SERVICES

REQUIREMENTS FOR PARTICIPATION

Since this is a closed Cooperative, our members can only be: all employees and retired employees of Banco Popular de Puerto Rico, Evertec and its subsidiaries, as well as those of its parent company, its subsidiaries and affiliates in Puerto Rico or other groups after the proper consult with the participants. Provided, however, that employees who at the date of reorganization of any subsidiary organized outside of Puerto Rico, could remain as members of the Cooperativa.

Each member must subscribe at least 12 annual shares (Required by Law).

Members can contribute a minimum of $5.00 biweekly or $10.00 monthly, up to $750.00 biweekly or $1,500.00 monthly, in your savings account.

Basically, for only a minimum of $20.00 monthly, you can be a member of the Cooperativa and receive all the benefits it offers.

OTHER ACCOUNTS

Among the options offered by the Cooperativa are the Taxes-Coop, Verano-Coop and Navi-Coop accounts. The current interest rate for these accounts is .75% of the monthly average balance.

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SCHOLARSHIP PROGRAM

The Cooperativa has a scholarship program for children of members in order to encourage higher education.

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DIVIDENDS ON SHARES

The acquisition of shares increases your capacity as member owner of the Cooperativa. All members must subscribe not less than twelve annual shares, which are acquired through payroll deduction. Every share has a par value of $10.00. According to the operational surplus of the Cooperativa, dividends are distributed annually proportional to the shares. As an additional incentive, members who have loans with the Cooperativa, also receive sponsorship in relation to interest paid by these loans. Both dividends and sponsorship are exempted by law.

On Tuesday, May 2, 2023, the distribution of the operational Surplus (Dividends and Sponsorship) corresponding to the closing of the fiscal period of December 31, 2021 was processed. The amount that was distributed was $214,113.00 in the proportion of 40% Dividends (On the Balance of the Shares) and 60% Sponsorship (Considering the Interest paid on the loans during 2021) to all active members until December 31, 2021. This proportion was approved by the Assembly of Delegates and approved by COSSEC to distribute to all members.

INTEREST

The primary purpose of our Cooperativa is to stimulate savings among its members. The percent of interest paid is unmatched in the market. The amount of money corresponding to such interest is distributed every three months, four times a year: at the end of March, June, September and December, of the average daily balance at the time of distribution.

These interests are exempted by law up to the amount of $100.00. If you have interests in excess of this amount, you can take advantage to the benefit of 10% which stipulates the law, if you notify the Cooperativa in a written document by April 15 each year, to carry out the discount and allow the payment to the Department of Treasury.

The amount you decide to save is deducted from the wage as a direct discount of the Payroll Department of the Our People Division. You can save up to a maximum of $500.00 bi-weekly, from a minimum of $5.00 (regular employees) or a maximum of $1,000.00 monthly, from a minimum of $10.00 (retirees).

The current interest rate for savings is:

• $.01 up to $49,999.99 1.25%
• $50,000.00 up to $99,999.99 1.50%
• $100,000.00 and up 1.75%

LOANS

We can get loans at an attractive interest and members that keep them, receive an annual incentive payment, known as patronage.

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INSURANCES

Our Cooperativa offers a Group Life Insurance with a cover of up to $45,000.00, with a contribution of $31.00 monthly. A cover of Cancer and Pernicious Diseases at a cost of $7.00 for a family cover and $4.00 for an individual cover. Also our Cooperativa provides free of charge to its members a credit insurance (for unsecured loans) and a Funeral Insurance.

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direct line

(787) 977-2202

TOLL FREE: 1 (800) 981-7202

COSSEC insure your shares and deposits up to $250,000. The Cooperativa de Ahorro y Crédito Rafael Carrión, Jr. is not insured by the Federal Government. The Federal Government doesn't secure or guarantee your money in this Institution.

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