WATERFORD, Conn.–Charter Oak Federal Credit Union is reporting it awarded more than $767,000 in annual $100 cash bonuses during December to its Gold Rewards members. The figure is the largest annual amount since Charter Oak created its member-appreciation program in 2010.
Charter Oak noted that when it first introduced Gold Rewards in 2010 a total of 2,590 members received annual $100 cash bonuses, compared to the record payout in 2021 when 7,675 members received $100 bonuses.
Charter Oak said it has awarded over $5.7 million in annual $100 cash bonuses to its qualified Gold Rewards members since the program began. In addition to the nearly $6 million in annual cash bonuses awarded, Charter Oak also has returned over $2.5 million in ATM rebates to Gold Rewards members.
“We’re proud to note that this is our 12th year of recognizing our Gold Rewards members for their support and loyalty to Charter Oak. This is our way of saying thank you and letting them know how much we appreciate them,” said President/CEO Brian A. Orenstein. “Each year, our Gold Rewards membership continues to grow because our members recognize the value and the great benefits that come with being a Charter Oak Gold Rewards member.
Reason for Program
The $1.51-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, special rates on deposits, discounts on new personal loans, and a $100 credit toward first mortgage closing costs with Charter Oak.