ANTIGO, Wis. – CoVantage CU announced $1.5 million in patronage dividends were paid to the credit union’s borrowing and saving members.
This year’s bonus, the same amount as last year, appeared on most members’ statements on Monday.
There are two components to the $1.5 million reward: a savings bonus provides an additional dividend based on total earnings on selected accounts during the year; and a loan interest rebate that returns a portion of the interest paid on loans. The amounts rebated can be significant, the credit union noted. 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 them with $200.
The savings bonus has been paid for the past five years, while the loan interest rebate has been provided since 1981.
The savings bonus provided a bonus of up to 4% of interest earned during 2012. It has been paid on personal and commercial savings accounts, variable rate accounts, and term share certificates.