HANSCOM AFB, Mass.–Two more CUs have announced special member bonus payments.
Hanscom FCU here said it is paying a Loyalty Dividend that includes returning 2% of most member loan finance charges as well as 2% of dividends earned on savings.
The Loyalty Dividend payment will be posted to member accounts on Dec. 31, 2016. This is the 20th consecutive year Hanscom FCU said it has paid such dividends, returning more than $8 million directly to its members since 1996.
“The Loyalty Dividend is a tangible result of a successful year,” said Hanscom FCU Chairman Paul Marotta. “We have the support of our members in the form of increased loans and deposits, and we are continually grateful for their confidence in us. I am proud we are able to offer an extra dividend to reinforce their choice to be a member.”
In Waterford, Conn., meanwhile, Charter Oak Federal Credit Union said it has awarded more than $487,000 in annual $100 cash bonuses to its Gold Rewards members this December, which is the largest one-time bonus payout in the program’s history.
Since 2010, when the unique member-appreciation began, Charter Oak said it has paid out more than $2.5 million to its Gold Rewards members.
“We’re pleased to be able to say happy holidays again to our Gold Rewards members with this $100 cash bonus,” said Brian A. Orenstein, Charter Oak’s president and CEO. “It’s our way of saying thank you to the many members who choose to make Charter Oak their primary place to do their banking,” he said. “And that number grows each year as more of our members recognize the exclusive benefits that come with being a Gold Rewards member.”
When Gold Rewards first began seven years ago, a total of 2,590 members received their annual $100 bonus. In 2016, Charter Oak paid out $100 annual bonuses to 4,873 members – an impressive 88% increase in the number of members receiving their annual cash bonus. In addition to more than $2.5 million in annual cash bonuses paid out since 2010, Charter Oak also has returned over $724,000 in ATM rebates to Gold Rewards members.
“Exceeding $2.5 million in annual cash bonuses to date is a major achievement for Charter Oak, and it reflects our rapid growth and our growing financial strength as eastern Connecticut’s leading financial institution,” said Orenstein. “Charter Oak’s very proud to be the only local financial institution, including banks and credit unions, that pays a $100 annual bonus – and we’ve done so for seven consecutive years now,” he said.
Charter Oak said it created Gold Rewards to provide additional value and financial rewards for credit union members who have made Charter Oak their primary financial institution. The special membership-appreciation program offers extensive benefits to Gold Rewards members, including a $100 annual bonus, ATM rebates, special rates on deposits, discounts on new personal loans and a $100 credit toward first mortgage closing costs.