2011 Member Patronage
More great reasons for choosing Affinity!
Affinity Credit Union believes in rewarding members for their Patronage. Our Patronage Program provides members the opportunity to share in the earnings of the credit union. This year, Affinity is returning $2.094 million of 2010 earnings to our members in the form of Patronage.
In addition, Affinity is now paying 1.65% to Member Equity Account holders.
Qualifying members will receive 35% of their eligible service fees paid in 2010!
The Patronage allocation is based on the amount of service fees the member paid in2010. Qualifying members will receive 35% of the total amount paid in service fees. By returning a share of service fees to members, the Board of Directors ensures that the Patronage allocation will reach more members than some of our more traditional programs have in the past.
As a member-owned credit union, we listen. Research tells us that our members want lower service fees. This year’s Patronage allocation makes strides in meeting this request.
Not your traditional Patronage Program – we’ve made it simple!
Full payout.
In the past, either the entire amount or a portion of the Patronage allocation was retained in a Member Equity account and the member could not access those funds unless certain criteria were met. This year, no amount will be retained and the entire Patronage payment will be paid directly to the member’s deposit account.
Based solely on service fees.
Traditionally, Patronage was calculated based on interest paid on loans and interest earned on deposits / investments. Today, we provide competitive interest rates up front to our members so they can realize the benefit of the best possible rate we can offer.