We’re your credit union and you get to share in the profits. From the beginning, we have awarded over $300,000 in patronage rebates to over 1,400 members.
Members receive a Patronage Rebate based on a percentage of their taxable interest earned (T5 interest) and of loan interest paid. To qualify, members must earn or pay a minimum level of interest. Only Patronage Rebates of $5 or more are distributed to members.
Patronage Rebates are paid in the form of Patronage Shares. Patronage Shares earn interest annually. For each $1 earned in Patronage Rebates, members receive $1 in Patronage Shares. These shares are retained and accumulate in your Patronage Share account. Patronage Shares are not cashable unless the Board elects to distribute Patronage Shares. In 2007 and 2008, almost $50,000 of Patronage Shares were distributed to the membership. In 2009, the amount for one year increased to $27,000. On February 1, 2011, we paid out over $30,000 for our 2010 patronage directly to our members chequing and savings accounts! Payouts included a 5% dividend on patronage shares, a 1.4% rebate on loan interest and a 1.4% bonus on interest paid in 2010!
Now that’s really a tangible benefit of being a boomerang CREDIT UNION member! And it’s why we say that boomerang CREDIT UNION is the place where your money comes back to YOU.
Profit sharing at its best! boomerang CREDIT UNION, where your money comes back to YOU!