A Special Patronage Dividend Was Just Given To Some Very Deserving People. Congratulations, MECU Members!
posted: 01/03/2012
On December 31, 2011, a Special Patronage Dividend of $600,000 was paid to members of MECU. This marks the second consecutive year that a substantial amount of money was returned to our members’ pockets.
The Special Patronage Dividend represents the money that remained after the credit union paid operating expenses and regular dividends for the year, and set aside an appropriate amount for reserves.
The driving philosophy at MECU has always been to do what’s right for our members to help them get ahead financially. In keeping with that, paying this Special Patronage Dividend is simply the right thing to do — because it rewards those who have supported the credit union over the past year.
All members with active accounts in good standing qualified for the Special Patronage Dividend, and received a minimum of $5 deposited to their MECU savings account. To see what qualifies as an “active account” that is “in good standing,” click here.
On average, members received approximately $18 in Special Patronage Dividends. Our most active members — those who made greatest use of credit union services — received roughly $75.
The amount you received was based on a percentage of the total interest you paid on loans — as well as a percentage of the total dividends you earned on savings — in 2011. Members who supported MECU with the use of additional products and services, such as mortgage loans and eStatements, received a larger Special Patronage Dividend.
Here are details about how your Special Patronage Dividend was calculated. You received:
- A percentage of the total interest you paid on loans
- A percentage of the total dividends you earned on savings
- $5 for an active debit card
- $5 for eStatements
- $5 for active bill payment
- $10 for an active credit card
- $40 for each first mortgage
As you can see, while many banks actually had planned to charge for debit card use, MECU in fact paid members to use their debit card. That illustrates an essential difference between profit-driven banks and people-driven credit unions.
So after enjoying another successful year, MECU is proud to share the results with you and other members. As a credit union family, we share in each other’s success. To make another Special Patronage Dividend possible in the future, we encourage you and your family members to continue taking advantage of MECU products and services. If you have questions about the Special Patronage Dividend, please visit the MECU branch near you or contact us.
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