Charter Oak Federal Credit Union has awarded more than $487,000 in annual $100 cash bonuses to its Gold Rewards members this December, making it the largest one-time bonus payout in the program's history.
Since 2010, when the program began, the $996-million Charter Oak FCU has paid out in excess of $2.5 million to its Gold Rewards members.
The Waterford, Conn.-based credit union noted that 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 88% increase in the number of members receiving their annual cash bonus.
In addition, Charter Oak FCU also has returned more than $724,000 in ATM rebates to 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, president and CEO. "It reflects our rapid growth and our growing financial strength as eastern Connecticut's leading financial institution."
Aside from the annual $100 bonus, the special membership-appreciation program also offers special rates on deposits, discounts on new personal loans and a $100 credit toward first mortgage closing costs to Gold Reward members.
