We’ve changed the name of our Patronage Rebate program to Patronage Reward. Who cares right?
I do, at least a little bit, because it really does describe the program better. We’ve done this for 15 straight years now and with this year’s $200,000, the total amount of Rewards given back to our members has now reached $2.2 million.
It truly is a Reward because the amount is determined by the amount of interest you paid on loans or dividends you earned on deposits in 2010. The more loans and deposits you have at NSFCU, the larger your Reward.
To find the amount of your Reward, go on-line or look at your monthly statement and check for the Patronage Rewards Share account, #99999. The Rewards are listed separately in the history of this account so you can see how much you earned on each of your share or loan accounts (IRA Rewards have to stay in the same IRA account for tax reasons). One last bit of good news: the Patronage Reward account earns 10% annual percentage yield, so leave it in there if you can!
I am pretty proud of this program because few other Credit Unions do this and certainly no banks are doing it. It’s particularly gratifying to be issuing another round of Rewards during these difficult economic times. It’s another sign that your Credit Union is not only surviving these tough times, we’re thriving – thanks to you. I guess that might be our Reward……
Happy New Year,
Mark
