2018 Patronage Payout

2018 Patronage Payout

Diamond North Credit Union is pleased to announce a patronage payment to our members for the 2018 fiscal year. This year our Board of Directors has approved a payment of approximately $447,000 to our members. This works out to around 10% of pre-tax profits.

This payment is an individual benefit received by our members, in addition to the $100,000 and 3,800 volunteer hours that we provided to communities in 2018. At Diamond North Credit Union, we believe that supporting communities and demonstrating social and economic leadership are not optional – they’re fundamental to who we are, what we do, and how we serve valued members like you.

We thank you, our members/owners, for your commitment, support and usage of Diamond North Credit Union in 2018.

The Details

A total of $447,000 will be paid back to members. This payout is based on:

  1. A 2% interest bonus on deposit interest earned in 2018*
  2. A rebate of 55% on the package portion of service charges paid on chequing accounts in 2018*
The 2% interest bonus means that for every $100 you may have earned in deposit interest (on select accounts), you would receive an extra $2. This interest bonus supports our depositing members who have been negatively impacted by several years of low interest rates in the marketplace.  This portion of the patronage payment will be identified as Patronage - Dep Interest Bonus in your account's transaction description.

The rebate on the monthly chequing account package plans (on select accounts) will positively benefit the majority of our members.  This portion of the patronage payment will be identified as Patronage - Service Chrg Rebate in your account's transaction description.

Eligible members will have their patronage payment direct deposited into their chequing or savings account during the week of March 25, 2019.  

Please note, the patronage payment is not paid on delinquent accounts, non-member accounts or on amounts less than $10.00.

If you require more information, please contact your branch.
*Tax Note: The Patronage Interest Rebate on deposit interest (1) will be included on your 2018 T5.  If you claim your annual service charges as an expense you must deduct (2) the amount of the Patronage Payment – Service Chrg Rebate from your 2018 service charge expense. 


 

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