2017 Patronage Payout

2017 Patronage Payout

Diamond North Credit Union is pleased to announce the approval of a patronage payment to our members for the 2016 fiscal year.

As a co-operative, we believe in returning a share of profits to members when it's feasible based on our overall financial position. Due to low interest rates, tight margins and increased requirements to build capital by our regulators, we have not been in a position to pay patronage since 2008. This year our Board of Directors has approved a payment of approximately $335,000 to our members. This represents 10% of pre-tax profits.

This patronage payment is an individual benefit received by our members in addition to the $122,707 that we have donated to worthy community projects and the approximately 3,400 volunteer hours provided by our staff in the communities we serve in 2016. Providing for our communities is a very important value for our credit union. We thank you, our members, for your commitment, support and usage of Diamond North Credit Union in 2016.  

The Details

A total of $335,000 will be paid back to members. This payout is based on:

1. A 6% interest bonus on deposit interest earned in 2016*
2. A rebate of one-third on the package portion of service charges paid on chequing accounts in 2016*

The 6% interest bonus means that for every $100 you may have earned in deposit interest, you would receive an extra $6. This interest bonus supports our depositing members who have been negatively impacted by several years of low interest rates in the marketplace. 

The rebate on the monthly chequing account package plans on consumer, agricultural and commercial chequing accounts will positively benefit the majority of our members.

Eligible members will have their patronage payment direct deposited into their chequing or savings account on March 23rd.  
*Tax Note: The Patronage Interest Rebate on deposit interest (1) will be included on your 2017 T5.  If you claim your annual service charges as an expense you must deduct (2) the amount of the Patronage Payment – Service Charge Rebate from your 2017 service charge expense. 

Accounts Included in the Deposit Interest Calculation:

•    Interest Bearing Chequing Accounts
•    Plan 24 & Special Savings Accounts
•    CUSave Accounts
•    Non-Registered Term Deposits

Accounts Included in Service Charge Rebate

•    Packaged Chequing Accounts (monthly flat fee)

Exclusions

  • Registered Products (RRSPs, RRIFs, TFSAs and RESPs)
  • Tendered Accounts
  • Organization Accounts
  • Credential Asset Management Accounts and Mutual Funds
  • Agri-Invest Accounts
  • Estate Accounts
  • Lawyer Trust Accounts
  • US Accounts
Please note, the patronage payment is not paid on non-member accounts or on amounts less than $10.00.

If you require more information, please drop into any branch and our staff will be able to assist you.

 

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