WYANDOTTE, Mich.–Michigan Legacy Credit Union has announced its ‘Patronage 365’ dividend totals for 2023.
The $226-million Michigan Legacy said it opts to distribute its patronage dividends back to its members every day of the year in fee waivers—hence “Patronage 365”–rather than paying out one dividend or rebate at year-end–based on the members’ participation with the credit union. The dividend increases as members increase their financial transaction activity.
“I tell members that the more you use your credit union, the less you pay in fees,” said CEO Carma Peters said. “In 2023, Michigan Legacy waived a total of $385,833.97 in fees to members via patronage dividends – a number equal to 45% of Michigan Legacy Credit Union’s 2023 income.”
What’s Included
Michigan Legacy CU said the patronage fee waivers include monthly maintenance fees and check cashing fees, among others. Members accrue points each month, which result in automatic fee waivers after a designated threshold.
The credit unions said it is currently working with its core processor, CU*Answers, to enhance its members’ ability to track the incurred and waived fees on their statements and mobile/app-based banking, making the information more transparent.
Community Donations
In addition to the Patronage 365 fee waivers, Michigan Legacy reported it donated $38,955 in 2023 to community organizations through direct donations and sponsorships. The credit union also participated in raising funds for 1,500 Thanksgiving dinners to be distributed throughout Metro Detroit and volunteered time to the Pontiac Library Reading program, Crime Stoppers of SE Michigan and the American Lung Association.
“It’s an honor for me to represent the more than 20,000 generous Michigan Legacy Credit Union members who are also always willing to give of their funds to help the less fortunate in our communities,” Peters said. “I also commend our 73 employees who gave their time, talents and resources over the past year to support the communities our credit union serves.”
MLCU has approximately 22,000 members.
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