WATERFORD, Conn. — Charter Oak FCU is awarding more than $393,000 in cash bonuses to members as part of its Gold Rewards program, hitting a new record for the CU's member-appreciation efforts and bringing total returns to more than $1.6 million.
Gold Rewards members will receive $100 cash bonuses this month, and in addition to those returns, the $825 million credit union rebated $391,177 in ATM fees this year, bringing total payouts in cash bonuses and rebates to more than $2 million since the program started in 2010.
"This year's record Gold Rewards payout is a reflection of our financial strength and the increasing popularity of this program," Brian A. Orenstein, Charter Oak's CEO said in a statement. "It's our unique way to reward members who make Charter Oak their primary place to bank. It's also a great way to say happy holidays."
During the first three quarters of 2014, Charter Oak earned a net income of $3.8 million. It earned $4.8 million in 2013. The credit union currently has $606 million in loans and leases on the books, more than 80% of which is concentrated in real estate lending.
When the Gold Rewards program began in 2010, 2,590 members qualified for the annual bonus; for 2014, Charter Oak paid $100 bonuses to 3,931 members, a 52% increase.
