HUNT VALLEY, Md.–Three more credit unions have announced year-end dividends, rebates and other bonuses.
In Maryland, Atlantic Financial Federal Credit Union issued the second annual payout of its MY AFFCU REWARDS program. The 2019 rewards program returned over $83,000 to qualifying members as a cash back bonus.
In the first two years of the MY AFFCU REWARDS program, members have earned a total of $150,258. This is the fifth consecutive year AFFCU has issued an annual bonus to members, returning a total of over $406,000.
“As a member-owned financial institution, we value the stake our member-owners have in the credit union and the partnerships we have together,” said Matthew Piazza, AFFCU president and CEO, “MY AFFCU REWARDS was designed as a way for the credit union to say thank you and reward members for their active and engaged relationship with us.”
To qualify, a member must be in good standing with an AFFCU checking account, be enrolled in e-statements, and make 12 checking account transactions (withdraws) per month. Those who meet these monthly qualifications at least 50% of the time during their membership throughout the qualification period can earn more than $150 Cash Back based on the following:
- Total combined AFFCU loans: Earn $20 to $75 based on loan balance
- Total combined AFFCU savings deposits: Earn $20 to $75 based on savings balance
- AFFCU Debit Card usage: $0.05 earned per purchase transaction
- AFFCU Credit Card usage: $0.05 earned per purchase transaction
Fort Bragg FCU Pays Dividend
In Fayetteville, N.C., Fort Bragg FCU paid more than $721,000 in Loyalty Dividends to 22,900 qualifying members. For the second year in a row, FBFCU paid the Loyalty Dividend based on deposit and loan balances of members who trusted the credit union to assist them with their financial needs during 2019. Approximately 60% of the CU’s total membership received a dividend; some receiving as much as $500.
“Our board of directors has once again authorized the payment of this special dividend to recognize our most loyal members,” said Todd Kenthack, president and CEO of Fort Bragg FCU.
Gold Rewards Paid in Connecticut
In Waterford, Conn., Charter Oak Federal Credit Union awarded $618,600 in annual $100 cash bonuses to its Gold Rewards members, the largest amount since the unique member-appreciation program began a decade ago.
“Gold Rewards marked its tenth anniversary this year and what better way to celebrate than with the largest payout in the program’s history,” said President/CEO Brian A. Orenstein. “These hundred-dollar bonuses are a wonderful way for Charter Oak to say happy holidays and thank you to our Gold Rewards members, who are our most loyal members. Since we began Gold Rewards, we’ve seen Gold Rewards membership more than double as more of our members take advantage of the great benefits that come with this exclusive membership,” he said.
Charter Oak introduced its Gold Rewards program in 2010 and over the past ten years has paid out over $4 million in annual $100 cash bonuses to qualified Gold Rewards members. In addition to the more than $4 million in annual cash bonuses awarded since 2010, Charter Oak said it has also returned nearly $1.8 million in ATM rebates to its Gold Rewards members.
Gold Rewards has shown tremendous growth since it was first introduced in 2010. During that first year, a total of 2,590 members received $100 bonuses compared to the record payout in 2019 when 6,186 members received $100 bonuses.