Charter Oak Sets New Record Annual Payout

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WATERFORD, Conn. – Charter Oak Federal Credit Union on Tuesday said it has awarded more than $438,000 in annual $100 cash bonuses to its Gold Rewards members in December – a new record for the $914 million credit union.

When Gold Rewards was initiated in 2010, a total of 2,590 members received their annual $100 bonus. This year, Charter Oak paid out $100 annual bonuses to 4,385 members.

Charter Oak said the total payout of bonuses since Gold Rewards began has grown to more than $2 million.

"Gold Rewards is our unique way of saying thank you and happy holidays to the increasing number of members who choose to make Charter Oak their primary banking institution," Brian Orenstein, Charter Oak's president and CEO, said in a statement. "The popularity of Gold Rewards grows each year, as more of our members recognize the many benefits of Gold Rewards, including our special $100 bonus during the holidays."

Since Gold Rewards was created in 2010, the CU said overall membership and total cash payouts have soared nearly 70%. During that same timeframe, Charter Oak has returned nearly $532,000 in ATM rebates to Gold Rewards members.

"Exceeding the $2 million mark in total bonus payouts is a major milestone for our credit union and our members," said Orenstein. "It is a reflection of our financial strength and growth, as well as our strong commitment to provide better banking for our members. Charter Oak is also proud to be the only financial institution in eastern Connecticut to pay out $100 annual bonuses – which we have done for six consecutive years."

Charter Oak said it created Gold Rewards to provide additional value and financial rewards for those credit union members with important account relationships. The special membership-appreciation program offers several benefits, 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.

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