BENEFITS
Savings Benefits and Loans Benefits
Maximum Individual Coverage
- 1 – 6 months of age – 25% of savings.
- 6 months through 54 yrs – 100% of savings.
- 55 yrs through 59 yrs – 75% of savings.
- 60 yrs through 64 yrs – 50% of savings.
- 65 yrs through 69 yrs – 25% of savings.
- 70 yrs or older – 0% (no insurance)
- Free Life Savings Coverage (LS)
- Maximum Individual Coverage
A member would qualify for up to $20,000.00 due to accidental death once the maximum individual coverage savings of $10,000.00 has been accumulated through age 54 or on the savings benefits percentages as show above. The above Free Life Savings Coverage Benefit applies only for accumulated savings up to $10,000.00.
Free Loan Protection Coverage Scheme
Maximum Individual Coverage (LP)
Qualifying Member: $40,000.00
In the event of death, only one member shall be covered with respect to any one indebtedness. The liability of the credit union for any claim shall apply only to the member whose signature appear first upon the loan note as the maker thereof. The loan dies with the member for any amount within $40,000.00 up to age 79 (certain restrictions apply). No loan is covered after the age of 80 yrs.
Purposes of loans:
- medical
- housing
- vehicles
- vacation
- furniture
- business
- education
- agriculture
- micro-finance
- home appliances
- + Natural Death - $10,000.00
-
- 1 – 6 months of age – 25% of savings.
- 6 months through 54 yrs – 100% of savings.
- 55 yrs through 59 yrs – 75% of savings.
- 60 yrs through 64 yrs – 50% of savings.
- 65 yrs through 69 yrs – 25% of savings.
- 70 yrs or older – 0% (no insurance)
- Free Life Savings Coverage (LS)
- Maximum Individual Coverage
- + Accidental Death - $20,000.00
-
A member would qualify for up to $20,000.00 due to accidental death once the maximum individual coverage savings of $10,000.00 has been accumulated through age 54 or on the savings benefits percentages as show above. The above Free Life Savings Coverage Benefit applies only for accumulated savings up to $10,000.00.
- + Loans Benefits
-
Free Loan Protection Coverage Scheme
Maximum Individual Coverage (LP)
Qualifying Member: $40,000.00
In the event of death, only one member shall be covered with respect to any one indebtedness. The liability of the credit union for any claim shall apply only to the member whose signature appear first upon the loan note as the maker thereof. The loan dies with the member for any amount within $40,000.00 up to age 79 (certain restrictions apply). No loan is covered after the age of 80 yrs.
Purposes of loans:
- medical
- housing
- vehicles
- vacation
- furniture
- business
- education
- agriculture
- micro-finance
- home appliances
Life Saving Coverage
Free Life Savings Coverage (LS). Maximum Individual Coverage.
Natural Death – $10,000.00
- 1 – 6 months of age – 25% of savings.
- 6 months through 54 yrs – 100% of savings.
- 55 yrs through 59 yrs – 75% of savings.
- 60 yrs through 64 yrs – 50% of savings.
- 65 yrs through 69 yrs – 25% of savings.
- 70 yrs or older – 0% ( no insurance ).
Accidental Death – $20,000.00
A member would qualify for up to $20,000.00 due to accidental death once the maximum individual coverage savings of $10,000.00 has been accumulated through age 54 or on the savings benefits percentages as shown above. The above Free Life Savings Coverage Benefit applies only for accumulated savings up to $10,000.00
Loan Protection
Maximum Individual Coverage (LP)
Qualifying Member: $40,000.00
In the event of death, only one member shall be covered with respect to any one indebtedness. The liability of the credit union for any claim shall apply only to the member whose signature appear first upon the loan note as the maker thereof. The loan dies with member for any amount within $40,000.00 up to age 79 (certain restrictions apply). No loan is covered after the age of 80 years.
Purposes of loans: medical, housing, vehicles, vacation, furniture, business, education, agriculture, micro-finance, home appliances.
Womb to the tomb (Burial Insurance Scheme)
“What a golden opportunity to provide immediate financial assistance and family comfort whenever someone departs this life.”
The yearly cost of this benefit is $24.00 yearly. All Active members must maintain at all times a minimum share balance of $100 before and after fees are paid. Failure to comply will result in non-payment of benefits to beneficiaries upon death.
Members who disqualify themselves through non-compliance above will be reconsidered to rejoin and will be able to qualify for the benefit once the member re-deposits to increase the shares balance of $100 or more and as long as the $24.00 premium deduction is in effect. New members (after March 31st, 2003) who join on or their 50th birthday will only qualify for 50% of cash settlement. Upon proof of death of member, benefits will be cash settlement of $4,000 and members who are 50 years and older who joined after March 2003 will receive $2,000.
Benefits will be paid to beneficiaries as stated in the SFXCU’s membership card. If the appointed beneficiary is unable to show receipt for the payment of the funeral expense of the deceased member, then SFXCU shall refund the amount for the funeral expenses to any person who SFXCU decides in its sole discretion has paid such funeral expenses. Any fund remaining shall be paid to the beneficiary appointed by the deceased member or representative of the beneficiary or beneficiaries of the estate of the deceased member to be distributed among them in equal shares if the beneficiary appointed by the deceased member cannot be found.
During the first 12 months, all newly insured members will receive a benefit for accidental death. After 12 months expiration, members will be entitled to receive benefit for either natural or accidental death. Aids, suicide, natural disaster, nuclear war, terrorism; committing or attempting to commit a felony or crime; operating a motor vehicle while intoxicated or under the influence of any illegal drug; are EXCLUSIONS from this benefit.
In order to claim a Death benefit beneficiary should present the following: Death Certificate with hospital stamp, Social Security Id of deceased, Social Security Id of beneficiary and Passbook of deceased.
Student Micro Grant
Student Micro grant requirement must maintain a shares account of not less than $150 at all times. Students who have been promoted are eligible to apply must present a copy of letter of acceptance and receipt of payment of registration. Application must be submitted between July 1st and July 29th of present year. Application forms must be directed to the general manager. Deadline for application is July 29th of present year. No late application will be accepted.
Dividend/Rebate
Shares/Savings may earn between 1% and 8% annual dividend based on the profit made by the credit union after statutory funds and reserves are met. Therefore, dividend is posted into your shares. The minimum Quarterly Balances will be calculated for each quarter, and the lowest quarterly balance will be used to determine the Dividend Rate payable on the account.
FORMULA FOR MANUAL DIVIDEND CALCULATION
The dividend rate is the amount of dividends per share (minimum figure is $20.00) the credit union pays to their stockholders over a period of time during each fiscal year from April to March. Surplus income is returned to members in the form of dividend.
Example of Dividend Calculation:
A=Minimum balance from the beginning of each quarter to the end of the quarter. (1st Quarter = April, May, June).
B=Minimum balance from the beginning of each quarter to the end of the quarter. (2nd Quarter=July, August, September).
C=Minimum balance from the beginning of each quarter to the end of the quarter. (3rd Quarter=October, November, December).
D=Minimum balance from the beginning of each quarter to the end of the quarter. (4th Quarter=January, February, March).
Formula: A+B+C+D/4 Quarters X Dividend Rate (%) = Dividend Paid to Shares.
For example if we take Account No 1287 for John Doe.
A = 1st Quater = $1,501.28
B = 2nd Quarter = $1,541.18
C = 3rd Quarter = $1,551.14
D = 4th Quarter = $1,561.14
$1,501.28+$1,541.18+$1,551.14+$1,561.14 = $6,154.74/4 Quarters X .06 rate = $92.33 paid to shares.
Term Deposit
The credit union offers tax free interest rate on Fixed Deposits made for 6 months to 1 year.