capital reserves requirement protects all our members from the occurrence of such an event. (refer to our Annual Reports online)
However, your share savings are covered by free life insurance in the event of your untimely passing. In such circumstances, a multiple of your share savings up to a value of $35,000 (not exceeding $35,000.00) is paid subject to the underwriting review by CUNA.
When are dividends paid?
Annual dividends are payable on shareholdings as determined at the Annual General Meetings. Dividends are paid within 2 working days after the Annual General Meeting.
Loans
How much am I eligible to borrow if I wish to take out a loan?
Depending on the loan purpose, your eligibility is primarily limited by your income (validated) and financial circumstances. The size of a loan is directly pegged to the calculated monthly payment. Your monthly payment, when added to any other credit commitments (including any rental payments) should not exceed 55% of your gross income (amount before any deductions). This is referred to as your Debt Servicing Ratio (DSR).
Other typical lending criteria that will also affect how much you can borrow include (but is not limited to):
- Collateral – up to 3 times of the first $50,000 of your share savings is treated as collateral coverage for your loan. Motor vehicles, real property and other types of investments/deposits can also be used as collateral.
- Character – this refers to your repayment history of loans and other bills and is assessed primarily through your credit rating or credit score. Your loan payments should always be your priority on a monthly basis!
- Capacity – This was discussed earlier in terms of DSR. However, capacity also refers to the stability of your income source over the life of the loan.
Who are eligible to apply for a loan?
All members are eligible once in good standing, even those who have retired, once the necessary criteria can be met. Being in ‘good standing’ means that you have been saving regularly to your shares and do not owe on any of your member facilities (loan payments, insurance premiums, programme fees, etc)
What are the types of documents needed when applying for a loan?
The following are the basic documents required when submitting your completed loan application form:
- Valid form of personal identification, either your National ID, Driver’s Permit or Passport (2 forms if none is yet on file)
- Recent Utility Bill (Must be in member’s name and not older than 3 months)
- Evidence of Income (Recent payslip/Pension Statement/Bank Statement for the last 12 months/ Rental Agreements)
* Job Letter or business registration details may be required is not already on file or your source of income has changed
*Where you operate as a Sole Trader or Partnership, evidence of annual operating expenditure will be required - Supporting documentation (evidence of event) is required for all loan purposes e.g. Booklist, Estimate, Quotation, Invoice, Sale Agreement
How soon after joining can a member access a loan?
It is preferred that a member builds a relationship with the Credit Union (meaning starting a consistent saving/deposit pattern) before applying for a loan. However, consideration is given to immediate access on a case by case basis.
How long after taking a loan can I borrow again?
There is no limit on the frequency of borrowing funds. However, doing so too regularly (from anywhere) is not a financially healthy practice and it is discouraged. Should such a need arise, the application would be assessed on a case by case basis and on its own merit.
FlexDeposit
What is the RHAND FlexDeposit?
The FlexDeposit is one of our premier financial products. It is a time deposit, but without the rigidity associated with similar type savings. It offers one of the most competitive interest rates for similar type deposits locally. This deposit account allows members to access/withdraw and make deposits at any time without penalty.
Can the FlexDeposit be used as collateral for a loan?
Yes, the FlexDeposit can be used as security for a loan at RHAND or at any other financial institution.
Can withdrawals be made from the Flex Deposit account?
Yes, withdrawals can be made from this account. However, a 50% fee – 50% of the interest that has accrued to date – will be applied. Additionally, your interest rate will be subject to change if the withdrawal moves the account balance to another investment band.
Rhand Group Health Plan
What does the RHAND Group Health Plan cover?
The Plan covers medical, dental, and vision vision at a maximum benefit of $1,500,000 with a three-year renewable period.
Can anyone join the RHAND Group Health Plan
You must be a member in good standing in order to be eligible to apply for coverage under this Plan.
Do I need to do a medical to join this plan?
Effective July 01, 2022, new enrollments aged 50 and over must have both parts of the GHP Statement completed by a medical practitioner.
For all other cases, it may be requested on a case-by-case basis based on the information provided on the enrollment form.
Conditions may differ for new enrollments with Pre-Existing conditions.
What is a Pre-Existing Condition?
A pre-existing condition is a condition resulting from illness or injury for which a Covered Insured has received a diagnosis, consultation, medical treatment, or drug prescription prior to the effective date of the policy or date coverage was effective; OR for which a symptom and/or sign of illness, if presented to a physician prior to the effective date of the policy would have resulted in the diagnosis of an illness or medical condition whether or not the patient was aware of the condition.
Who can I list as a dependent?
A dependent includes your spouse (common-law included) and children (step, legally adopted + incapacitated over the age of 25 years included). Children are covered without exception up to age 19. Between the ages of 19 and 25 children can continue coverage; however, they must be in school full-time as evidenced by a letter from the respective institution at the start of each academic year.
What is the deductible?
The deductible is the amount of eligible expenses for which no benefits are payable per calendar year. The deductible is carried over to the following year if paid within the last 3 months of the current year. Under the RGHP this deductible is:
65 years and under
Individual: $750
Family: $1,500
66 to 99
Individual: $1,000
Family: $2,000
When are my monthly premiums due?
Premiums are due on the first day of each month.
Do I get a swipe card?
This plan does not carry a swipe card option. However, members will receive a member card which can be presented at:
- Any listed pharmacy when purchasing eligible prescriptions where they will only pay 20-25% of the cost.
- Any listed medical institution when completing any eligible service where they will only pay their part of the cost
A list of the available providers/institutions can be accessed here. To access reimbursements outside of the provider network, members must submit a completed claim form and original supporting documents to their Branch of choice or via email to ghpclaims@rhand.org.tt.
How do I make a claim?
To make a claim, you will need to submit a completed and signed Health Claim Form, and original supporting documents. Claims can be submitted in-person at any one of our branches or emailed to ghpclaims@rhand.org.tt
Please note that the form must include the attending physician’s/doctor’s signature.
How long would it take to get reimbursed from the time a claim is submitted to RHAND?
Provided the claim is covered under the RGHP it is estimated to take 6-8 Weeks.
How can I view an explanation of my reimbursement?
An explanation of your reimbursement can be viewed using your online account access.
Detailed instructions to access this can be found here.
What is Co-ordination of Benefits (COB)?
When an individual is covered under more than one health plan and is able to claim for the expenses incurred from both plans, the benefits under this policy will be reduced to an amount which when added to the benefit of the other plan will equal 100% of medical expenses incurred.
The following will determine which plan will pay first:
- The plan covering the insured as an employee;
- The plan covering the insured as a Dependent of a Male employee; and
- If the above do not establish an order of priority, the plan which has covered the insured for the longer period of time pays the benefits first.
What is Pre-Certification?
Pre-certification is a notification of anticipated or schedule medical services that is required in advance of the actual medical treatment. BEACON upon request by the Provider, issues a pre-approval letter stating whether the anticipated service is eligible for coverage and the level of charges that would be reimbursed from the health plan.
To access, a letter from the treating Physician or Medical facility with an itemization of the charges and the type of treatment/procedure recommended or scheduled must be sent to your RHAND plan administrator, who in turn will send to GENESIS.
What are Exclusions and Limitations?
Exclusions and Limitations refer to services, equipment, procedures and types of treatment that are not covered under the plan. These are listed in the policy contract.
What is Usual, Customary & Reasonable (UCR)?
UCR means the charge or fee determined by the Company to be the general rate charged by others who render or furnish such treatments, services or supplies to persons whose injuries or illnesses are comparable in nature and severity.
The Company will consider such factors as; complexity; degree of skill needed, type of specialist required, and the range of services or supplies provided by the facility. For example, if a doctor charges $3,000 for a surgical procedure and the usual fee for the procedure is $2000 then the plan will reimburse you based on the charge of $2000 and applicable co-insurance will apply.
How do I request a cancellation?
You can request a cancellation by submitting a written request or by completing the GHP Change Form available at any of our offices.
The completed request (written or form) can be submitted along with a copy of your ID in one of the following ways:
- In-person at any RHAND office.
- By email to memberrelations@rhand.org.tt
Rhand Internet Banking / Online Acccess
Why should I sign up for online access?
To view your account balances real time in a safe and secure platform using a user-friendly interface.
How do I sign up for RHAND’s Internet Banking?
To sign up for RHAND’s Internet Banking you can access https://www.mobicint.net/rcu/userEnrollment
Can I transfer from my Shares?
No, you cannot transfer from your shares, only from your deposits.
How soon would my transactions appear online?
All Transaction information is real-time and are reflected immediately.
If I forgot my password, what do I do to reactivate my online access?
On the home screen of the website, click forgot password, which would give you a temporary password. CHECK YOU EMAIL FOR PASSWORD.
Active Card
What is the LinCU Active card?
The LinCU Active Card is an internationally cobranded prepaid MasterCard (prepaid debit card), specially created for the local Credit Union movement, which allows members to access their funds globally.
How can I apply for the LinCU Active Card?
To apply for the LinCU Active card you will need:
- 2 valid forms of identification;
- Utility bill showing proof of residential address;
- Source of income (pay slip or job letter).
Please note that:
- The source of income and proof of address should not be older than 3 months.
- If the utility bill is not in your name then we will need a letter of authorization and valid ID from the bill account holder. if you have an FCB account we will need the CIF number as well for that account.
- The cost of the card is $200.00.
- In line with international standards, the LinCU MasterCard Prepaid applies Authorization Holds in certain situations. Detailed information is provided at www.lincultd.com. Please note that authorization holds are subject to change by First Citizens Bank from time to time.
How do I load my LinCU Active card?
Funds can be upload to the LinCU Active card in any of the following ways:
- Salary Deductions/Standing Orders from your commercial bank to your RHAND account.
- Monthly transfers from your RHAND Deposit Account.
- Over the counter deposits at any one of our locations.
- Online transfers to the LinCU account suffix using RHAND Internet Banking.
- Online transfers from your First Citizens Bank Account.
What is the maximum amount I can load on the card?
You are allowed to load a maximum of TT$30,000.00 daily.
Where can I use the LinCU Active Card?
The card can be used at ATMs, point on sale and online both locally and internationally.
What are the withdrawal limits?
The total available spend is TTD $10,000.00 per day. This represents a total of both ATM withdrawals and Point Of Sale transactions.
N.B. The maximum ATM withdrawal is TT$6,000.00 per day. This can be achieved through two (2) withdrawals per day up to a maximum of TT$3,000.00 each.
The monthly foreign exchange limit is equivalent to US$100.00.
How do I check my card balance?
You can check your balance at an ATM or through First Citizens Online Banking.
Are there any charges associated with the card?
Yes, the charges are as follows:
- Card cost: $200.00 ($100.00 card cost + $100.00 initial upload)
- Annual Fee: $100.00
- Load Fee: 1.15% of the load value
- Local ATMs: $7.00
- International ATMs: $15.00
- Point of Sale: Free; locally and internationally
Membership FAQs
What does RHAND mean?
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.
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
Share Savings
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.
Flex Deposits
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
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
Scholarships
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
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
AGM FAQs
General
When is AGM held?
The Annual General Meeting of RHAND Credit Union Co-operative Society Limited usually occurs in April, unless specified otherwise.
Who can attend the AGM?
All members are eligible to attend the Annual General Meeting (AGM).
Where will the AGM be held?
The AGM adopts a hybrid format, allowing members to participate either virtually via a secure Zoom Meeting link or in person at venues in Trinidad and Tobago. To participate, members must register by the specified deadline. Please note that in-person attendance is subject to the stipulated seating capacity, and registration will close once this capacity is reached.
What is needed to attend the AGM?
To ensure smooth attendance at the AGM, members should prepare as follows:
Virtual Attendance:
- Ensure stable internet access.
- Have an internet-enabled device (smartphone, tablet, desktop, or laptop) with functional speakers and a microphone (camera optional).
- Provide an active email address.
- Choose a quiet environment for logging in.
In-person Attendance:
- Walk with one valid form of identification (Driver’s Permit, ID card, or Passport).
How long will the meeting last?
AGMs are scheduled to run for between 2 and 2.5 hours.
How long will the meeting last?
AGMs are scheduled to run for between 2 and 2.5 hours.
How soon after the AGM will dividends be paid?
Dividends are paid within 2 working days after the AGM.
Preregistration
How to preregister?
Preregistration options include:
- Visiting the AGM webpage.
- Calling 62-RHAND (627-4263) ext. 1271 -3 during regular business hours, where you’ll be prompted to provide responses to the personal information by a RHAND team member.
- Sending an email to agm@rhand.org.tt with your account number, full name, cell contact, date of birth and ID number (passport, driver’s permit, or national ID)
- Registering in-person at any RHAND office.
Who needs to preregister?
Every member wishing to attend the Annual General Meeting.
What happens after preregistration has been completed?
Upon verification of the provided information, you’ll be officially preregistered for the meeting. During the week of the meeting, all preregistered members will receive an email with a Unique Meeting ID required for participation and instructions on how to join. Please ensure the confidentiality of your Unique Meeting ID and refrain from sharing it.
How do I know if my form has been submitted successfully?
After submitting the online form and clicking the ‘register’ button, you should receive an email at the address provided on the preregistration form. Please check your email inbox, including the ‘Junk’ or ‘Spam’ folders, or the Promotions Tab for Gmail users, if necessary.
Technical
What if I am having trouble accessing the meeting virtually?
To connect to the meeting, ensure access to a stable WIFI or wired internet connection. If you encounter technical difficulties, RHAND will provide assistance through a help desk set up on the day of the meeting. You can access this assistance via provided phone numbers or through the chat feature on our website.
Become a member
