WEST PALM BEACH, Fla.-As credit unions gear up for the holidays, annual dividends and special deals abound. Brings readers some of the latest seasonal specials.
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FAIRBORN, Ohio-Wright-Patt CU will pay members a total of $4 million in a special patronage dividend, the second year in a row for the holiday payout.
The $1.7-billion credit union reported a $13.2 million net for the first three quarters of the year, even after reporting a $9.9 million assessment for the corporate credit union bailout.
An estimated 160,000 members will be eligible for the special payout on Jan. 4, 2010. To be eligible for the Patronage Dividend, an individual must be a member in good standing of record on the announcement date of Dec. 1 through the payment date of Jan. 4, and own at least one account (loan or deposit) with a balance of $100 or more, or have had transaction activity on at least one account during the previous 12 months.
The greater the relationship members have with the credit union, the greater their dividend. The minimum dividend eligible members will receive is $10. However, some members will receive hundreds of dollars based on their credit union loyalty in 2009. Last year's payout was $3 million.
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CHARLOTTE, N.C.-Seeking to celebrate both the cooperative spirit of credit unions and the upcoming holiday season, Carolina Postal CU is offering to waive any single fee a member has paid during 2009 in exchange for a donation of one large item of food for area food pantries.
Refunded fees can be anything from a $1 ATM surcharge to a $29 NSF fee. Boxes have been placed in lobbies to collect the donations, and members are being made aware of the offer via posters, the CU's website and media reports.
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FAIRVIEW HEIGHTS, Ill.-Scott CU will pay members a bonus dividend and loan interest rebate of almost $400,000. The payout amounts to an additional 2% on savings and a 1% interest rebate.
The $580-million CUearned $5.9 million for the first three quarters of the year, even after recording a $700,000 charge for the corporate credit union bailout.
