Frequently Asked Questions

1.What is a Credit Union?
A Credit Union is a co-operative financial institution owned and controlled by its members. Membership within a Credit Union is limited by its bond of association which can be as narrow as a single employer or as broad as a province’s population. In the case of Healthcare and Municipal Employees’ Credit Union’s bond primarily includes people working in healthcare and government and their families in Hamilton, Burlington, Brantford and surrounding communities. HOWEVER we welcome members of the general community as well and invite anyone who is interested in joining tour credit union to check us out!


2.What is the difference between a Credit Union and a bank?
Credit Unions offer similar services to those offered by banks including, chequing and savings accounts, loans, mortgages, lines of credit and investments but profits are either returned to the members or reinvested in the Credit Union to expand products, service and delivery options. Canada’s Chartered Banks on the other hand are publicly traded and their stocks are widely held. Banks are in business to create shareholder value often at the expense of customer service. Learn more about Canada’s credit union’s here http://www.cucentral.ca/credituniondifference


3.Who can become a member of HMECU?
Membership in HMECU is open to local healthcare and municipal employees and their families. Specifically those employed by any healthcare provider (including but not limited to hospitals) or municipal government in Hamilton, Burlington and Brantford and surrounding communities and their families are eligible for membership. HOWEVER we welcome members of the general community as well and invite anyone who is interested in joining tour credit union to check us out!


4.What does it cost to join HMECU?
In order to join the HMECU you will be required to purchase one membership share for $25. This share is your ownership stake in the Credit Union and allows you to participate in the Democratic governance of the Credit Union. Your membership share may grow over time based on the success of the Credit Union and is completely refundable including any dividends that are paid into if you choose to close your membership.


5.How do I join HMECU and open my accounts?
In order to join HMECU and to open your account you will need to visit any of our convenient branches. This will allow HMECU to complete all of the necessary documentation and collect the necessary identification to open your membership. Please bring at least 2 pieces of government photo identification, at least one with a photo. You can start the process by completing the application here.


6.What are your current loan, mortgage and deposit rates?
Our rates and specials are updated regularly to ensure that we are competitive within the market. Click here for our current rates and special offers.


7.What products and services do you offer?
HMECU offers a full range of retail financial services. This includes but is not limited to chequing and savings accounts, TFSA’s, personal loans, lines of credit, mortgages, Guaranteed Investment Certificates (GICs), safety deposit boxes, RESPs, RRSPs, RRIFs and financial planning services. Through our partners HMECU is able to offer Mutual Funds and Insurance solutions. The links on the left side of this page will help you to explore and understand the products and services that HMECU has to offer.


8.Is HMECU as safe and secure as a bank?
HMECU takes safety and security very seriously. In terms of our physical security HMECU follows industry best practices to minimize risk. Further, we put the highest priority on your privacy and the confidentiality of your personal information. We have strict standards in place and our privacy officer is specifically trained to address any concerns.
Deposits are insured up to $100,000 per account and RRSPs are insured up to $100,000 per plan through the Deposit Insurance Corporation of Ontario (DICO). For more information on DICO please visit www.dico.com..

9.How can I apply for a loan or mortgage?
Mortgage, loans and lines of credit can be applied for either on-line or at any of our convenient locations. To apply now simply click here and complete the application. An HMECU representative will contact you the next business day.


10.How do I order cheques for my HMECU account?
Cheques can be ordered either on-line or at any of our convenient locations. To order now simply click here and complete the application. Please advise if you wish to pick them up or have them mailed to your home.


11.What are your Branch and Transit numbers?
Branch # 828
Transit # 00412


12.What are Central Dues?
Central 1 is a trade and financial services provider for HMECU and approximately 175 other Ontario Credit Unions. As a member of Credit Union Central of Ontario HMECU pays for their service and in turn collects a nominal fee from members. Find out more about Central 1 http://www.central1.com/

13.What if I make a mistake paying my bills or making an ATM deposit?
For an error on a bill payment, please notify us as quickly as possible either by emailcunetcare@hmecu.com if outside of regular business hours or by calling 905-575-8888 during business hours. For an error on an ATM deposit, this will be adjusted when the envelopes are opened to verify the contents. This may be a few days after the deposit was made, depending on the ATM that you used. It is advisable to contact us to let us know about the error at either the phone number or email address above.


14.What do I do if I’ve lost my ATM Card?
Please report any lost or stolen ATM Cards as soon as possible. HMECU has a 24 hour hotline to report lost or stolen cards.(905-520-1146) You will need to visit one of our branches to have your card re-issued.


15.Where are your Branches and ATMs located?
HMECU has 5 branches and 14 ATMs located throughout Hamilton, Brantford and Burlington. For a complete list of Branch and ATM locations and hours of operation please click here.


16.What is a SuperMember account?
An HMECU SuperMember Account is one of the most feature rich and reasonably price packages available for your day-to-day banking needs. For a complete product overview and a comparison to similar packages offered by our competitors please click here.


17.What do I do if I suspect that I am the victim of Fraud?
If you suspect that you are a victim of fraud related to your HMECU accounts please contact HMECU immediately so that we can take all necessary precautions to minimize the risk to you. Our 24 hour hotline (905-520-1146) is available to help you any time and provide advice as to what your next steps should be.


18.How do I sign up for Internet Home Banking?
Please visit any of our branches and we will sign you up. You will be required to select an alias to use when you login


19. I have several accounts with HMECU. How do I differentiate between them?
EXPLANATION OF ACCOUNT NUMBERS (THE LAST DIGIT DENOTES THE TYPE OF ACCOUNT)

0 Daily Interest Savings
1 Chequing (PCA)
2 Business Account
5 FatCat (kids account)
8 Special Savings
9 Advantage "60"
10 U.S. Savings
14 TFSA
17 Investor Savings
19 Life Savings
28 Share Capital
33 Rate Riser GIC
34 TFSA GIC
35 Index Link TFSA
38 Index Link GIC
42 Index Link RSP
43 Rate Riser RSP
37 Term Deposit
40 RRSP
41 Locked-in RRSP
48 RRIF
51 1st Personal Loan
52 2nd Personal Loan
53 3rd Personal Loan
55 Student Loan
54 Line of Credit
58 First Personal Loan
59 Readvancable RSP Loan
61 Fixed Mortgage
63 CMHC Mortgage
64 Meritline
65 Second MeritLine
66 Variable Mortgage
67 Variable CMHC
71 First Mortgage
73 CMHC Mortgage
74 Locked In MeritLine
75 Second MeritLine
76 Variable Locked in MeritLine


What do the different transaction abbreviation codes on my statements mean?