WATERFORD, Conn.–Charter Oak FCU is reporting it awarded $848,000 in annual $100 cash bonuses during December to its Gold Rewards members, which is the largest annual amount since Charter Oak created the unique member-appreciation program in 2010.
Charter Oak said when it first introduced Gold Rewards in 2010, a total of 2,590 members received annual $100 cash bonuses. That has since grown to the record payout in 2023, when 8,480 members received $100 bonuses.
In all, Charter Oak said it has awarded over $7.4 million in annual $100 cash bonuses to its qualified Gold Rewards members since the program began. In addition to the $7.4 million in annual cash bonuses awarded, Charter Oak also has returned over $3.4 million in ATM rebates to Gold Rewards members.
The $1.52-billion credit union said it created the Gold Rewards program to provide additional value and financial rewards for its members who have made Charter Oak their primary financial institution. Gold Rewards members receive an “array of exclusive benefits,” from the $100 annual bonus, to ATM rebates, discounts on new personal loans, and a $100 credit toward first mortgage closing costs with Charter Oak.
A Way to Say ‘Thank You’
“This is our 14th year of recognizing our Gold Rewards members for their support and loyalty to Charter Oak. It is our way of saying thank you and letting them know how much we appreciate them,” said President and CEO Brian A. Orenstein. “Because our members recognize the value and the great benefits that come with being a Charter Oak Gold Rewards member, our Gold Rewards membership continues to grow each year.”
Charter Oak has more than 87,000 members.
SAFE Pays Bonus
Meanwhile, in Sumter, S.C., SAFE Federal Credit Union is reporting it has shared annual bonus dividends and interest rebates totaling more than $1.02 million.
The bonus marked the 27th anniversary of SAFE’s Member Giveback Program. Since the program’s inception, the credit union said it has paid its members more than $38 million in bonus dividends and interest rebates.
“SAFE’s success is a shared accomplishment,” said President and CEO Michael Baker. “This year’s million-dollar giveback is a tangible way for us show our appreciation by sharing a large portion of our earnings directly with our members.”
According to SAFE FCU, payments were calculated based on members’ account usage. Deposit accounts were given a 0.70% bonus based on dividends earned in 2023. Loan accounts received a 1.25% rebate based on total interest paid in 2023.
Additional Payment
Members also were paid an additional $25 for using their debit card on average, more than 30 times per month, the $1.8-billion credit union said.
SAFE has more than 140,000 members.
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