- A member is required to deposit non- refundable registration fees of $150 CAD and thereafter a membership account will be opened. This amount will be treated as initial capital for the funeral services fund.
- Membership account (Wallet), once created, will only be activated when an agreed minimum amount of $100 CAD is deposited to member individual account.
- Member will be responsible to ensure at any time during his/her membership period, is keeping required minimum balance, however, any amount above the minimum balance will be accepted and allocated to his/her account as part of future contributions.
- The Funeral funds from main capital account will be used to finance costs of funeral immediately when death is reported by member and within the next three days, $25 CAD will be taken from each member account to replenish used funds from main account. Member will receive email and/or SMS notifications on these transactions
- Upon receiving of expense notification, member will need to check his/her account balance to ensure it is within the accepted minimum balance and make additional deposit when necessary.
- On 2nd January of each year, membership fees of $50 CAD has to be paid. This fee will be used towards various costs that funeral funds society will have to incur to maintain the infrastructure, these includes but not limited to maintaining registrations on various third parties’ institutions and other internal expenses. This amount will be reviewed annually depending on numbers of active members and types of expenses available during the past year.
- Member account that will be below the minimum balance for three months consecutively, will be classified as dormant account. Member will be notified and given another three months to keep his/her account up to date, including missed contribution if any. Membership account will be terminated when a member failed to keep his/her account updated after the end of three months’ notice period given.
- A member who has already used the funeral benefits and decided for any reason to terminate his/her membership, will be advised to compensate the funeral system NET of the amount spent and all his/her contribution except registration fee and annual administration charges.
- There will be no refund to any member who cease to be a member for any reason. Also, a membership account and its benefit are not transferable.
- Members at any time, will be given an access to view the movement and balance of funds in his/her own account/wallet and total amount in the system.
- Quarterly and annual reports will be issued and made available to all members, showing clearly and in detail all amount collected, spent and balance available.
Confidentiality
All non-public information, confidential and other personal information of member will not be disclosed to public or any other member. Confidential information does not include information in public domain and all other information known to other members before joining the funeral funds.