ANTIGO, Wis. – CoVantage CU paid members a $1.5 million patronage dividend comprised of both a loan dividend and a loan rebate.
The savings component provided an additional dividend based on total earnings on selected accounts, while the loan interest rebate returned a portion of the interest paid on loans.
For example, if a member paid $5,000 in interest on a home loan during the year, this year’s loan interest rebate would provide him or her with $200.
The savings bonus provided a bonus of up to 4% of interest earned during 2011. It has been paid on personal and commercial savings accounts, variable rate accounts, and term share certificates (non-IRA certificates).
The savings bonus has been paid for the past four years, while the loan interest rebate has been provided since 1981.
