Credit Union and Cooperative Patronage Refunds - Filene ...

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Exhibit C: 2011 Website Announcement of Membership Dividend at Wright-Patt Credit Union, Inc. ($2.1B, Fairborn, Ohio) 34 Dividend Calculation Why It Pays to USE Your Credit Union! Giving over $4 million back in the form of a Special Patronage Dividend to our member- owners puts people before profits and showcases the success of our credit union cooperative. We’re not here to profit from our members—we don’t charge big fees to make a quick buck like big corporations often do. When we have a successful year, we pay for our operations, invest in products and services to better serve you, and put some away for a rainy day fund. Then we return any excess earnings to you. How Can I Find Out My Share of the Dividend? This year’s $4 million Special Patronage Dividend was automatically deposited to eligible members’ TrueSaver accounts on January 4th, 2011. You can find your share by checking your TrueSaver account (see history tab) through WPCU’s Home Banking or Mobile Banking. If you’re not already enrolled in online Home Banking, sign up now by calling our Member Help Center. 2010 Special Patronage Dividend Calculation The Special Patronage Dividend calculation was based upon the accounts and services you used with Wright-Patt Credit Union in 2010. By using services like mobile banking, financial planning, WPCU loans and mortgages, you contribute to the credit union cooperative and your payment will reflect that usage. The idea—the more you use your credit union, the more you benefit! Last year, the average member earned $22.94. 63
Think of how much more you, and other members, could be earning and saving by moving all of the accounts and services you have somewhere else over to Wright-Patt Credit Union. By trusting WPCU with more of your accounts and telling your friends and family members all the ways WPCU is crazy about our members, you’ll help the credit union grow—and help us on the way to paying another Patronage Dividend next year. Qualifying members received: • 0.09% (0.0009) of your average daily balance of your deposits (includes business share balances) • 0.09% (0.0009) of your average daily balance of your loans (excludes business loan balances) • Earn $100 for a business loan relationship • $45 for each first mortgage loan • $5 for each financial planning relationship • $5 for an active debit card • $5 for being enrolled in eStatements • $5 for active Call-24, Home Banking, or Mobile Banking 64
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Credit Union and Cooperative Patron
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Copyright © 2011 by Filene Researc
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Acknowledgments We appreciate and a
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List of Figures 1. Average of 27 Cr
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What Are the Credit Union Implicati
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Introduction There are many ways in
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to us is a philosophical gulf betwe
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CHAPTER 1 Patronage Refunds Are Mor
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activities with their credit union
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members standing on the basis of ow
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Page 23 and 24: If the co-op’s earnings are not d
Page 25 and 26: principles. When we discuss other c
Page 27 and 28: A recent post to the Filene Researc
Page 29 and 30: Our response to the blog post quest
Page 31 and 32: The subject of this chapter is a th
Page 33 and 34: CHAPTER 4 Tax Differences between C
Page 35 and 36: Figure 2: Contrast Statutes Governi
Page 37 and 38: Patronage earnings that are allocat
Page 39 and 40: When rural electric cooperatives ar
Page 41 and 42: CHAPTER 5 Use of Patronage Refunds
Page 43 and 44: Figure 4: Present Value of Patronag
Page 45 and 46: y row 9). All in all, this is a ver
Page 47 and 48: Badgerland, all of this association
Page 49 and 50: AgGeorgia’s members probably expe
Page 51 and 52: All three credit unions use their p
Page 53 and 54: The capital accumulated through ear
Page 55 and 56: As we visited with Hanson, it was d
Page 57 and 58: on share deposits is not a patronag
Page 59 and 60: Patronage Refunds: A Differentiator
Page 61 and 62: Figure 6: Potential Tax Effects of
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Page 67 and 68: Patronage Refunds and Capital M ana
Page 69 and 70: Appendix Exhibit A: 2007 Newsletter
Page 71: Due to careful planning and prudent
Page 75 and 76: contrast, the 27 credit unions paid
Page 77 and 78: to redemptions. Think Diamond Walnu
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